Bit Mining, a Bitcoin mining company, is undergoing a strategic adjustment, planning to enter the Solana ecosystem and raise up to $3 billion to support this transformation.
The company announced on Thursday that it plans to raise between $2 billion and $3 billion in phases to establish a substantial reserve of Solana (SOL) tokens.
This funding will also be used to expand its capabilities within the Solana network and acquire more tokens. As part of the plan, Bit Mining stated it would convert a portion of its existing crypto assets into SOL and adopt a long-term holding strategy. The company did not disclose how much reserve assets would be converted initially.
According to data from BitcoinTreasuries.NET, Bit Mining holds 19 Bitcoins (BTC), worth approximately $2 million.
Cointelegraph reached out to Bit Mining for more details but had not received a response by the time of publication.
According to Yahoo Finance, following the news, Bit Mining's stock price surged to $11 in pre-market trading, a 350% increase from Wednesday's closing price of $2. As of the time of publication, the stock price had retreated to $6.29.
The company stated it plans to operate validator nodes on the Solana network to support the network's decentralization and security.
Bit Mining claims this will help it further integrate into the Solana ecosystem and create sustainable value through participation in the blockchain.
Bit Mining CEO Xianfeng Yang stated that this move demonstrates their commitment and adaptability in a "continuously evolving industry." The executive expressed confidence in the company's vision and its ability to create value for shareholders.
Yang said, "We are very excited to take this bold step into what we believe is one of the most vibrant and promising ecosystems in the blockchain space."
According to Companies Market Cap, Bit Mining is currently ranked as the 17th largest Bitcoin mining company in the world by market capitalization.
Bit Mining's foray into the altcoin ecosystem is similar to the strategy of another Bitcoin mining company.
On June 26, Bit Digital announced it would abandon Bitcoin mining in favor of a development strategy centered around Ethereum. The company stated it would become "a pure Ethereum company focused on Ethereum staking and reserves."
Unlike Bit Mining, Bit Digital's stock initially fell from $2.35 to $1.99 after the announcement, with a decline of 15% on June 27. However, the stock gradually recovered, reaching $3.59 by Wednesday, an 80% increase since the announcement, according to Google Finance data.
Related: EquityZen states that Linqto's bankruptcy poses no threat to the Pre-IPO market.
Original article: “Bit Mining's stock surges 350% due to pivot to Solana and plans to establish a $3 billion token reserve”
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