Cryptocurrency miner BIT Mining is shifting its focus to Solana with plans to lift as much as $300 million to amass SOL tokens.
BIT Mining mentioned it needs to “seize rising alternatives throughout the broader blockchain” trade and entice traders looking for publicity to Solana in an announcement on Thursday.
The corporate’s New York Inventory Change-listed shares soared as excessive as $11.20 in pre-market buying and selling, over 350% in comparison with Wendesday’s closing value of $2.46, following the announcement.
At press time, BTCM was buying and selling practically 250% greater at $8.38.
Akron-Ohio-based BIT Mining will convert its present crypto holdings into SOL and plans to lift $200 million-$300 million to build up extra.
The corporate holds 19 BTC ($2.1 million), in response to Bitcoin Treasuries.
Bitcoin miners have been looking for technique of diversifying their income streams because the final quadrennial halving occasion in April 2024, which noticed the reward for including new blocks to the Bitcoin community decreased by 50%.
BIT Mining mentioned in December that its earnings from mining litecoin
and dogecoin have been triple that which it had acquired from BTC.
Fellow mining agency Bit Digital has shifted its total treasury to ETH as a part of a plan to focus solely on ether staking.
