BIT Mining bets on Solana, plans crypto war chest for $300m SOL treasury

Key Points

1. BIT Mining announced on July 10 its plan to raise up to $300 million to accumulate Solana (SOL) and phase out other cryptocurrencies like Bitcoin (BTC), Litecoin (LTC), and Dogecoin (DOGE).

2. The company aims to fully embrace Solana's high-speed ecosystem, holding SOL as a yield-seeking participant in the network’s consensus layer.

3. BIT Mining’s CEO, Xianfeng Yang, stated the move reflects the company’s commitment to staying ahead in the market and confidence in delivering value to shareholders.

4. The shift mirrors trends among public miners seeking relevance post-halving, similar to SharpLink’s successful pivot to Ethereum staking, though BIT Mining is focusing on Solana.

5. BIT Mining’s stock (BTCM) surged over 300% in pre-market trading following the announcement, but the company has not disclosed specific details about its current SOL holdings or allocation strategy.