BIT Mining Surges 250% on Solana Pivot
2025-07-10 12:41:42
Main Idea
BIT Mining's stock surged 250% after announcing a pivot to Solana, converting its crypto holdings into SOL and planning to raise $200 million-$300 million for further accumulation.
Key Points
1. BIT Mining's NYSE-listed ADRs more than tripled in pre-market trading, reaching as high as $11.20, a 350% increase from the previous closing price.
2. The company plans to convert its existing crypto holdings, including 19 BTC ($2.1 million), into SOL and raise $200 million-$300 million to accumulate more Solana.
3. BIT Mining reported in December that its Litecoin mining profits were triple those from Bitcoin mining.
4. The stock was trading nearly 250% higher at $8.38 at the time of publication.
Description
Cryptocurrency miner BIT Mining (BTCM) is shifting its focus to Solana with plans to raise up to $300 million to acquire SOL tokens. BIT Mining said it wants to "capture emerging opportunities across the broader blockchain" industry and attract investors seeking exposure to Solana in an announcement on Thursday . The company's New York Stock Exchange-listed shares soared as high as $11.20 in pre-market trading, over 350% compared to Wendesday's closing price of $2.46, following the announcement....
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