BIT Mining to Raise Up to $300M to Build SOL Treasury in Strategic Pivot
2025-07-10 13:14:16
Main Idea
BIT Mining plans to raise $200–$300 million to build a Solana (SOL) treasury, shifting its focus away from Bitcoin and Ethereum Classic mining as part of a strategic pivot.
Key Points
1. BIT Mining aims to raise funds in phases to accumulate SOL and convert existing crypto holdings into SOL, adopting a long-term holding strategy.
2. The company’s stock (BTCM) surged over 300% in pre-market trading following the announcement.
3. This move aligns with a broader trend of firms reshaping treasury strategies around digital assets, such as DeFi Development Corp.’s $2.7M SOL acquisition.
4. BIT Mining recently settled a $10M case with the U.S. Department of Justice and SEC over bribery allegations tied to its former business as 500.com.
5. Other public companies, like Bit Digital and BitMine, are also diversifying into crypto holdings, including ETH and SOL.
Description
BIT Mining has announced plans to raise between $200 million and $300 million to build a Solana (SOL) treasury as part of a broader expansion into the fast-growing blockchain ecosystem. Key Takeaways: BIT Mining plans to raise $300 million to build a SOL treasury and shift away from Bitcoin. The company will convert all existing crypto holdings into SOL and begin operating validator nodes. Its pivot aligns with a growing trend of firms betting on Solana. The move marks a departure from its previ...
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