BIT Mining to Raise Up to $300M to Build SOL Treasury in 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.