BIT Mining Shares Soar After Bitcoin and Dogecoin Miner Announces $300 Million Solana Pivot

Bitcoin miner BIT Mining's stock price surged 143% on Thursday after the company announced it would raise $200 million to $300 million to create the Solana Treasury and convert its current holdings into SOL .

Akron, Ohio-based BIT Mining has recently traded above $5 per share, according to Yahoo Finance. The company's shares have traded below $3 for most of this year.

“We are excited to take this bold step into what we believe is one of the fastest growing and most promising ecosystems in the blockchain space,” said BIT Mining CEO Xianfeng Yang.

The announcement comes amid growing challenges for miners, including decreasing rewards and increasing mining difficulty. According to Yahoo Finance, BIT Mining’s stock price is still well below the all-time high of $200 reached in early 2021.

BIT Mining is primarily focused on Bitcoin, but also mines other digital currencies.

SOL is the sixth-largest cryptocurrency with a market cap of $83.9 billion. Developers use the Solana blockchain for a variety of projects, including cryptocurrency exchanges, meme cryptocurrencies, and games. They chose the network over competitor Ethereum because of its high speed and efficiency.

Companies both inside and outside the crypto industry are acquiring bitcoin and other digital assets to increase returns for their shareholders. Among the largest crypto asset managers now listed are Semler Scientific and Metaplanet .

Strategy (formerly MicroStrategy) became the first public company to launch a master plan to buy Bitcoin. According to the company's website, it currently holds 597,325 BTC worth $66.4 billion.

Source: cryptonews.net