BIT Mining (BTCM) has completed the second phase of its Ethiopian acquisition, issuing 45.3 million shares (worth $209.6 million at publication) in exchange for the remaining crypto-mining data centers. The firm now has a total capacity of 51 megawatts (MW) in the East Africa country.
The transaction follows the company’s December 2024 agreement to acquire multiple Ethiopian facilities. The expanded Ethiopian footprint enhances BIT Mining’s global infrastructure and complements recent strategic shifts.
In mid-July, the company revealed plans to raise $200-300 million to invest in a Solana (SOL) treasury and operate SOL validator nodes for staking income. BIT Mining’s SOL pivot comes at a time when one of its peers in the public markets, Bit Digital, has swapped its bitcoin holdings for Ethereum to also establish a staking and non-BTC crypto treasury line.
Read More: BIT Mining to raise $300 million for Solana treasury strategy
At time of publication, BTCM was up 32% during pre-market hours.
Header photo by Erik Hathaway via Unsplash
