BIT Mining (BTCM) will purchase up to $300 million in Solana as part of its treasury strategy, per a company release.
The Ohio-based mining infrastructure company plans to fund its SOL accumulation through phased capital raises of between $200-$300 million. It will also begin converting its existing holdings into SOL. Per Bitcoin Treasuries, BIT Mining holds 19 Bitcoin on its balance sheet.
BIT Mining also intends to operate Solana validator nodes, supporting network decentralization and security while earning staking rewards.
Founded in 2001 (formerly 500.com) and rebranded in April 2021, BIT Mining operates data centers in Ohio, Hong Kong, and North America, and develops proprietary mining hardware, including 7 nm BTC chips and LTC/DOGE miners .
CEO Xianfeng Yang said the pivot underscores the company’s commitment to adapt in an evolving industry and to deliver sustainable growth for shareholders.
This move comes weeks after fellow bitcoin miner Bit Digital (BTBT) announced a strategic pivot into ETH and ETH staking, selling its Bitcoin for Ethereum.
Read More: Bit Digital to reallocate $34.5 million in BTC to ETH
At time of publication, BTCM traded up 137.40% during pre-market hours.
