Solana gets another treasury firm: BIT Mining Limited

Crypto mining company BIT Mining is shifting its focus to Solana, “marking a critical milestone in the company’s long-term growth trajectory,” according to a Thursday press release. 

Shares of BIT Mining surged on the news, climbing as high as $10.88 before settling at around $5 as of 11:30 a.m ET, a 100% surge from yesterday. Solana has increased roughly 2% in the last 24 hours. 

BIT Mining plans to raise up to $300 million in phases to accumulate solana tokens, convert its existing crypto holdings to solana, and run validator nodes to generate on-chain staking rewards.

Solana is “one of the most dynamic and promising ecosystems in the blockchain space,” BIT Mining CEO Xianfeng Yang said in a statement. “This strategic move reflects our commitment to staying adaptive and responsive in an ever-evolving industry.”