BIT Mining raises up to 300 million dollars to build a SOL treasury in a strategic turnaround

BIT Mining has announced a plan to raise between 200 million to 300 million dollars to build a Solana fund (SOL), marking a shift from mining Bitcoin, Litecoin, Dogecoin, and Ethereum Classic. The company will convert all existing cryptoassets into SOL and adopt a long-term holding strategy, emphasizing the performance and development community of Solana.

To support a new direction, BIT Mining will raise funds in phases and start operating validation nodes on Solana, contributing to the decentralization and security of the network. The company's stock (BTCM) has increased by over 300% in pre-market trading following this announcement. This pivot places BIT Mining among companies that are reshaping their fund strategies around cryptoassets.