BIT Mining, a Bitcoin mining company, transitions to Solana: raises $300 million, fully funds SOL reserves, and stock surges 154%.

Mining company BIT Mining announced that it will raise between 200 million to 300 million USD, with the funds intended to accumulate SOL tokens. At the same time, BIT Mining will convert all of its existing crypto assets into SOL and adopt a long-term holding strategy. (Background: Bitcoin mining company Hut 8 collaborates with Trump's son to jointly establish a new mining company "American Bitcoin") (Supplementary background: The largest Bitcoin miner dreams" Tether collaborates with South American agricultural company Adecoagro to introduce renewable energy mining) Crypto mining company BIT Mining Limited (NYSE: BTCM) issued an announcement on July 10, announcing a major strategic transformation, officially expanding into the Solana ecosystem: This initiative marks an important milestone in the company's long-term growth trajectory, aiming to seize emerging opportunities in the blockchain value chain and attract investors looking for investment opportunities in the Solana ecosystem. Establishing a SOL treasury as the core pillar of this strategic transformation, BIT Mining will establish a SOL treasury. According to the official introduction, the company plans to raise 200 million to 300 million USD in phases, depending on market conditions and capital availability, with the funds to be used to accumulate SOL tokens. At the same time, to launch this treasury, BIT Mining will also convert all of its existing crypto assets into SOL and adopt a long-term holding strategy. Additionally, BIT Mining plans to further leverage its market expertise and proprietary technology to deepen its participation in the Solana ecosystem, including operating verification nodes to support the network's decentralization and security while generating stable on-chain staking rewards. In this regard, BIT Mining's CEO Xianfeng Yang stated: "We are excited to take this bold step into what we believe is one of the most dynamic and promising ecosystems in the blockchain space. This strategic initiative reflects our commitment to staying adaptable and responsive in a constantly changing industry. With our strong execution capabilities and long-term vision, we are confident in accelerating sustainable growth and creating lasting value for our shareholders." BIT Mining's stock surged after the announcement, with BIT Mining's stock performing actively in the U.S. stock market on July 10, with an after-hours increase of up to 154%, and the stock price temporarily reported at 6.25 USD, with a market capitalization of approximately 99.71 million USD. What is BIT Mining? BIT Mining Limited, as a cryptocurrency mining company, covers mining, data center operations, and mining equipment manufacturing. The company is committed to building a vertically integrated cryptocurrency mining ecosystem, including self-mining, hosting services, and proprietary mining hardware. Additionally, BIT Mining has advanced capabilities in 7-nanometer Bitcoin chip design and in the research and development of mining machines for Litecoin (LTC), Dogecoin (DOGE), and ETC. Related reports: Trump's son Bitcoin mining company American Bitcoin goes public via a reverse merger, Gryphon Mining stock skyrockets by 330%. Iranian Nobitex exchange was hacked for 100 million USD and has "restored deposits and withdrawals". How to get out of the Israeli war curfew? R0AR lands on BitMart: $1R0R first listed on a centralized exchange. This article was first published on BlockTempo, the most influential blockchain news media.