BIT Mining Pursues Solana Reserves...Up to $300 Million Investment

JOON HYOUNG LEE

Summary

BIT Mining announced plans to raise between $200 million and $300 million to accumulate Solana (SOL) reserves.
The company stated that both newly raised funds and existing cryptocurrency holdings will be used to purchase Solana tokens.
BIT Mining shared its long-term Solana holding strategy and plans to generate on-chain staking rewards.

BIT Mining (BIT Mining), a Chinese Bitcoin (BTC) mining company listed on the New York Stock Exchange (NYSE), is pursuing the accumulation of Solana (SOL) reserves.

On the 10th (local time), BIT Mining announced, “We will build up Solana assets as part of our strategic shift.” BIT Mining stated, “Considering market conditions and available capital, we plan to raise funds ranging from a minimum of $200 million to a maximum of $300 million,” and added, “The newly raised funds will be used for the purchase of Solana tokens.”

BIT Mining also plans to convert its existing cryptocurrency holdings into Solana. The company said, “We will adopt a long-term holding strategy for Solana,” and “We aim to increase participation in the Solana ecosystem and generate on-chain staking rewards.”

SOL

BTC