The mining company BIT Mining announced a strategic shift to the Solana ecosystem. The firm plans to raise between $200 million and $300 million and convert all its crypto assets into SOL.
The company intends to adhere to a long-term holding strategy. BIT Mining will also launch validator nodes on the Solana network to earn staking rewards.
BIT Mining noted its aim to leverage Solana’s high-performance infrastructure and active developer community.
Following the news, the miner’s shares under the ticker BTCM surged more than 215% in premarket trading.
BIT Mining has joined a growing number of public companies holding cryptocurrency on their balance sheets, following the Strategy approach. However, other miners like Bit Digital have chosen Ethereum for their reserves instead of Solana.
Back in June, VanEck’s head of digital assets, Matthew Sigel, called crypto treasuries in XRP and SOL a scam.