bit mining pivots to solana — shares surge 250% on $300m sol purchase plan

BIT Mining, a NYSE-listed crypto miner, shocked markets by announcing a strategic pivot to Solana (SOL). The company plans to raise up to $300 million to buy SOL tokens, signaling a broad shift beyond Bitcoin mining to capture new blockchain growth areas. Following the news, BIT Mining’s shares skyrocketed — premarket trading hit a peak of $11.20, over 350% above the prior close, settling near a 250% gain at $8.38 as markets opened. The Ohio-based miner revealed it will convert existing crypto holdings — including 19 BTC valued at about $2.1 million — into Solana. This move reflects a wider trend among miners looking to diversify revenue after Bitcoin’s April 2024 halving cut block rewards by 50%. BIT Mining had earlier disclosed that its mining profits from Litecoin and Dogecoin were already triple that of Bitcoin, demonstrating evolving strategies within mining firms. Another player, Bit Digital, went further by shifting its entire treasury to Ethereum for staking. This pivot marks an important inflection point: crypto miners are not just processing Bitcoin anymore, but actively repositioning to capitalize on faster, more scalable blockchain ecosystems like Solana. #Finance #MakeMoney #Solana