Crypto Mining Firm Bit Mining to Raise $300M for Solana Treasury

Crypto mining company Bit Mining Limited has unveiled a major strategic development as it expands into the Solana ecosystem. The move marks a significant step forward in its long-term growth strategy. 

According to an official announcement, the company plans to raise between $200 to $300 million in parts, based on market conditions and availability of capital. The firm will use the proceeds to accumulate SOL. The move will strengthen the entity’s treasury reserves through ongoing capital deployment and incremental acquisitions. 

Strategic Step into a High-Growth Blockchain Space 

To establish its treasury, Bit Mining will reallocate its existing crypto assets into Solana (SOL) and implement a strategy focused on sustained long-term holding. The company also aims to expand its footprint within the Solana network by operating validator nodes. It will secure the network and earn reliable staking rewards at the same time.

“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 move reflects our commitment to staying adaptive and responsive in an ever-evolving industry,” Xianfeng Yang, CEO of BIT Mining, said.

According to the announcement, the strategic shift will enable the mining firm to tap into new opportunities throughout the expanding blockchain landscape, while appealing to investors interested in gaining exposure to the Solana ecosystem.  

Growing Interest in Solana-Based Treasury Strategies 

By joining the Solana ecosystem, the mining company intends to capitalize on the platform’s performance capabilities and engaged developer base to accelerate innovation, support ecosystem growth, and build lasting shareholder value.   

“With our strong execution capabilities and long-term vision, we are confident in our ability to accelerate sustainable growth and deliver lasting value to our shareholders,” Yang added. 

Founded in October 2021, Bit Mining is a tech-focused enterprise specializing in crypto mining, with integrated operations that include data center management, mining activities, and hardware production.

Furthermore, the mining company is actively advancing a vertically integrated mining ecosystem. It combines hardware development with self-mining and hosting services to streamline operations. 

Meanwhile, Bit Mining Limited is not the only firm with plans to stack SOL. Earlier in June, DeFi Development Corp., a publicly listed firm focused on Solana-based treasury strategies, announced it had secured access to a $5 billion credit facility. The funding aims to increase its SOL reserves and enhance its SOL Per Share (SPS) metric.

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