BIT Mining Seeks Up to $300 Million for Pivot to Solana

BIT Mining Ltd., the Nasdaq-listed cryptocurrency mining company better known for its bitcoin operations, said it is overhauling its business to focus on the Solana blockchain. The firm plans to raise between $200 million and $300 million in several phases to build a treasury of SOL tokens and finance the deployment of its own Solana validator.

As part of the shift, BIT Mining will convert all of its existing cryptocurrency holdings—including bitcoin—into SOL. Management said the move is intended to diversify revenue sources and capitalize on Solana’s high-throughput network, which has gained popularity among decentralized-finance and consumer-application developers.

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