6 hours ago
Cryptocurrency miner BIT Mining (BTCM) is shifting its absorption to Solana with plans to rise up to $300 cardinal to get SOL tokens.
BIT Mining said it wants to "capture emerging opportunities crossed the broader blockchain" manufacture and pull investors seeking vulnerability to Solana in an announcement connected Thursday.
The company's New York Stock Exchange-listed shares soared arsenic precocious arsenic $11.20 successful pre-market trading, implicit 350% compared to Wendesday's closing terms of $2.46, pursuing the announcement.
At property time, BTCM was trading astir 250% higher astatine $8.38.
Akron-Ohio-based BIT Mining volition person its existing crypto holdings into SOL and plans to rise $200 million-$300 cardinal to accumulate more.
The institution holds 19 BTC ($2.1 million), according to Bitcoin Treasuries.
Bitcoin miners person been seeking means of diversifying their gross streams since the past quadrennial halving lawsuit successful April 2024, which saw the reward for adding caller blocks to the Bitcoin web reduced by 50%.
BIT Mining said successful December that its profits from mining litecoin (LTC) and dogecoin (DOGE) were triple that which it had acquired from BTC.
Fellow mining steadfast Bit Digital has shifted its full treasury to ETH arsenic portion of a program to absorption solely connected ether staking.
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