#binance #hype #zec #near
10/07/25 02:24 UTC-04

BIT Mining Abandons Bitcoin Mining and Starts Buying Solana

Mining Mining BIT Mining Starts Buying Solana
Mining BIT Mining Abandons Bitcoin Mining and Starts Buying Solana

The company announced plans to raise between $200 million and $300 million to build up a reserve of Solana (SOL) tokens. The decision to stop mining Bitcoin was explained as a “strategic move to adapt to a changing market and ensure long-term returns for shareholders.”

BIT Mining intends to convert all of its existing crypto assets into Solana and hold the acquired tokens for as long as possible. Over the next few months, the company also plans to launch validators on the Solana network to earn staking rewards.

Currently, BIT Mining is involved in crypto mining, manufacturing mining equipment for BTC, LTC, and DOGE, and ranks 17th among public Bitcoin miners by market capitalization.

Last week, another mining firm, Bit Digital, raised $163 million through a share offering and pledged to purchase Ethereum with the funds. Instead of mining Bitcoin, the company plans to focus on ETH staking.

Previously, MemeStrategy — a company listed on the Hong Kong Stock Exchange (HKSE) — acquired 2,440 Solana tokens in an open market transaction worth 2.9 million Hong Kong dollars (approximately $369,442).

See also: "Singaporean Miner BitFuFu Reports Record Bitcoin Production in June"

#Solana, BIT Mining, Bitcoin

Editor: Godfrid Brower
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