BIT Mining Shares Surge 150% in Premarket on Solana Treasury Plan
Crypto miner BIT Mining’s shares experienced a 150% spike in premarket trading on Thursday following a strategic pivot into the Solana ecosystem, with a plan to raise up to $300 million to accumulate SOL.
BIT Mining, the former Chinese sports lottery firm turned crypto miner, revealed plans to convert existing crypto holdings and raise between $200 million and $300 million to accumulate SOL tokens as part of an expanded treasury strategy.
The company also intends to stake SOL and operate validator nodes to enhance network security and generate on-chain rewards. CEO Xianfeng Yang noted the move as a marked shift beyond Bitcoin mining into broader blockchain value chains, aimed at delivering “sustainable” shareholder returns.
As of February, BIT Mining had a total hashrate capacity of 2.58 EH/s, with much of that capacity associated with hosted clients. In the same month, the company produced 42.56 BTC, of which 36.85 BTC came from hosting clients and 5.71 BTC from its self-mining operations. The average cost per self-mined bitcoin was $60,960.
The company also mined 2 million DOGE and 556.7 LTC in February, highlighting its diversified mining footprint beyond Bitcoin. BIT Mining said it remains on track to complete the full buildout of its Ethiopian data center in the coming weeks, following the first phase’s completion in late 2024.
BIT Mining is the latest proof-of-work mining company to turn to proof-of-stake cryptos as a treasury strategy, which fueled a stock rally. Bit Digital (NASDAQ: BTBT) has similarly boosted stock performance by pivoting its treasury strategy away from Bitcoin and into Ethereum.
