Bit Mining: to Convert Crypto Holdings to SOL and Raise $200M to $300M for Solana Strategic

July 10, Crypto mining firm Bit Mining announced that it will undergo a strategic transformation and enter the Solana ecosystem.

As part of this strategic adjustment, BIT Mining will establish a robust $SOL treasury as the cornerstone of its strategic transformation. To support its Solana-centered strategy, the company plans to raise $200 million to $300 million in stages depending on market conditions and fund availability. The raised funds will be used to accumulate $SOL tokens and enhance the company's treasury through ongoing capital deployment and progressive acquisitions. At the same time, to initiate the treasury, BIT Mining will convert its existing cryptocurrency holdings into $SOL and adopt a long-term holding strategy.