BIT Mining Makes Bold Shift Into Solana With $300M Bet

BIT Mining, a public company listed on the New York Stock Exchange (NYSE), has announced a significant shift in its business strategy. The company revealed it will now focus on the Solana blockchain and start buying the Solana native token (SOL). To support this move, it plans to raise between $200 million and $300 million. The decision is part of the company’s broader effort to grow its presence in the crypto industry and bring more value to its shareholders. BIT Mining to Fully Switch to SOL and Hodl for the Long Term BIT Mining is starting a new chapter as it shifts entirely to the Solana blockchain. Right now, it is the 17th biggest public Bitcoin mining company by market value. As part of this change, BIT Mining will turn all its current crypto into SOL. The company also plans to hold these tokens for a long time instead of selling them. This move aligns with a growing trend among public companies to hold digital assets on their balance sheets as a long-term investment. In addition to holding SOL, BIT Mining will take on a technical role in the Solana ecosystem. It plans to operate validator nodes, which are essential for keeping the network decentralized and secure. By doing so, the company expects to earn rewards directly on the blockchain through Solana’s staking system. Strong Belief in Solana Blockchain’s Future BIT Mining’s leaders say this new path is needed in the fast-changing crypto world. They believe their skills in hardware and mining make them ready to help the Solana network and grow their business. The company hopes this shift will bring faster innovation, improved blockchain connections, and greater value for its investors. Currently, the firm focuses on self-mining, developing mining machines, and providing hosting services. It also uses advanced chips to mine coins like Bitcoin (BTC), Litecoin (LTC), Dogecoin (DOGE), and Ethereum Classic. Meanwhile, BIT Mining is not the only company embracing other crypto assets beyond Bitcoin. Other mining firms, including BitMine and Bit Digital, are also adopting assets like Ethereum . BIT Mining Begins A Fresh Start After Legal Challenges BIT Mining’s new focus comes after the company settled a legal case with U.S. regulators . In November, it agreed to pay a $10 million penalty to resolve investigations related to its former business under the name 500.com. The case involved alleged bribes to Japanese government officials. At the time, the company was based in Shenzhen, China, and operated an online sports lottery platform. Since then, the company has transformed its focus. In April 2021, it rebranded from 500.com to BIT Mining and began trading under the ticker BTCM. This latest move into the Solana ecosystem is seen as another step in the company’s effort to redefine its mission and build a stronger position in the blockchain industry. The post BIT Mining Makes Bold Shift Into Solana With $300M Bet appeared first on TheCoinrise.com .

Source: The Coin Rise