Why Is BIT Mining Stock Skyrocketing On Thursday?

BIT Mining Limited BTCM stock is trading higher on Thursday, with a session volume of 79.2 million compared to the average volume of 67.6K as per data from Benzinga Pro.

BIT Mining announced a strategic shift on Thursday with its expansion into the Solana ecosystem, marking a critical milestone in the company’s long-term growth trajectory.

The transition positions BIT Mining to capture emerging opportunities across the broader blockchain value chain, while also attracting investors seeking exposure to the Solana ecosystem.

Also Read: Can Solana And Toncoin Print Fresh All-Time Highs Just Like Bitcoin’s Recent $100K Move? Here’s What This Analyst Says

By entering the Solana ecosystem, the company aims to leverage its high-performance infrastructure and dynamic developer community to drive innovation, enhance ecosystem integration, and create sustainable shareholder value.

As part of this strategic realignment, BIT Mining will build a robust SOL treasury as a core pillar of its strategic shift.

To support its Solana-focused strategy, the company plans to raise between $200 million and $300 million in phases, based on market conditions and capital availability.

Proceeds will be used to accumulate SOL tokens, strengthening the company’s treasury reserves through ongoing capital deployment and incremental acquisitions.

To initiate the treasury, BIT Mining will convert its existing crypto holdings into SOL and adopt a long-term holding strategy.

Looking ahead, the company intends to further capitalize on its market expertise and proprietary technologies by deepening its participation in the Solana ecosystem, including operating validator nodes to support network decentralization and security, while generating stable, on-chain staking rewards.

In March, BIT Mining produced a total of 41.55 Bitcoin (CRYPTO: BTC/USD), consisting of 34.96 BTC for hosted clients and 6.59 BTC self-mined.

The company also mined approximately 2,383,708 Dogecoin (DOGE) and 651.6 Litecoin (LTC). The average time required to mine one self-mined BTC was 5.2 days. The cost per BTC mined was approximately $65,831.

Price Action: BTCM stock is trading up 198% to $7.33 at last check Thursday.

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