Bitcoin mining firm Bit Mining is pivoting to the Solana ecosystem, aiming to raise between $200 million and $300 million to establish a substantial Solana token treasury. The funds will enhance its network capabilities and acquire more tokens, with plans to convert some existing crypto holdings into SOL. Bit Mining's stock soared 350% in pre-market trading to $11, although it later dipped to $6.29. The firm plans to run validator nodes on Solana to bolster the network's decentralization and security. CEO Xianfeng Yang emphasized their commitment to adapting in the evolving blockchain industry, viewing Solana as a dynamic ecosystem worth investing in. This strategic shift follows Bit Digital's recent transition to an Ethereum-focused strategy, which initially saw its stocks decline before recovering significantly. Overall, Bit Mining positions itself as a key player in the altcoin space currently dominated by Ethereum and Solana.

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