Bitcoin mining firm Bit Mining is shifting to the Solana ecosystem, planning to raise $200 million to $300 million to establish a significant Solana token treasury. The capital will help expand its capabilities on the network and acquire additional tokens, with a portion of existing holdings converted into SOL as part of a long-term strategy. Following this announcement, Bit Mining's stock surged by 350% in pre-market trading, reaching $11 before retracting to $6.29. The company intends to run validator nodes on Solana, enhancing its integration within the ecosystem and supporting decentralization and security. CEO Xianfeng Yang expressed confidence in this strategic move, highlighting its potential to create sustainable value. Bit Mining's pivot mirrors similar strategies from other mining firms, as seen with Bit Digital's recent transition to an Ethereum-focused approach. Bit Mining currently ranks as the 17th-largest Bitcoin miner by market cap, holding 19 Bitcoin valued around $2 million.

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