BIT Mining Shares Double on Plan to Build Solana Treasury of Up to $300 Million

BIT Mining shares more than doubled in recent Thursday trading as the company plans to raise $200 million to $300 million to build a Solana cryptocurrency treasury.

As part of a strategic shift, existing crypto holdings will be converted into Solana tokens, the company said Thursday in a statement.

Solana "is one of the most dynamic and promising ecosystems in the blockchain space," Chief Executive Officer Xianfeng Yang said in the statement.