BIT Mining Stock Doubles on Crypto Firm’s Investment in Solana
Key Takeaways
- BIT Mining Ltd. will invest $200 million to $300 million to buy Solana digital coins and set up a treasury.
- The cryptocurrency miner will initiate the treasury by converting the other digital coins it owns into Solana.
- The news sent U.S.-traded shares of BIT Mining up more than 100%.
U.S.-listed shares of BIT Mining Ltd. (BTCM) more than doubled after the cryptocurrency miner announced a big investment in the Solana digital coin.
BIT Mining explained it would raise $200 million to $300 million in phases to purchase Solana and create a treasury of the coins. The company added that to begin developing the treasury, it would convert its current cryptocurrency holdings into Solana.
It called the move “a strategic…
