The share worth of Bitcoin miner BIT Mining soared 143% on Thursday after the corporate introduced plans to lift $200-$300 million to create a Solana Treasury and convert its current holdings into SOL.
Akron, Ohio-based BIT Mining was not too long ago buying and selling for over $5 a share, based on Yahoo Finance. The corporate’s share worth has lingered under $3 for a lot of this 12 months.
“We’re excited to take this daring step into what we imagine is among the most dynamic and promising ecosystems within the blockchain house,” BIT Mining CEO Xianfeng Yang mentioned.
The announcement comes as miners have confronted rising headwinds, together with smaller rewards and rising mining issue. BIT Mining’s share worth stays approach off its all-time excessive of over $200 set in early 2021, based on Yahoo Finance.
BIT Mining primarily focuses on Bitcoin, but it surely has branched out into mining different digital cash.
SOL is the sixth greatest cryptocurrency, with a market cap of $83.9 billion. Builders use the Solana blockchain for a spread of initiatives, together with crypto exchanges, meme cash and video games. They’ve favored the community over rival Ethereum due to its velocity and effectivity.
Corporations inside and outdoors the crypto house are shopping for Bitcoin and different digital property to generate higher returns for his or her shareholders. Main crypto treasury corporations now embody publicly traded corporations Semler Scientific and Metaplanet.
Technique—previously MicroStrategy—was the primary publicly traded firm to start out a Bitcoin-buying masterplan. The corporate now holds 597,325 BTC value $66.4 billion, in accordance to the corporate’s web site.
