BIT Mining has abandoned bitcoin and will create a $300 million Solana reserve

Mining company BIT Mining has announced a strategic move into the Solana ecosystem. The firm plans to raise between $200 million and $300 million to accumulate SOL and is moving all current assets into this cryptocurrency.

The company said it will pursue a long-term storage strategy and expand its participation in the ecosystem by launching validators on the Solana network. This will generate revenue from staking and support decentralization of the blockchain.

BIT Mining emphasized that Solana was chosen because of its high-performance infrastructure and active developer community. The company expects that this move will strengthen its position in the industry and increase investor interest.

Amid the announcement, shares of BIT Mining with ticker BTCM rose by more than 215% during the pre-market. The company ranks 17th by market capitalization among public bitcoin miners.

BIT Mining isn’t the only one betting on cryptocurrency. Miners like Bit Digital and BitMine switched to Ethereum using a similar strategy of accumulating assets after raising hundreds of millions of dollars.

Last year, BIT Mining paid a $10 million fine to settle a bribery investigation in Japan. Since then, the company has focused on rebranding and business development in the crypto sector.