The share value of Bitcoin miner BIT Mining soared 143% on Thursday after the corporate introduced plans to boost $200-$300 million to create a Solana Treasury and convert its present holdings into SOL.
Akron, Ohio-based BIT Mining was lately buying and selling for over $5 a share, in keeping with Yahoo Finance. The corporate’s share value has lingered beneath $3 for a lot of this 12 months.
“We’re excited to take this daring step into what we consider is without doubt one of the most dynamic and promising ecosystems within the blockchain house,” BIT Mining CEO Xianfeng Yang stated.
The announcement comes as miners have confronted growing headwinds, together with smaller rewards and rising mining problem. BIT Mining’s share value stays manner off its all-time excessive of over $200 set in early 2021, in keeping with Yahoo Finance.
BIT Mining primarily focuses on Bitcoin, however it has branched out into mining different digital cash.
SOL is the sixth largest cryptocurrency, with a market cap of $83.9 billion. Builders use the Solana blockchain for a variety of initiatives, together with crypto exchanges, meme cash and video games. They’ve favored the community over rival Ethereum due to its pace and effectivity.
Firms inside and outdoors the crypto house are shopping for Bitcoin and different digital belongings to generate higher returns for his or her shareholders. Main crypto treasury firms now embrace 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.
