BIT Mining's Stock Price Doubles Overnight Following Strategic Shift from Bitcoin to Solana

BIT Mining, a cryptocurrency mining company listed on the NYSE, announced on the 10th its 'strategic pivot' to the Solana (SOL) ecosystem. Following the announcement, the company's stock price temporarily surged nearly threefold, closing the day with a 175% increase compared to the previous day. The company is considered a small-cap stock with a market capitalization of less than $1 billion. In a statement, the company disclosed plans to gradually raise between $200 million and $300 million based on market conditions and capital raising opportunities, to accumulate SOL tokens. As part of this strategic shift, BIT Mining will convert all its existing assets, including Bitcoin and Dogecoin, into SOL, adopting a long-term holding strategy for SOL.