Mining company BIT Mining has announced a strategic shift to the Solana ecosystem. The firm plans to raise between $200 million and $300 million and convert all its crypto assets into SOL.

The company intends to follow a long-term holding strategy. BIT Mining will also launch validator nodes on the Solana network to earn staking rewards.

BIT Mining noted that it aims to leverage Solana's high-performance infrastructure and active developer community.

Following the news, the miner’s shares under the ticker BTCM rose more than 215% in pre-market trading.
BIT Mining has joined a growing number of publicly traded companies holding cryptocurrency on their balance sheets, following the Strategy approach. However, other miners like Bit Digital have chosen Ethereum, not Solana, for their reserves.

As a reminder, in June, VanEck’s Head of Digital Assets Matthew Sigel called the crypto treasuries in XRP and SOL a scam.