BIT Mining (BTCM) stock rocketed higher on Thursday after the blockchain technology company announced a strategic shift into Solana (SOL). This will have it create a Solana treasury, which comes alongside a trend of companies creating crypto reserves.
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BIT Mining intends to raise between $200 million and $300 million in phases to create its Solana treasury. The company will use these funds to acquire SOL tokens, with purchases depending on market conditions. BIT Mining also revealed it will convert its current crypto holdings into Solana tokens.
BIT Mining CEO Xianfeng Yang said, “This strategic move reflects our commitment to staying adaptive and responsive in an ever-evolving industry.”
BIT Mining Stock Movement Today
BIT Mining stock was up 208.94% as of Thursday morning, following a 0.4% drop yesterday. The stock has fallen 2.38% year-to-date and 13.99% over the past 12 months. With today’s Solana news came heavy trading of BTCM stock, as some 64 million shares changed hands, compared to a three-month daily average of about 59,000 units.
Is BIT Mining Stock a Buy, Sell, or Hold?
Turning to Wall Street, coverage of BIT Mining is lacking. However, Spark, TipRanks’ AI analyst, has the shares covered. Spark rates BTCM a Neutral (45) with no price target. It cites “substantial financial and operational challenges” as reasons for this stance.
