10:57 AM EDT, 07/10/2025 (MT Newswires) -- BIT Mining ( BTCM ) shares more than doubled in recent Thursday trading as the company plans to raise $200 million to $300 million to build a Solana cryptocurrency treasury.

As part of a strategic shift, existing crypto holdings will be converted into Solana tokens, the company said Thursday in a statement.

Solana "is one of the most dynamic and promising ecosystems in the blockchain space," Chief Executive Officer Xianfeng Yang said in the statement.

Price: 5.26, Change: +2.80, Percent Change: +113.62