Bit Mining ADRs Climb on Solana Treasury Plans

By Kelly Cloonan

American depository receipts of Bit Mining surged after the company said it plans to convert its existing cryptocurrency holdings to build a solana treasury.

ADRs more than doubled to $5.04 on Thursday. ADRs have risen 78% in the past 12 months.

The cryptocurrency-mining company said Thursday it will convert its existing crypto holdings into solana to initiate the treasury.

The company also plans to raise $200 million to $300 million in phases, which will be used to accumulate further solana tokens to strengthen its treasury reserves, it said.

"We are excited to take this bold step into what we believe is one of the most dynamic and promising ecosystems in the blockchain space," Chief Executive Xianfeng Yang said.

Going forward, the company intends to dive further into the solana ecosystem, including by operating validator nodes to support network decentralization and security, it said.

Write to Kelly Cloonan at kelly.cloonan@wsj.com