BIT Mining’s Bold Solana Treasury Strategy Sparks 120% Stock Surge
BIT Mining Limited (BTCM) has made headlines with its strategic shift towards Solana (SOL), causing its stock to soar by 120% to $5.42 in early trading. The company announced plans to convert its cryptocurrency holdings into SOL and establish a dedicated treasury, underscoring a long-term commitment to the Solana ecosystem. Additionally, BIT Mining is raising $200-$300 million to further accumulate SOL and expand its network presence. This bold move marks a significant pivot for the company, highlighting its confidence in Solana's future growth and adoption. The market's enthusiastic response reflects optimism about this strategic direction and its potential to drive value for shareholders and the broader crypto community.
BIT Mining Limited (BTCM) Stock Soars 120% on Solana Treasury Strategy
BIT Mining Limited (BTCM) shares skyrocketed 120% to $5.42 in early trading following its strategic pivot toward Solana. The company announced plans to convert its crypto holdings into SOL and establish a dedicated treasury, signaling a long-term commitment to the ecosystem.
A $200-$300 million capital raise is underway to fund SOL accumulation and network expansion. This bold MOVE marks BIT Mining's transition from pure-play mining to active participation in Solana's growing DeFi and infrastructure landscape.
Pump.fun Acquires Solana-Based Kolscan Ahead of ICO
Pump.fun, the platform synonymous with Solana's memecoin frenzy, has expanded its reach with the acquisition of Kolscan—a specialized wallet tracker monitoring top traders on the solana blockchain. The move comes days before Pump.fun's $4 billion ICO, signaling ambitions to dominate social trading infrastructure.
Kolscan distinguishes itself by offering real-time P&L tracking, wallet activity analytics, and a leaderboard ranking traders—a toolkit prized by copy-trading enthusiasts. "Trading is a social sport," remarked Pump.fun co-founder Alon Cohen, framing the acquisition as a strategic play to capitalize on community-driven market behavior.
The integration positions Pump.fun to leverage Solana's thriving retail ecosystem, where tracking influencer wallets has become a cornerstone strategy. Observers note the timing aligns with growing demand for on-chain social trading tools, particularly among memecoin traders.
Solana (SOL) Breaks Key Resistance as Bulls Target $164 Amid Whale Activity
Solana's SOL surged 3% to $158 after breaking out from a symmetrical triangle pattern, with technical analysts projecting a near-term target of $164. The bullish momentum follows a $12.65 million Leveraged position opened by a whale trader at $153.79, signaling strong institutional conviction.
Market structure appears favorable as SOL simultaneously clears a cup-and-handle formation, suggesting potential upside toward $184.82. Derivatives markets reflect this Optimism with 61.72% of perpetual traders holding long positions, though subdued trading volume warrants caution about sustainability.
Technical analyst Ali Martinez notes the breakout coincides with the pattern's apex, typically a high-probability reversal point. The $164 target derives from the 1.272 Fibonacci extension level, a derivative of the Golden Ratio often used to project continuation moves.
Pump.fun Boosts Security and Transparency with Strategic Acquisition
Pump.fun, a Solana-based meme token platform, has acquired Kolscan, a wallet tracking specialist, ahead of its $600 million public token sale. The move aims to enhance security and transparency for users, leveraging Kolscan's data-driven analytics to monitor wallet activity and mitigate risks.
The acquisition signals Pump.fun's commitment to robust infrastructure as it prepares for the high-profile token sale. Kolscan's technology will provide real-time tracking of smart contracts and transaction histories, addressing investor concerns about platform security.
Market observers are closely watching how these developments will impact the upcoming sale, which has already generated significant interest in crypto circles. The integration of advanced wallet tracking could set a new standard for transparency in meme token launches.
