- BIT Mining (BTCM, Financial) completes second phase of Ethiopian acquisition, increasing data center power capacity to 51 megawatts.
- The company issued 45,278,600 Class A ordinary shares for the acquisition.
- Strategic shift towards Solana ecosystem to explore broader market opportunities.
BIT Mining Limited (BTCM) has successfully completed the second phase of its strategic acquisition of cryptocurrency mining data centers in Ethiopia. This phase involved the issuance of 45,278,600 Class A ordinary shares to acquire the remaining data centers and Bitcoin mining machines. The acquisition's completion raises the total power capacity of these data centers to 51 megawatts.
The first phase of this acquisition was finalized on December 9, 2024. The strategic initiative underscores BIT Mining's commitment to expanding its operational footprint and capabilities in the cryptocurrency mining sector.
Furthermore, CEO Xianfeng Yang announced a strategic pivot for the company, focusing on exploring opportunities within the Solana ecosystem. This move is intended to capture broader market potential and foster long-term growth for BIT Mining, aligning with emerging trends in the cryptocurrency market.
BIT Mining Limited remains a technology-driven cryptocurrency asset company, transitioning its core business towards Solana treasury operations, integrating blockchain infrastructure expertise to build a sustainable business model.
