BIT Mining (BTCM) shares surged over 100% after announcing plans to raise $300 million to invest in Solana (SOL) and convert digital asset holdings into SOL. This move positions BTCM as a proxy for SOL, attracting global investors. While this strategy worked for MicroStrategy, BTCM remains speculative with operational challenges and no clear path to profitability. With limited Wall Street coverage and analyst ratings, investors lack guidance on valuation and risk. Despite the flashy Solana news, the fundamentals do not support the hype surrounding BTCM stock.

Read more at Yahoo Finance: As BIT Mining Bets Big on Solana Ecosystem, Should You Buy BTCM Stock?