BIT Mining Announces At-the-Market Offering of Shares to Enhance Financial Flexibility and Support Growth Initiatives in Cryptocurrency Sector.

BIT Mining has filed a Form 6-K with the SEC, detailing an at-the-market offering of American depositary shares to enhance its financial flexibility and support growth initiatives in the cryptocurrency sector. The company's stock is rated Neutral by Spark, TipRanks' AI Analyst, due to declining revenues, persistent losses, and a lack of positive momentum. Technical analysis indicates a negative valuation profile and no dividend yield.

BIT Mining Limited, a Cayman Islands-based cryptocurrency company, has filed a Form 6-K with the U.S. Securities and Exchange Commission (SEC), detailing an at-the-market offering of American Depositary Shares (ADSs) to enhance its financial flexibility and support growth initiatives in the cryptocurrency sector. The offering, which is set to raise up to US$120 million, aims to provide the company with the necessary funds to pursue strategic growth opportunities [1].

The company's stock is currently listed on the New York Stock Exchange (NYSE) under the symbol "BTCM" and was trading at US$3.96 per ADS as of July 11, 2025. BIT Mining's ADSs represent one hundred (100) Class A ordinary shares, with a par value of US$0.00005 per share. The offering, which is subject to prevailing market conditions, could see the issuance of up to 30,303,030 ADSs [1].

BIT Mining's recent strategic shift towards the Solana ecosystem has been a significant focus for the company. By entering the Solana ecosystem, BIT Mining aims to leverage its high-performance infrastructure and dynamic developer community to drive innovation and enhance ecosystem integration. The company has announced plans to build a robust Solana treasury and operate validator nodes to support network decentralization and security, while generating stable, on-chain staking rewards [1].

However, the company acknowledges several risks associated with its Solana business and the overall cryptocurrency market. These include the potential for regulatory changes, price volatility, security breaches, and other challenges related to its Solana treasury reserve business model. Investors are advised to carefully consider these risks before making investment decisions [1].

The at-the-market offering is expected to provide BIT Mining with the necessary funds to support its growth initiatives and enhance its financial flexibility. The company's stock is currently rated Neutral by Spark, TipRanks' AI Analyst, due to declining revenues, persistent losses, and a lack of positive momentum. Technical analysis indicates a negative valuation profile and no dividend yield [2].

References:

[1] https://www.streetinsider.com/SEC+Filings/Form+424B5+BIT+Mining+Ltd/25046404.html
[2] https://www.tipranks.com/analysts/spark