The Daily: BIT Mining shares surge amid $300 million SOL treasury pivot, Trump’s Truth Social teases token tied to user engagement, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Thursday! Another day, another all-time high for bitcoin, as the foremost cryptocurrency surges past the $112,000 peak set seven weeks ago on May 22 — in contrast to the fate of many altcoins this cycle.

In today’s newsletter, BIT Mining pivots to Solana with a plan to raise up to a $300 million SOL treasury, Trump’s Truth Social teases a utility token, Jack Ma-backed Ant International plans to add USDC to its blockchain, and more. 

Meanwhile, Paradigm leads a $50 million Series A funding round for stablecoin builder Agora.

Let’s get started.

BIT Mining shares surge amid $300 million SOL treasury pivot

BIT Mining is pivoting to the Solana ecosystem with plans to raise between $200 million and $300 million to build a SOL treasury.

• To kick off the new strategy, the company will convert all its existing crypto holdings into SOL and adopt a “long-term holding strategy.”
• BIT Mining also plans to expand its role in the Solana ecosystem by running validator nodes to help maintain network decentralization and security while earning staking rewards.
• BIT Mining currently operates self-mining, hosting, and hardware businesses for Bitcoin, Litecoin, Dogecoin, and Ethereum Classic, ranking as the 17th largest public miner by market cap.
• Confusingly, two other mining companies with names starting “Bit” — Bit Digital and BitMine — have also launched crypto treasury strategies in recent weeks, albeit for Ethereum rather than Solana.
• BIT Mining’s stock surged over 300% pre-market following the announcement, and is currently up 140% on the day.

Trump’s Truth Social teases utility token tied to user engagement

Truth Social, the social media arm of Trump Media & Technology Group, plans to launch a utility token tied to its new $9.99 per month Truth+ streaming subscription and user engagement.

• The platform, offering content from “non-woke” news networks, will reward subscribers with “gems” that eventually convert into the utility token for use across Truth Social and Truth+, the firm said.
• Trump Media previously told shareholders it’s exploring a Truth digital wallet to let users spend such a token on subscriptions and other services.
• The company has also taken steps to expand its presence in another sector of the crypto space, recently filing for Bitcoin, Ethereum, and “Crypto Blue Chip” ETFs with the SEC.

Ant International plans to add USDC stablecoin to AntChain

Ant International, the cross-border arm of Jack Ma’s Ant Group, is teaming up with Circle to bring USDC to AntChain once the stablecoin meets U.S. regulatory requirements, Bloomberg reported.

• The move lets the payments giant tap into the world’s second-largest dollar stablecoin to bolster its cross-border settlement and treasury services.
• AntChain already supports tokenized deposits and other digital assets issued by more than 10 global lenders, including HSBC, JPMorgan, and Standard Chartered.
• Ant is also reportedly pursuing stablecoin licenses in Hong Kong, Singapore, and Luxembourg ahead of a potential IPO that could value the unit at up to $24 billion.

Coinbase partners with Perplexity AI on real-time crypto data service

Coinbase has teamed up with Perplexity AI to launch a real-time crypto data service aimed at improving trader decision-making.

• The partnership starts by integrating Coinbase’s market data and COIN50 index into Perplexity’s platform for market analysis before rolling out a conversational interface.
• The move follows other high-profile blockchain–AI tie-ups, like Polymarket’s deal with Elon Musk’s xAI last month.
• “I expect enhanced crypto functionality will be a catalyst for AI to achieve another 10x unlock,” Coinbase CEO Brian Armstrong wrote on X.

Snoop Dogg ‘drops it like it’s hot’ as his Telegram digital collectibles sell out in minutes

Snoop Dogg sold nearly 1 million digital collectibles on Telegram in just 30 minutes on Wednesday, netting $12 million, according to CEO Pavel Durov.

• The drop featured vintage cars, swag, and marijuana-themed NFTs, with minting on TON blockchain set to open in late July.
• It’s not Snoop’s first foray into NFTs, but this latest sale is somewhat of an outlier in a market still struggling to recover from its 2021 peak.

In the next 24 hours

• The latest UK GDP data are out at 2 a.m. ET on Friday.
• Optimism, Immutable, and Axie Infinity are set for token unlocks.

Never miss a beat with The Block’s daily digest of the most influential events happening across the digital asset ecosystem.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.