Twitter has been looking for ways to make revenue and profit off of its Microblogging service, which has been the focus of companies like Google to purchase Twitter and rumored of Apple interested in Twitter, which was later debunked to be false.
The companies new business model is saved searches, much like big online companies do, such as Google, which indexes your searches for content, generating data for the company showing exactly what the top searches are.
Twitter can't seem to do this alone and in return may acquire Bit.ly to do it, in exchange for Twitter stock if the company decides to acquire Bit.ly. However, rumors from "trusted sources" indicate that Bit.ly's servers have already been moved and operational under Twitters rack months ago in preparation for the update.
Once Twitter decides to siphon through your search results, after million occur daily, the information will be used to help better the company in terms of target advertising to generate revenue for the company.
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