In a significant strategic pivot, Bit Mining has entered the Solana ecosystem, acquiring 27,191 SOL for approximately $4.89 million and launching its own Solana validator. This move marks the company’s initial steps in building a Solana-based corporate treasury and expanding its footprint beyond traditional crypto mining.
Solana Validator Launch Supports Network Security
The NYSE-listed firm (ticker: BTCM) announced that its validator will be fully self-operated, managed by an internal technical team. The purchased SOL will be staked directly through this validator, enabling onchain earnings via Solana’s proof-of-stake model.
This development is part of a broader plan announced in July to raise up to $300 million to support SOL acquisitions and staking infrastructure.
By establishing a validator, Bit Mining aims to contribute to network decentralization and security, while positioning its treasury for long-term crypto exposure.
Corporate SOL Treasuries Show Rapid Growth
Bit Mining is not alone in this approach. Corporate Solana treasuries are expanding rapidly, with several public companies allocating capital to SOL and validator operations.
- DeFi Development Corp (DFDV) recently raised its holdings to 1.29 million SOL, now worth over $216 million. In July, the company acquired 110,466 SOL for around $18.4 million and stakes its tokens across multiple validators.
- DFDV also secured a $112.5 million private placement to fund future Solana purchases, including through prepaid-forward agreements.
- Upexi (UPXI) joined the trend by establishing a $500 million equity credit line to expand its Solana position and cover general business expenses.
Over $568 Million Held in Corporate Solana Treasuries
According to industry trackers, corporate treasuries collectively hold over 3.4 million SOL, equivalent to $568 million as of August 5. This growing demand underscores Solana’s rising status as a favored asset for institutional portfolios, not just retail investors.
Bit Mining’s transition signals a broader institutional pivot toward Solana, driven by staking yields, performance, and decentralization efforts.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.