BIT Mining, a leading NYSE-listed crypto mining firm, has unveiled a bold move into the Solana (SOL) ecosystem, announcing plans to raise up to $300 million to build a long-term SOL treasury reserve. The shift marks a significant evolution in the company’s strategy, as it diversifies beyond traditional Bitcoin mining to tap into the rapidly growing Solana blockchain.
Transitioning Toward Solana’s Ecosystem
In a company statement released on July 10, BIT Mining outlined a phased strategy to acquire $200–$300 million worth of SOL, with purchases determined by market conditions and capital availability. The firm also confirmed plans to liquidate all existing crypto holdings and convert them entirely into SOL, adopting a long-term holding strategy.
“This move positions BIT Mining as a public vehicle for investors seeking direct exposure to Solana’s ecosystem,” the company stated.
The initiative includes operating validator nodes on the Solana network to support network decentralization and earn on-chain staking rewards, signaling deeper ecosystem involvement beyond passive investment.
A New Chapter in Blockchain Value Creation
CEO Xianfeng Yang described the decision as a proactive step toward long-term growth:
“We believe Solana represents one of the most dynamic ecosystems in blockchain today. This shift aligns with our broader vision to adapt and lead in the evolving digital economy.”
The company’s stated goals are to leverage Solana’s performance, developer activity, and community to create lasting shareholder value.
From Bitcoin Mining to Multichain Strategy
Previously focused on Bitcoin (BTC), Litecoin (LTC), Dogecoin (DOGE), and Ethereum Classic (ETC), BIT Mining holds proprietary mining hardware and 7nm chip designs. With this transition, the company joins a broader movement of mining firms repositioning as digital asset holding companies, similar to the treasury accumulation approach pioneered by other crypto-native firms.
BIT Mining is currently the 17th largest publicly listed Bitcoin miner by market capitalization.
Market Reaction and Stock Performance
Following the announcement, BIT Mining’s stock (BTCM) surged over 300% in pre-market trading, according to market data. The strong investor response reflects growing enthusiasm around corporate treasury models in crypto, especially those involving high-growth networks like Solana.
Solana’s Growing Appeal for Institutional Players
BIT Mining isn’t alone in its pivot. Two other mining companies with similar names—Bit Digital and BitMine—have also transitioned to Ethereum (ETH) treasury strategies, further illustrating a shift among legacy miners toward diversified blockchain investment models.
While Bit Digital now holds over 100,000 ETH, BitMine has raised $250 million to scale its ETH holdings with backing from institutional investors.
A Clean Break from Past Controversies
The announcement comes months after BIT Mining resolved regulatory investigations by paying a $10 million penalty linked to its former operations as 500.com, an online lottery company. Since rebranding in 2021, the firm has focused solely on digital asset infrastructure.
Final Thoughts
With a clear roadmap, aggressive funding plans, and a sharpened focus on the Solana blockchain, BIT Mining aims to redefine its role in the crypto sector. If successful, it could emerge as a major publicly traded proxy for Solana exposure, while contributing to network security through active participation.
The move highlights a broader industry shift, where mining firms are becoming long-term digital asset managers—balancing risk, innovation, and community alignment in an increasingly multichain future.
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.