BIT Mining Limited, a cryptocurrency mining company listed on the New York Stock Exchange under the ticker BTCM, has announced a significant strategic pivot.
The company intends to expand into the Solana ecosystem, with plans to raise between $200 million and $300 million to acquire $SOL tokens and operate validator nodes.
This move marks a notable shift in the company's long-term strategy and indicates a broader effort among Bitcoin miners to diversify amid changing industry dynamics.
“One of the Most Dynamic and Promising Ecosystems”
BIT Mining aims to build a substantial $SOL treasury as a cornerstone of its new strategy. The company asserted it would convert its existing cryptocurrency holdings into $SOL and adopt a long-term holding approach. Additionally, BIT Mining will gradually deploy capital, depending on market conditions and funding availability, to support the ongoing acquisition of $SOL tokens.
The company emphasized that this expansion will allow it to better align with opportunities across the broader blockchain industry. BIT Mining also plans to operate validator nodes on Solana. By doing so, it expects to contribute to the decentralization and security of the network while earning staking rewards.
Xianfeng Yang, CEO of BIT Mining, commented on the news, "We are excited to take this bold step into what we believe is one of the most dynamic and promising ecosystems in the blockchain space. This strategic move reflects our commitment to staying adaptive and responsive in an ever-evolving industry. With our strong execution capabilities and long-term vision, we are confident in our ability to accelerate sustainable growth and deliver lasting value to our shareholders."
Strategic Rationale
The move follows a broader trend among crypto miners who are exploring alternative revenue sources. After Bitcoin’s most recent halving event in April 2024, the mining reward dropped by 50 percent, squeezing profit margins. In response, companies like BIT Mining have looked beyond Bitcoin to sustain operations and pursue growth.
In December, BIT Mining reported that its revenues from mining Litecoin and Dogecoin had tripled those from Bitcoin, further reinforcing the need for diversification.
Solana offers a high-throughput blockchain platform with an active developer ecosystem. BIT Mining sees the network as a promising space for innovation and growth. The company claims it will leverage its proprietary technologies and infrastructure to deepen its engagement within the Solana community.
Market Reaction
Following the announcement, BIT Mining’s stock price experienced a significant increase. In pre-market trading, shares surged by over 350 percent, hitting a high of $11.20 compared to the previous close of $2.59, based on TradingView data.
At the time of reporting, BTCM was still up over 150 percent, trading around $6.32. The market appears to view the shift favorably, possibly as a sign that BIT Mining is taking proactive steps to remain competitive in a rapidly evolving sector.
Company Background
Headquartered in Akron, Ohio, BIT Mining operates a vertically integrated crypto-mining business. Its activities span self-mining, mining machine manufacturing, and data center management. The company holds proprietary designs for 7-nanometer Bitcoin chips and also develops hardware for Litecoin, Dogecoin, and Ethereum Classic mining.
With this latest development, BIT Mining intends to expand its influence beyond traditional proof-of-work networks. The Solana initiative is a step toward becoming more actively involved in ecosystems that prioritize scalability, speed, and cost-efficiency.
The SOL Treasury Arms Race
BIT Mining’s entrance into the Solana ecosystem arrives as competition among publicly traded firms intensifies over $SOL treasury accumulation. On July 10, 2025, Defi Dev Corp expanded its holdings with the purchase of approximately 153,225 SOL, bringing its total to around 846,630 SOL. With a treasury now valued at $139 million, Defi Dev Corp holds the largest known SOL reserves among publicly listed entities.
Upexi follows closely, holding 735,692 SOL worth more than $121 million. Meanwhile, Sol Strategies maintains a treasury of 418,260 SOL, valued at over $69 million. If BIT Mining successfully raises and deploys the upper limit of its $300 million plan, the firm could position itself as a leading SOL holder, potentially rivaling or surpassing current frontrunners.
This accumulation strategy could significantly elevate BIT Mining’s influence in Solana governance and network participation.
Future Outlook
BIT Mining's entry into the Solana ecosystem signals a broader industry shift, where miners increasingly consider new blockchain platforms to maintain viability. By committing substantial capital and resources to Solana, BIT Mining positions itself to capture future opportunities within a high-growth environment.
The long-term success of this strategy will depend on market conditions, the execution of treasury and validator plans, and the performance of the Solana network itself.
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