BIT Mining has announced plans to raise between $200 million and $300 million to build a Solana (SOL) treasury as part of a broader expansion into the fast-growing blockchain ecosystem.
Key Takeaways:
BIT Mining plans to raise $300 million to build a SOL treasury and shift away from Bitcoin. The company will convert all existing crypto holdings into SOL and begin operating validator nodes. Its pivot aligns with a growing trend of firms betting on Solana.The move marks a departure from its previous focus on Bitcoin, Litecoin, Dogecoin, and Ethereum Classic mining, the company said in a Thursday press release.
The company will convert all existing crypto assets into SOL and adopt a long-term holding strategy, citing Solana’s performance, infrastructure, and developer community as key drivers behind the pivot.
BIT Mining to Riase Funds in Phases
To support its new direction, BIT Mining plans to raise funds in phases, based on market conditions and capital availability.
It will also begin running validator nodes on Solana, aiming to contribute to network decentralization and security while earning staking rewards.
“We’re excited to take this bold step into what we believe is one of the most dynamic and promising ecosystems in the blockchain space,” said CEO Xianfeng Yang.
“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.”
BIT Mining, currently the 17th largest public Bitcoin miner by market cap, operates across mining, hosting, and hardware production.
Its stock (BTCM) surged more than 300% in pre-market trading Thursday, following the announcement.
The pivot aligns BIT Mining with a rising group of firms reshaping their treasury strategies around digital assets.
Last week, DeFi Development Corp. revealed that it has acquired $2.7 million worth of Solana as part of its aggressive crypto treasury strategy.
Likewise, Canadian digital asset firm Sol Strategies, already trading on the Canadian Securities Exchange, holds over 420,000 SOL tokens, positioning itself as a significant institutional player in Solana’s ecosystem.
Last month, the firm also filed to list its common shares on the Nasdaq Capital Market under the ticker “STKE” as it ramps up its U.S. expansion.
In its SEC filing, Sol Strategies emphasized its focus on Solana, citing the blockchain’s growing role in asset tokenization and digital infrastructure as key drivers for future growth.
More Public Companies Diversify into Crypto
Following the model pioneered by Michael Saylor’s Strategy, more public companies are diversifying into crypto holdings that include BTC, ETH, SOL, and XRP.
Two other mining firms with “Bit” in their name have also reoriented around Ethereum in recent weeks.
Bit Digital recently exited Bitcoin mining and acquired over 100,000 ETH after raising $173 million.
Meanwhile, BitMine plans to raise $250 million to scale its ETH treasury, with Fundstrat’s Tom Lee joining as board chair.
The announcement came after BIT Mining’s $10 million settlement in November with the U.S. Department of Justice and SEC over bribery allegations tied to its former business as 500.com, a Chinese lottery operator.
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