BIT Mining Doubles Solana Holdings, Upexi Sees 126% Gain in SOL Per Share

Solana's latest price was $, in the last 24 hours. BIT Mining, a prominent company in the cryptocurrency space, has recently expanded its holdings in Solana, a leading blockchain platform. The company, which is in the process of renaming itself SOLAI Limited, nearly doubled its Solana holdings by purchasing an additional 17,221 SOL tokens. This move brings the company's total Solana holdings to 44,000 SOL, solidifying its position within the Solana ecosystem. BIT Mining has also announced plans to operate in-house validators, further enhancing its involvement in the Solana network. Additionally, the company has partnered with Brale Inc. to issue a stablecoin on the Solana blockchain, known as DOLAI. This stablecoin is AI-native and dollar-denominated, aiming to expand BIT Mining's footprint in the broader blockchain space.

Upexi, a Nasdaq-listed firm, has also increased its Solana treasury by acquiring nearly 18,000 additional SOL tokens, bringing its total holdings to over 2 million SOL. This significant increase in holdings has led to a 126% rise in Upexi's adjusted SOL per share. The company's treasury is now valued at over $456 million, benefiting from a substantial unrealized gain in the value of SOL. Upexi's staking yields bring in around $105,000 daily, further highlighting the company's strategic investment in Solana. The company's adjusted SOL per share metric considers capital issuance, discounted SOL purchases, and staking revenue, providing a comprehensive view of its treasury growth.

Both BIT Mining and Upexi are part of a broader trend among Solana treasury companies investing in native proof-of-stake tokens. These firms are acquiring Solana to benefit from its price appreciation and staking rewards. According to data from The Block, Solana treasury companies now hold over 4.67 million SOL tokens, underscoring the growing interest and investment in the Solana ecosystem. This trend reflects the increasing recognition of Solana's potential and the strategic advantages it offers to companies looking to capitalize on the growing value of digital assets.