BIT Mining Pivots to Solana, Plans $200M-$300M Treasury Shift

BIT Mining, a prominent player in the cryptocurrency mining industry, has announced a strategic pivot by planning to raise between $200 million and $300 million to build a Solana (SOL) treasury. This move marks a significant departure from its previous focus on Bitcoin, Litecoin, Dogecoin, and Ethereum Classic mining. The company aims to convert all its existing crypto assets into SOL and adopt a long-term holding strategy, citing Solana’s performance, infrastructure, and developer community as key drivers behind this shift.

To support its new direction, BIT Mining will raise funds in phases, based on market conditions and capital availability. The company will also begin running validator nodes on Solana, aiming to contribute to network decentralization and security while earning staking rewards. This strategic move aligns with a growing trend of firms betting on Solana, positioning BIT Mining as a significant player in the fast-growing blockchain ecosystem.

“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. The company’s pivot aligns it 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. Similarly, Canadian digital asset firm Sol Strategies holds over 420,000 SOL tokens, positioning itself as a significant institutional player in Solana’s ecosystem.

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. This strategic pivot not only reflects BIT Mining’s commitment to innovation and growth but also its resilience in the face of regulatory challenges. By focusing on Solana, BIT Mining aims to leverage the blockchain’s growing role in asset tokenization and digital infrastructure, positioning itself for future growth and success in the rapidly evolving cryptocurrency landscape.