BIT Mining Shifts Focus to Solana Blockchain, Acquires SOL Tokens

BIT Mining, a publicly traded company on the New York Stock Exchange, has declared a major strategic shift by focusing on the Solana blockchain and acquiring the native token SOL. The company aims to raise between $200 million and $300 million to support this transition, which is part of its broader strategy to expand its presence in the cryptocurrency industry and create more value for its shareholders.

BIT Mining, currently the 17th largest public Bitcoin mining company by market value, plans to convert all its existing cryptocurrency holdings into SOL. The company intends to hold these tokens for the long term, aligning with a growing trend among public companies to include digital assets in their balance sheets as long-term investments. Additionally, BIT Mining will operate validator nodes within the Solana ecosystem, which are crucial for maintaining the network's decentralization and security. By doing so, the company expects to earn rewards directly on the blockchain through Solana’s staking system.

BIT Mining's leadership believes this strategic shift is necessary in the rapidly evolving crypto world. They are confident that their expertise in hardware and mining will enable them to contribute to the Solana network's growth and expand their business. The company anticipates that this move will accelerate innovation, enhance blockchain connectivity, and deliver greater value to its investors. Currently, BIT Mining is involved in self-mining, developing mining machines, and providing hosting services. It also uses advanced chips to mine coins such as Bitcoin (BTC), Litecoin (LTC), Dogecoin (DOGE), and Ethereum Classic. Other mining firms, including BitMine and Bit Digital, are also diversifying their portfolios by adopting assets like Ethereum.

This strategic pivot comes after BIT Mining resolved a legal case with U.S. regulators in November, agreeing to pay a $10 million penalty to settle investigations related to its former business under the name 500.com. The case involved alleged bribes to Japanese government officials when the company was based in Shenzhen and operated an online sports lottery platform. Since then, BIT Mining has rebranded from 500.com to BIT Mining and began trading under the ticker BTCM in April 2021. This latest move into the Solana ecosystem is seen as another step in the company’s effort to redefine its mission and strengthen its position in the blockchain industry.