BIT Mining Shifts to Solana, Eyes $300M Raise for SOL-Focused Treasury
BIT Mining Bets Big on Solana in Strategic Pivot
In a major shift from its roots in Bitcoin mining, NYSE-listed BIT Mining has announced plans to pivot into the Solana ecosystem, with a goal to raise up to $300 million to build a SOL-based treasury. The move signals a broader transformation of the company’s role in the blockchain space—and an aggressive bet on one of the fastest-growing smart contract platforms.
The company says it intends to convert all existing crypto holdings into SOL and adopt a long-term holding strategy, effectively aligning its future with the performance and development of the Solana network. The funding—expected to be raised in phases based on market conditions—will support both treasury accumulation and deeper integration into Solana’s infrastructure.
From Mining to Staking: A Broader Blockchain Play
BIT Mining's decision marks a deliberate expansion beyond mining. The firm plans to begin operating validator nodes on the Solana network—helping maintain decentralization and network security while earning onchain staking rewards. According to CEO Xianfeng Yang, the shift is about more than diversification.
“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,” Yang said in a statement. “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 ranks as the 17th largest publicly traded Bitcoin miner by market cap, with a portfolio that includes mining operations for Litecoin, Dogecoin, and Ethereum Classic, along with proprietary mining hardware and 7nm Bitcoin mining chip designs.
Joining the Crypto Treasury Wave
BIT Mining is the latest in a wave of public companies shifting part or all of their balance sheets into crypto. Following in the footsteps of MicroStrategy’s BTC accumulation model, several firms are now embracing multi-asset treasury strategies—with Solana, Ethereum, and others gaining traction alongside Bitcoin.
Interestingly, two similarly named miners have also made recent moves:
- Bit Digital exited Bitcoin mining entirely, transferring its treasury into Ethereum and now holding over 100,000 ETH—valued at around $278 million.
- BitMine plans to raise $250 million via private placement to increase its ETH holdings. The company’s board recently added Tom Lee, co-founder of Fundstrat, as chairman.
BIT Mining’s focus on Solana sets it apart—diversifying a treasury trend that's historically centered on BTC and ETH.
A Company Reborn—But With a Checkered Past
BIT Mining hasn’t always been a crypto company. It originally operated as 500.com, an online sports lottery firm based in Shenzhen. The company rebranded and shifted to cryptocurrency mining in 2021 after facing legal issues.
In November, BIT Mining agreed to pay $10 million in penalties to settle U.S. DOJ and SEC investigations linked to an alleged bribery scheme involving Japanese officials under its former identity.
Despite this turbulent past, the company is pressing forward with a revamped strategy built around Solana—a blockchain known for high throughput, low fees, and a growing developer ecosystem.