BIT Mining has unveiled its intention to secure between $200 million and $300 million to establish a treasury focused on Solana (SOL), marking a significant shift in its operations as it seeks to expand within the rapidly evolving blockchain landscape.
Key Highlights:
BIT Mining is aiming to raise $300 million to create a SOL treasury, moving away from its previous Bitcoin-centric strategy.
The firm will convert all of its existing cryptocurrency holdings into SOL and initiate the operation of validator nodes.
This strategic pivot aligns with a growing trend among companies increasingly investing in the Solana ecosystem.
This transition signifies a departure from BIT Mining’s prior concentration on mining Bitcoin, Litecoin, Dogecoin, and Ethereum Classic, as stated in a press release issued on Thursday.
The company will transform all current crypto assets into SOL and intends to adopt a long-term holding strategy, citing Solana’s impressive performance, robust infrastructure, and active developer community as motivators for this new direction.
BIT Mining to Raise Funds in Stages
To facilitate its strategic transformation, BIT Mining plans to raise funds in stages, depending on market conditions and capital availability.
Additionally, the firm will embark on operating validator nodes on the Solana network, aspiring to enhance 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,” indicated 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.”
Currently ranked as the 17th largest public Bitcoin miner by market capitalization, BIT Mining is involved in various sectors, including mining, hosting, and hardware production.
JUST IN: BIT Mining, a NYSE-listed crypto miner, is shifting its strategy to @solana.
The company plans to raise $200M–$300M to accumulate $SOL in phases and will convert all existing crypto holdings into SOL. pic.twitter.com/zSYs32IDKv
— Satoshi Club (@esatoshiclub) July 10, 2025
Following the announcement, BIT Mining’s stock (BTCM) experienced a dramatic surge of over 300% in pre-market trading on Thursday.
This strategic pivot places BIT Mining in a cohort of companies redefining their treasury strategies around digital assets.
Last week, DeFi Development Corp. disclosed its acquisition of $2.7 million in Solana, aligning with its aggressive crypto treasury strategy.
In a similar vein, the Canadian digital asset firm Sol Strategies holds more than 420,000 SOL tokens, establishing itself as a significant institutional player within the Solana ecosystem.
Last month, this firm also pursued a listing for its common shares on the Nasdaq Capital Market under the ticker “STKE,” part of its push for U.S. expansion.
In its SEC filing, Sol Strategies highlighted its commitment to Solana, pointing to the blockchain’s escalating role in asset tokenization and its digital infrastructure as critical elements fueling future growth.
Increasing Numbers of Public Companies Diversifying into Crypto
As more public companies adopt the model established by Michael Saylor, there is a noticeable trend of diversification into crypto-related holdings, including BTC, ETH, SOL, and XRP.
Recently, two other mining firms with “Bit” in their title have shifted focus towards Ethereum as well.
Bit Digital has recently exited the Bitcoin mining sector, acquiring over 100,000 ETH after raising $173 million.
Meanwhile, BitMine is set to raise $250 million to enhance its ETH treasury, with Fundstrat’s Tom Lee taking a position as board chair.
This announcement follows BIT Mining’s $10 million settlement in November with the U.S. Department of Justice and the SEC over allegations of bribery linked to its former operations as 500.com, a Chinese lottery entity.
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