TL;DR
- BIT Mining enters the Solana ecosystem and plans to build a SOL treasury of up to $300M, funded in several phases.
- The company will convert its current crypto reserves into SOL and operate validator nodes, generating staking revenue while strengthening the network.
- This move aims to diversify beyond mining, targeting DeFi, gaming, and Web3 opportunities on a high-performance blockchain.
BIT Mining Limited announced its expansion into the Solana ecosystem as part of a strategy to diversify its operations and tap into new opportunities within high-performance blockchain markets.
Until now, the company focused on cryptocurrency mining, data center operations, and specialized hardware development. It has now decided to actively participate in one of the fastest-growing and most active networks in recent years.
The plan includes creating a SOL treasury that could reach up to $300 million. To fund this investment, BIT Mining intends to raise between $200 million and $300 million in several phases, depending on market conditions and capital availability. Part of the funds will be allocated to the gradual purchase of SOL tokens, adopting a long-term holding strategy that will allow the company to participate directly in governance and operate validator nodes on the network.
BIT Mining has already begun converting its current crypto reserves into SOL to support this new operational focus. Beyond accumulating tokens, it plans to run infrastructure on Solana, generating steady staking income and contributing to the decentralization and security of the network.
BIT Mining Seeks to Diversify Its Business Model
The company believes Solana offers a scalable infrastructure and an active developer community that facilitates the creation of solutions in high-potential sectors such as decentralized finance, gaming, and Web3 applications. The decision to integrate into this ecosystem responds to the need to diversify its business model and capitalize on market segments that extend beyond traditional Bitcoin and Litecoin mining.
BIT Mining CEO Xianfeng Yang explained that this shift enables the company to adapt to new trends in the crypto industry, maximizing its ability to create value for shareholders. With established operations in mining, data centers, and hardware development, the company is now betting on blockchain networks with high activity and liquidity, seeking to participate in multiple layers of the blockchain value chain.
BIT Mining is listed on the New York Stock Exchange under the ticker BTCM. It manages 7nm BTC chip designs and manufactures equipment for Litecoin, Dogecoin, and Ethereum Classic
