Bitcoin mining firm Bit Mining has decided to take a bold step into the Solana ecosystem, with plans to raise up to $300 million to support the move. The company announced on Thursday that it intends to raise between $200 million and $300 million in different phases to build a sizable Solana (SOL) token treasury.
The capital will also be used to expand its capabilities within the network and acquire more tokens. As part of the plan, Bit Mining said it will convert some of its existing crypto holdings into SOL and adopt a long-term holding strategy. However, the firm did not specify how much of its reserves would be converted initially.
BitcoinTreasuries.NET data shows that Bit Mining holds 19 Bitcoin (BTC), worth about $2 million at current prices.
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The company said it plans to run validator nodes on Solana to support the network’s decentralization and security.
Bit Mining said this allows it to further integrate within the Solana ecosystem and create sustainable value through blockchain participation.
Bit Mining CEO Xianfeng Yang said the move shows their commitment and adaptiveness in an “ever-evolving industry.” The executive expressed confidence in their vision and ability to deliver value to their shareholders.
“We are 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.
Companies Market Cap data shows that Bit Mining is currently the 17th-largest Bitcoin miner in the world by market capitalization.
Bit Digital pivots into an Ethereum strategy
Bit Mining’s pivot into the altcoin ecosystem follows a similar move from another Bitcoin mining company.
On June 26, Bit Digital announced it would abandon Bitcoin mining and switch to an Ethereum-focused strategy. The company said it will become a “pure play Ethereum staking and treasury company.”
Unlike Bit Mining, Bit Digital stocks initially declined to $1.99 from $2.35 after the announcement, falling 15% on June 27. However, the stock eventually recovered, surging to $3.59 on July 9, up 80% since the announcement, according to Google Finance data.
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2025-07-10 17:07