Crypto miner BIT Mining pivots to Solana with plan to raise up to $300 million for SOL treasury

NYSE-listed crypto mining company BIT Mining announced a "strategic shift" into the Solana ecosystem on Thursday amid plans to raise between $200 million and $300 million to accumulate SOL in phases, based on market conditions and capital availability."This transition positions BIT Mining to capture emerging opportunities across the broader blockchain value chain, while also establishing itself as a publicly traded vehicle for investors seeking exposure to the Solana ecosystem," the firm said in a statement shared with The Block. "By entering the Solana ecosystem, the company aims to leverage its high-performance infrastructure and dynamic developer community to drive innovation, enhance ecosystem integration, and create sustainable shareholder value."To kick off its new strategy, BIT Mining said it will convert all of its existing crypto holdings into SOL and adopt a "long-term holding strategy." The company also plans to expand its role in the Solana ecosystem further by running validator nodes to help maintain network decentralization and security while earning onchain 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," BIT Mining CEO Xianfeng Yang said. "This strategic move reflects our commitment to staying adaptive and responsive in an ever-evolving industry. 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's current operations include self-mining, hosting services, and proprietary mining hardware, with 7nm Bitcoin mining chip designs and equipment for Litecoin, Dogecoin, and Ethereum Classic mining. BIT Mining is currently the 17th largest publicly-listed bitcoin miner by market cap.BIT Mining's stock (BTCM) is currently up over 300% in pre-market trading on Thursday, according to TradingView.BTCM/USD price chart. Image: .Joining the corporate crypto treasury raceIf BIT Mining proceeds with the plan, it will become part of a growing group of companies aiming to hold a range of crypto assets on their balance sheets—primarily BTC, ETH, SOL, XRP, and BNB—following the bitcoin accumulation approach first adopted by Michael Saylor’s Strategy.Confusingly, two other mining companies with names starting "Bit" have also launched crypto treasury strategies in recent weeks, albeit for Ethereum rather than Solana.Nasdaq-listed Bit Digital is exiting its bitcoin mining operations altogether, recently transferring its entire treasury into ETH and becoming a top holder of the cryptocurrency with more than 100,000 ETH ($278 million) after utilizing $173 million from a recent equity raise to acquire additional ETH.Meanwhile, NYSE-listed miner BitMine announced plans to raise $250 million via a private placement, also shifting its treasury reserve from BTC to ETH and aiming to boost its holdings 16-fold. Investors include Fundstrat co-founder Tom Lee, who also became BitMine's new board chair.In November, BIT Mining agreed to pay a $10 million total penalty to resolve investigations by the U.S. Department of Justice and U.S. Securities and Exchange Commission relating to the company's role in an alleged scheme to bribe Japanese government officials under its former business and 500.com name.500.com was an online sports lottery service provider based in Shenzhen, China, and its shares traded on the New York Stock Exchange under the symbol "WBAI." In April 2021, the company transitioned to focus on cryptocurrency mining and rebranded as BIT Mining, changing its ticker symbol to "BTCM."Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.