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BIT Mining Limited Expands into the Solana Ecosystem

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BIT Mining Limited (NYSE: BTCM) announced its strategic expansion into the Solana ecosystem, marking a significant shift in the company's growth strategy. The cryptocurrency mining company plans to establish an SOL treasury of up to $300 million, to be raised in phases based on market conditions.

The company will convert its existing crypto holdings into SOL tokens and adopt a long-term holding strategy. Additionally, BIT Mining plans to operate validator nodes in the Solana network to support decentralization and generate staking rewards. CEO Xianfeng Yang emphasized this move as a strategic step into one of the most promising blockchain ecosystems.

BIT Mining Limited (NYSE: BTCM) ha annunciato la sua espansione strategica nell'ecosistema Solana, segnando un cambiamento significativo nella strategia di crescita dell'azienda. La società di mining di criptovalute intende creare un tesoro in SOL fino a 300 milioni di dollari, che sarà raccolto in più fasi in base alle condizioni di mercato.

L'azienda convertirà le sue attuali partecipazioni in criptovalute in token SOL e adotterà una strategia di detenzione a lungo termine. Inoltre, BIT Mining prevede di gestire nodi validatori nella rete Solana per supportare la decentralizzazione e generare ricompense di staking. Il CEO Xianfeng Yang ha sottolineato che questa mossa rappresenta un passo strategico verso uno degli ecosistemi blockchain più promettenti.

BIT Mining Limited (NYSE: BTCM) anunció su expansión estratégica hacia el ecosistema Solana, marcando un cambio significativo en la estrategia de crecimiento de la empresa. La compañía de minería de criptomonedas planea establecer un tesoro en SOL de hasta 300 millones de dólares, que se recaudará en fases según las condiciones del mercado.

La empresa convertirá sus actuales tenencias en criptomonedas en tokens SOL y adoptará una estrategia de mantenimiento a largo plazo. Además, BIT Mining planea operar nodos validadores en la red Solana para apoyar la descentralización y generar recompensas por staking. El CEO Xianfeng Yang destacó que este movimiento es un paso estratégico hacia uno de los ecosistemas blockchain más prometedores.

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BIT Mining Limited (NYSE : BTCM) a annoncé son expansion stratégique dans l'écosystème Solana, marquant un tournant important dans la stratégie de croissance de l'entreprise. La société de minage de cryptomonnaies prévoit de constituer un trésor SOL pouvant atteindre 300 millions de dollars, qui sera levé par phases en fonction des conditions du marché.

L'entreprise convertira ses avoirs cryptographiques existants en tokens SOL et adoptera une stratégie de détention à long terme. De plus, BIT Mining prévoit d'exploiter des nœuds validateurs sur le réseau Solana afin de soutenir la décentralisation et de générer des récompenses de staking. Le PDG Xianfeng Yang a souligné que cette initiative représente une étape stratégique vers l'un des écosystèmes blockchain les plus prometteurs.

BIT Mining Limited (NYSE: BTCM) gab seine strategische Expansion in das Solana-Ökosystem bekannt, was eine bedeutende Veränderung in der Wachstumsstrategie des Unternehmens darstellt. Das Kryptowährungs-Mining-Unternehmen plant die Einrichtung eines SOL-Treasury von bis zu 300 Millionen US-Dollar, das phasenweise je nach Marktbedingungen aufgebracht wird.

Das Unternehmen wird seine bestehenden Krypto-Bestände in SOL-Token umwandeln und eine langfristige Haltestrategie verfolgen. Zudem plant BIT Mining, Validator-Knoten im Solana-Netzwerk zu betreiben, um die Dezentralisierung zu unterstützen und Staking-Belohnungen zu generieren. CEO Xianfeng Yang betonte, dass dieser Schritt ein strategischer Vorstoß in eines der vielversprechendsten Blockchain-Ökosysteme sei.

Positive
  • Strategic expansion into Solana ecosystem diversifies revenue streams
  • Planned treasury of up to $300M demonstrates significant commitment to growth
  • Additional revenue potential through validator node operations and staking rewards
  • Conversion of existing crypto holdings to SOL shows clear strategic direction
Negative
  • Significant capital raise of $200M-$300M may lead to potential dilution
  • Concentration risk by converting existing crypto holdings to single token (SOL)
  • Execution risks in transitioning to new blockchain ecosystem

Insights

BIT Mining pivots from traditional crypto mining to Solana ecosystem, planning $200-300M raise for SOL treasury and validator operations.

BIT Mining's announced strategic pivot represents a significant transformation from its traditional cryptocurrency mining operations toward a deeper integration with the Solana blockchain ecosystem. The company plans to build an SOL treasury of up to $300 million through phased capital raising, indicating a substantial financial commitment to this new direction.

This strategic shift encompasses several key components. First, BIT Mining will convert its existing cryptocurrency holdings into SOL tokens, adopting a long-term holding strategy rather than the typical mine-and-sell approach common among mining companies. Second, the company intends to operate validator nodes on the Solana network, which would generate ongoing staking rewards while supporting the network's security and decentralization.

The move signals management's belief in Solana's long-term potential over other blockchain ecosystems. For a company previously focused on mining operations, typically centered around Bitcoin, this represents a meaningful diversification of revenue streams and risk exposure. Operating validator nodes offers more predictable returns through staking rewards compared to the volatile economics of mining, potentially smoothing out the company's revenue profile.

What's particularly notable is the scale of this transition. The planned $200-300 million capital raise represents a significant financial undertaking that will substantially alter BIT Mining's balance sheet composition and risk profile. By accumulating such a large SOL position, the company is effectively transforming into a pseudo-ETF for Solana exposure, which may attract investors specifically looking for public market access to the Solana ecosystem.

An SOL treasury of up to $300 million will highlight strategic expansion

AKRON, Ohio, July 10, 2025 /PRNewswire/ --ÌýBIT Mining Limited (NYSE: BTCM) ("BIT Mining" or the "Company"), a leading technology-driven cryptocurrency mining company, today announced a strategic shift with its expansion into the Solana ecosystem, marking a critical milestone in the Company's long-term growth trajectory. This transition positions BIT MiningÌýto capture emerging opportunities across the broader blockchain value chain, while also attractingÌýinvestors seeking exposure to the Solana ecosystem. 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.

As part of this strategic realignment, BIT Mining will build a robust SOL treasury as a core pillar of its strategic shift. To support its Solana-focused strategy, the Company plans to raise between $200M and $300M in phases, based on market conditions and capital availability. Proceeds will be used to accumulate SOLÌýtokens, strengthening the Company'sÌýtreasury reserves through ongoing capital deployment and incremental acquisitions.

To initiate the treasury, BIT MiningÌýwill convert its existing crypto holdings into SOL and adopt a long-term holding strategy. Looking ahead, the Company intends to further capitalize on its market expertise and proprietary technologies by deepening its participation in the Solana ecosystem, including operating validator nodes to support network decentralization and security, while generating stable, on-chain staking rewards.Ìý

Xianfeng Yang, CEO of BIT Mining, commented on the news, "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. 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."

About BIT Mining Limited

BIT Mining (NYSE: BTCM) is a technology-driven cryptocurrency mining company with operations spanning mining, data center operation, and mining machine manufacturing. The Company is developing a vertically integrated crypto-mining ecosystem that includes self-mining, hosting services, and proprietary mining hardware. BIT Mining also owns 7nm BTC chip designs and advanced capabilities in LTC/DOGE and ETC miner development.

Safe Harbor Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates", "target", "going forward", "outlook" and similar statements. In addition, statements that are not historical facts, including statements about the Company's plan to expand into the Solana ecosystem, the intended benefits of such expansion, and the Company's future fundraising plan to support such expansion, are or contain forward-looking statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

For more information:
BIT Mining Limited
[email protected]
ir.btcm.group
Ìý

Media Contact
[email protected]Ìý

Piacente Financial Communications
Brandi Piacente
Tel: +1 (212) 481-2050
Email: [email protected]Ìý

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SOURCE BIT Mining Limited

FAQ

What is BIT Mining's (NYSE: BTCM) new strategic expansion plan for 2025?

BIT Mining announced expansion into the Solana ecosystem, planning to build an SOL treasury of up to $300 million and operate validator nodes for network support and staking rewards.

How much capital does BIT Mining plan to raise for its Solana strategy?

BIT Mining plans to raise between $200 million and $300 million in phases, depending on market conditions and capital availability.

What will BIT Mining do with its existing crypto holdings?

BIT Mining will convert its existing cryptocurrency holdings into SOL tokens and adopt a long-term holding strategy.

How will BIT Mining generate revenue in the Solana ecosystem?

BIT Mining will generate revenue through operating validator nodes to support network decentralization and security, while earning on-chain staking rewards.

Who is leading BIT Mining's expansion into Solana?

The expansion is led by CEO Xianfeng Yang, who described it as a bold step into one of the most dynamic and promising blockchain ecosystems.
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