BIT Mining Limited (NYSE: BTCM) is a technology-driven cryptocurrency company headquartered in Hong Kong, originally founded as 500.com in 2013.
Initially starting with online lottery business, the company shifted focus to cryptocurrency mining since 2018, covering mining, hardware development, and data center operations for BTC, Litecoin, Dogecoin, and Ethereum Classic. BIT Mining has established its position in the crypto industry.
However, with traditional mining profitability declining, the company announced a significant strategic transformation in July 2025 - establishing a treasury plan centered on Solana (SOL), marking its diversification from traditional mining to blockchain ecosystem.
According to the announcement, BIT Mining plans to raise $200 million to $300 million to construct a SOL treasury valued up to $300 million.
The company will convert existing crypto assets (such as BTC) into SOL and accumulate tokens through long-term holding and incremental acquisitions.
Additionally, BIT Mining plans to run validator nodes on the Solana network, obtaining 3-10% annual returns through Staking while supporting the network's decentralization and security.
The company will also leverage its blockchain technology expertise to explore deep integration with the Solana ecosystem, such as developing related applications or infrastructure. This plan aims to reduce dependence on single crypto assets and capture Solana ecosystem's growth potential.
BIT Mining's SOL treasury plan is a landmark move from traditional mining to blockchain ecosystem. By fundraising, asset conversion, and ecosystem participation, the company aims to seize Solana's growth opportunities and maximize capital efficiency and returns.
However, market volatility, regulatory risks, and execution challenges will test its strategic implementation. Investors need to closely monitor subsequent developments to assess the long-term value of this transformation.
