BIT Mining Limited, a cryptocurrency mining firm, announced Thursday that it will transition into the Solana blockchain ecosystem as part of a broader strategic shift, marking a significant move away from its prior operational focus.
The company stated that it intends to establish a treasury based on Solana’s native token, SOL, and will convert its existing cryptocurrency assets into SOL as part of this initiative. BIT Mining will also adopt a long-term holding strategy and plans to raise between $200 million and $300 million in multiple phases, depending on market conditions and available capital.
Treasury Strategy and Capital Deployment
The proceeds from the planned fundraising will be used to accumulate SOL tokens, which will serve as the foundation of the company’s new treasury reserve. The shift is designed to align BIT Mining more closely with the Solana ecosystem, which is known for its low-cost, high-throughput blockchain infrastructure.
The company stated that it aims to support the Solana network by operating validator nodes, which contribute to the blockchain’s security and decentralisation. These nodes are also expected to generate staking rewards as part of BIT Mining’s revenue strategy.
CEO Xianfeng Yang said the company sees the move as a necessary step in adapting to the evolving blockchain landscape. “We believe this ecosystem presents significant technical advantages and economic opportunities,” Yang noted in a company statement.
Shift Reflects Broader Strategic Realignment
BIT Mining described the Solana initiative as a long-term realignment of its business strategy. The company is aiming to expand beyond its previous role in Bitcoin and general crypto mining to broader participation in blockchain infrastructure and ecosystem development.
The Solana blockchain has gained attention for its transaction speeds and scalability, making it an increasingly attractive option for companies looking to deepen their blockchain footprint. By integrating into Solana’s developer community and technological environment, BIT Mining plans to focus on blockchain infrastructure innovation.
The firm did not provide a specific timeline for the fundraising efforts or for its transition to validator operations but indicated these would proceed in stages aligned with its treasury strategy and capital availability.
