Cryptocurrency mining company BIT Mining has announced that it will convert its cryptocurrency holdings into Solana and will raise $200 million to $300 million for its Solana strategy. [Foresight News]

BIT Mining's share price surged 143% after revealing plans to establish a Solana Treasury and convert holdings to SOL. The company, previously trading below $3, aims to tap into the promising blockchain ecosystem.

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Dogecoin, Litecoin Miner BIT Mining Raising $300 Million to Buy Solana

BIT Mining is ditching diversification to go all-in on Solana. The firm will liquidate its current crypto portfolio and raise up to $300 million to build a SOL-heavy treasury while staking its future on one chain. On July 10, NYSE-listed crypto mining company BIT Mining announced a radical pivot from its Bitcoin (BTC)-centric roots, unveiling plans to raise as much as $300 million to amass a Solana (SOL)-dominated treasury. The company said it will convert its existing crypto reserves, previously diversified across assets like BTC, Litecoin (LTC), and Dogecoin (DOGE), into SOL and build exposure in phases, depending on capital availability. The move signals BIT Mining’s full-throttle embrace of Solana’s high-speed ecosystem, with plans to hold SOL long-term and actively participate in operating the network’s validator nodes. BIT Mining’s shift into Solana isn’t just a diversification play. It can also be seen as a calculated survival move in an industry where Bitcoin mining margins continue to erode. “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.” Xianfeng Yang, CEO of BIT Mining, said. The company’s decision to liquidate its existing crypto holdings and funnel everything into SOL mirrors a growing trend among public miners scrambling for post-halving relevance. But unlike Michael Saylor’s Bitcoin-maximalist treasury strategy, BIT Mining is taking cues from firms like SharpLink, which has successfully transformed itself into an Ethereum staking powerhouse. The iGaming firm has rapidly become the second-largest Ethereum holder behind the Ethereum Foundation, staking its entire balance sheet and reporting precision ETH-per-share exposure to investors. SharpLink’s results are already measurable: a 19% increase in ETH concentration per 1,000 shares in just three weeks, paired with a 26% rally in its stock after announcing its latest Ether acquisition on July 8. BIT Mining appears to be following a similar trajectory, but with Solana, recasting itself not only as a major token holder, but also as a validator and yield-seeking participant in the network’s consensus layer. The market’s initial reaction suggests investors are buying the vision, at least for now. BIT Mining’s stock (BTCM) surged over 300% in pre-market trading following the news, according to TradingView data. But where SharpLink has methodically tracked its ETH-per-share exposure to reassure investors, BIT Mining’s plan remains light on specifics. The company hasn’t disclosed how much SOL it currently holds or what its staking targets are, leaving analysts to wonder whether this is a disciplined treasury strategy or a Hail Mary.

BIT Mining bets on Solana, plans crypto war chest for $300m SOL treasury

According to Jinshi reports, cryptocurrency mining company BIT Mining announced that it will convert its cryptocurrency holdings into Solana and will raise $200 million to $300 million for its Solana strategy. [ChainCatcher]

BIT Mining to Raise $200 Million to $300 Million for Solana Strategy

July 10, Crypto mining firm Bit Mining announced that it will undergo a strategic transformation and enter the Solana ecosystem. As part of this strategic adjustment, BIT Mining will establish a robust SOL treasury as the cornerstone of its strategic transformation. To support its Solana-centered strategy, the company plans to raise $200 million to $300 million in stages depending on market conditions and fund availability. The raised funds will be used to accumulate SOL tokens and enhance the company's treasury through ongoing capital deployment and progressive acquisitions. At the same time, to initiate the treasury, BIT Mining will convert its existing cryptocurrency holdings into SOL and adopt a long-term holding strategy. [BlockBeats]

Bit Mining: to Convert Crypto Holdings to SOL and Raise $200M to $300M for Solana Strategic

On July 10, Bit Mining issued an announcement stating that it will convert its cryptocurrency holdings into Solana and raise $200 million to $300 million for its Solana strategy. [BlockBeats]

Bit Mining: To Convert Cryptocurrency Holdings to SOL and Raise $200 Million to $300 Million for Solana Strategy

On July 10th, Bit Mining announced that it would convert its cryptocurrency holdings into Solana and raise $200 million to $300 million for its Solana strategy. [BlockBeats]

On July 10, according to Jinshi Data, cryptocurrency mining company BIT Mining announced that it will convert its cryptocurrency holdings into Solana and will raise $200 million to $300 million for its Solana strategy. [Deep Tide TechFlow]

Bit Mining: To convert cryptocurrency holdings into Solana, and to raise $200 million to $300 million for Solana strategy. [Odaily Planet Daily]

Bit Mining: To Convert Cryptocurrency Holdings to Solana and Raise $200 Million to $300 Million for Solana Strategy

While treasury strategy plans have been on the rise recently for Bitcoin (BTC), Ethereum (ETH), and altcoins, the latest move comes for Solana (SOL). At this point, BIT Mining announced that it would raise up to $300 million for the Solana treasury. Chinese Company Makes Move to Solana (SOL)! According to the official statement, Chinese Bitcoin miner BIT Mining (BTCM) announced a strategic move to expand into the Solana (SOL) ecosystem through its official website. The company added that it plans to raise between $200 million and $300 million to build the SOL treasury. “As part of our strategic transformation, we will grow Solana assets. Considering market conditions and available capital, we plan to raise funds from a minimum of $200 million to a maximum of $300 million. The newly raised funds will be used to purchase Solana tokens. BIT Mining also stated that it plans to convert its existing cryptocurrency holdings to Solana. “We will adopt a long-term holding strategy for Solana. We aim to increase participation in the Solana ecosystem and generate on-chain staking rewards,” the company said. The company stated that it aims to support the Solana network by utilizing its infrastructure and expertise and strengthen its reserves with ongoing SOL token purchases. *This is not investment advice.

Chinese Bitcoin Miner Prepares to Invest Largely in This Altcoin! "We Will Sell All Our Cryptocurrencies and Buy This Altcoin!"

Bit Mining’s stock price surged 350% in pre-market trading after announcing a strategic pivot into the Solana ecosystem.

Bit Mining surges 350% on pivot to Solana, plans $300M token treasury

加密货币挖矿公司BIT Mining宣布将把其加密货币持有量转换为Solana，并将为其Solana战略筹集2亿到3亿美元资金。[Foresight News]

BIT Mining计划筹集2亿至3亿美元资金，用于Solana战略

加密貨幣挖礦公司BIT Mining宣佈將把其加密貨幣持有量轉換爲Solana，並將爲其Solana戰略籌集2億到3億美元資金。[Foresight News]