BIT Mining Limited Expands into the Solana Ecosystem

Rhea-AI Summary

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.

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

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

AKRON, Ohio, July 10, 2025 /PRNewswire/ -- BIT 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 Mining to capture emerging opportunities across the broader blockchain value chain, while also attracting investors 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 SOL tokens, strengthening the Company's treasury reserves through ongoing capital deployment and incremental acquisitions.

To initiate the treasury, BIT Mining will 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. 

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
ir@btcm.group
ir.btcm.group
www.btcm.group 

Media Contact
Bitmining@mgroupsc.com 

Piacente Financial Communications
Brandi Piacente
Tel: +1 (212) 481-2050
Email: BITMining@thepiacentegroup.com 

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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.