BIT Mining Limited has announced a major strategic shift with its expansion into the Solana ecosystem, signaling a move beyond traditional cryptocurrency mining and toward deeper integration with one of the industry’s most active and scalable blockchain networks.
As part of this transition, the Ohio-based company will establish a dedicated Solana (SOL) treasury, with plans to raise between $200 million and $300 million in phased rounds, depending on market conditions. Initial capital will come from the conversion of its existing crypto holdings into SOL, marking a deliberate effort to rebalance its treasury toward high-growth blockchain assets.
$BTCM BIT Mining Limited Expands into the Solana Ecosystem.
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This development represents a significant milestone in BIT Mining’s evolution from a pure-play mining operation into a broader blockchain enterprise. The company plans to use the funds to accumulate SOL strategically and support the Solana network by operating validator nodes and effort that will not only contribute to decentralization and security but also generate on-chain staking rewards over time.
Commenting on the move, CEO Xianfeng Yang called it a “bold step” that reflects the company’s long-term vision and adaptability in a fast-changing crypto landscape. He emphasized that Solana’s transaction speed, scalability, and active developer ecosystem present a compelling opportunity for sustainable growth.
The expansion comes as institutional interest in Solana continues to surge, with the network powering a broad range of DeFi and Web3 applications. BIT Mining intends to leverage its infrastructure and operational expertise to become a core participant within this emerging ecosystem.
This strategic pivot also aligns with broader industry trends, as mining costs continue to rise. According to a new report from TheMinerMag, the median cost of mining one Bitcoin is expected to surpass $70,000 in Q2 2025, up from $64,000 in Q1, underscoring the financial pressures facing traditional mining businesses and the growing appeal of diversified blockchain engagement. The rise of nearly 9.4% quarter-over-quarter is largely attributed to escalating energy prices and growing network hashrates, both of which are tightening margins across the Bitcoin mining sector
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