On July 10, 2025, BIT Mining announced plans to raise between $200 million and $300 million to establish a strategic reserve in Solana, reflecting a broader trend among public firms diversifying their treasuries with digital assets.

Following this announcement, BIT Mining's stock surged over 300% pre-market and 137%, reaching $5.84, the highest since mid-2022, more than doubling in value.

The company plans to convert some of its existing crypto holdings into SOL and operate validator nodes to support network decentralization and earn staking rewards, aligning with its long-term growth strategy.

CEO Xianfeng Yang emphasized that this move is a critical milestone, demonstrating confidence in Solana's potential and the company's ability to adapt in the evolving blockchain landscape.

This strategic shift mirrors trends among other public companies, such as MicroStrategy, which are diversifying their treasuries with digital assets.

Bit Mining is ranked as the 17th-largest Bitcoin miner globally by market capitalization, highlighting its significant position in the crypto industry.

The company is recognized for its sustainable mining operations, including a hydro-powered facility in Ethiopia and a clean energy-powered capacity in Ohio.

Currently, Bit Mining holds 19 Bitcoin, valued at around $2 million, which it plans to convert into SOL as part of its new strategy.

This strategic investment has led to a remarkable increase in BIT Mining's U.S.-traded shares, more than doubling their value.

In addition to converting holdings, BIT Mining will operate validator nodes on Solana to bolster network security and decentralization, further integrating into the ecosystem.

CEO Xianfeng Yang highlighted that this move is a vital milestone for the company's growth, showcasing confidence in Solana and its adaptability in the crypto market.

This shift follows a broader industry trend, similar to Bitcoin miners like Bit Digital, moving towards Ethereum or other blockchain strategies.