Cryptocurrency mining company, BIT Mining Limited, traded as BTCM on the NYSE, has joined the Solana ecosystem by launching its first Solana validator and buying 27,191 SOL coins worth almost $5 million. This shift moves the company away from its focus on Bitcoin mining and allows it to benefit from Solana’s growing reputation as a fast blockchain platform.
BIT Mining Dives into Solana
Bit Mining has launched its first validator, supported by a significant purchase of 27,191 SOL to enhance its Solana strategy. This initiative aligns with the company’s goal to raise $200 million to $300 million for SOL growth by July 2025. The validator aims to improve network security and decentralization while generating rewards for token stakers.
Bit Mining is a tech-driven crypto mining company operating globally, in places like Mainland China, the US, and Hong Kong. The company is into blockchain infrastructure, running data centers, and manufacturing mining machines.
The choice to invest in SOL is part of a trend where miners are diversifying into altcoins as the market evolves. Other companies, like Bit Digital, have also started focusing on Ethereum, showing a change in investment strategies within the industry.
The company’s Chairman and Chief Operating Officer, Bo Yu, commenting on the development, said:
“This validator launch is a foundational step in operationalizing our Solana strategy. We are not just holding SOL, we are helping power the network….It demonstrates our belief in Solana’s potential and our commitment to building meaningful infrastructure that supports its growth, security, and decentralization.”
Why the Pivot to Solana?
By actively staking its SOL holdings, BIT Mining supports Solana’s reputation for fast transaction speeds and low fees. These features help set SOL apart in the blockchain market. This investment is part of BIT Mining’s plan to create a strong treasury and engage in activities that support network growth.
Looking ahead, BIT Mining aims to expand its treasury and validator operations, which could make it a strong competitor among major SOL holders like DeFi Development Corp. The company’s future success will depend on its ability to adapt to market changes and execute its $300 million fundraising plan.
Meanwhile, Phoenix Group, Abu Dhabi’s first listed Bitcoin mining company, has set up a $150 million treasury, investing in BTC and SOL. The firm now holds over 630,000 SOL. This places it among the leading companies adopting digital assets in the region
