BIT Mining, a publicly traded Bitcoin mining firm, has unveiled plans to expand into the Solana ecosystem. The U.S.-based firm intends to raise between $200 million and $300 million in phased funding to establish a significant SOL treasury.
Bit Mining to Create Solana Treasury
According to an official press release, the company is making plans to convert existing crypto holdings into SOL. The firm intends to continue incremental acquisitions to support the treasury, demonstrating its long-term commitment to the asset.
The Bitcoin miner further disclosed that it also plans to launch Solana validator nodes to support network decentralization while generating steady staking rewards.
The firm views the initiative as a “critical milestone” in the company’s history. Its CEO, Xianfeng Yang, called Solana “one of the most dynamic and promising ecosystems in the blockchain space.” He further added:
“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.”
Notably, BIT Mining joins a growing list of public companies, like Upexi, Sol Strategies, and DeFi Dev Corp, shifting their corporate treasury strategy from Bitcoin toward Solana. These companies are driven by SOL’s recent market outperformance, stakeholder potential, and institutional appeal. However, such initiatives are not limited to Solana alone.
Institutions Eye Ether, BNB, Tron
Publicly listed companies have begun accumulating Ethereum (ETH) as part of their treasury strategy. Notably, Bit Digital has transitioned from a Bitcoin treasury to becoming one of the second-largest corporate ETH holders, amassing over 100,600 ETH. Similarly, SharpLink Gaming now holds approximately 205,634 ETH.
Institutional interest in Binance Coin (BNB) is also rising, with several public companies structuring formal treasury plans around the asset. Nano Labs deployed some of its recently raised $500 million capital and is targeting a $1 billion BNB treasury. Similarly, 10X Capital recently disclosed its plans to launch a BNB treasury company that will list on the U.S. Market.
TRX is gaining institutional endorsement through high-profile corporate treasury programs. In a notable move, SRM Entertainment has committed $100 million to build a TRON treasury, acquiring over 365 million TRX and planning staking operations to produce network returns.
