BIT Mining bets on Solana, plans crypto war chest for $300m SOL treasury

BIT Mining is ditching diversification to go all-in on Solana. The firm will liquidate its current crypto portfolio and raise up to $300 million to build a SOL-heavy treasury while staking its future on one chain.

On July 10, NYSE-listed crypto mining company BIT Mining announced a radical pivot from its Bitcoin (BTC)-centric roots, unveiling plans to raise as much as $300 million to amass a Solana (SOL)-dominated treasury.

The company said it will convert its existing crypto reserves, previously diversified across assets like BTC, Litecoin (LTC), and Dogecoin (DOGE), into SOL and build exposure in phases, depending on capital availability.

The move signals BIT Mining’s full-throttle embrace of Solana’s high-speed ecosystem, with plans to hold SOL long-term and actively participate in operating the network’s validator nodes.

BIT Mining’s Solana gamble: high-speed bet or desperate pivot?

BIT Mining’s shift into Solana isn’t just a diversification play. It can also be seen as a calculated survival move in an industry where Bitcoin mining margins continue to erode.

“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.” Xianfeng Yang, CEO of BIT Mining, said.

The company’s decision to liquidate its existing crypto holdings and funnel everything into SOL mirrors a growing trend among public miners scrambling for post-halving relevance. But unlike Michael Saylor’s Bitcoin-maximalist treasury strategy, BIT Mining is taking cues from firms like SharpLink, which has successfully transformed itself into an Ethereum staking powerhouse.

The iGaming firm has rapidly become the second-largest Ethereum holder behind the Ethereum Foundation, staking its entire balance sheet and reporting precision ETH-per-share exposure to investors. SharpLink’s results are already measurable: a 19% increase in ETH concentration per 1,000 shares in just three weeks, paired with a 26% rally in its stock after announcing its latest Ether acquisition on July 8.

BIT Mining appears to be following a similar trajectory, but with Solana, recasting itself not only as a major token holder, but also as a validator and yield-seeking participant in the network’s consensus layer.

The market’s initial reaction suggests investors are buying the vision, at least for now. BIT Mining’s stock (BTCM) surged over 300% in pre-market trading following the news, according to TradingView data.

But where SharpLink has methodically tracked its ETH-per-share exposure to reassure investors, BIT Mining’s plan remains light on specifics. The company hasn’t disclosed how much SOL it currently holds or what its staking targets are, leaving analysts to wonder whether this is a disciplined treasury strategy or a Hail Mary.