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BIT Mining Deepens Commitment to Solana With Strategic Investments
Nasdaq-listed BIT Mining has launched an ambitious venture into the Solana blockchain ecosystem, marking a significant milestone with a multi-million dollar purchase of SOL tokens and the launch of a proprietary validator node.
On August 5, BIT Mining announced it had acquired 27,191 Solana (SOL) tokens, valued at around $4.89 million. This sizable investment comes shortly after the company's announcement of a treasury overhaul aimed at transitioning to a Solana-centered strategy and raising $300 million to fuel its future acquisitions.
Full Transition: From Bitcoin and Litecoin to Solana Treasury
To cement its focus, BIT Mining revealed plans to liquidate its holdings in other leading cryptocurrencies including Bitcoin (BTC), Litecoin (LTC), and Dogecoin (DOGE). Proceeds from these sales are set to be reallocated into Solana, reflecting a bold shift in treasury management and a firm belief in Solana’s long-term prospects.
Rather than simply holding SOL as a reserve asset, BIT Mining is intent on utilizing its tokens to help secure and develop the Solana network.
Launching a Solana Validator: Earning On-Chain Rewards
In tandem with its SOL purchase, BIT Mining has rolled out its first self-operated Solana validator node. Managed by an internal team, this validator allows the company to participate directly in Solana’s consensus process while earning rewards for staking.
Bo Yu, Chairman and COO of BIT Mining, emphasized the operational significance of this move: “This validator launch is a foundational step in operationalizing our Solana strategy. We are not just holding SOL, we are helping power the network.”
Growing Trend: Solana Adoption Among Public Companies
BIT Mining’s strategic shift reflects a broader industry trend as more public companies turn to SOL as a treasury asset. Notably, DeFi Development Corp., another Nasdaq-listed entity, recently boosted its Solana holdings to nearly 1 million SOL. Upexi, a leading consumer products company, currently stands as the largest corporate SOL holder, with a portfolio exceeding 1.8 million tokens.
Collectively, treasury accounts across various firms now hold approximately 3.4 million SOL—equivalent to about $568 million at current market prices, per The Block’s data.
How Solana Compares to Bitcoin and Ethereum Treasuries
Despite Solana’s rapid rise, Bitcoin and Ethereum continue to dominate as the leading corporate treasury assets. CoinGecko data shows that public companies collectively hold roughly 927,376 BTC (about $105.8 billion) and 1.75 million ETH ($6.3 billion).
BIT Mining’s move into the Solana ecosystem highlights the growing confidence in alternative blockchains and may signal a broader diversification trend among institutional crypto treasuries.
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