Leading crypto mining company BIT Mining Limited has announced a major strategic expansion into the Solana ecosystem.
Follow @Lachakari_Crypto
In particular, BIT Mining plans to build a SOL treasury valued at up to $300 million. To fund the initiative, the company will raise between $200 million and $300 million in phases, depending on market conditions.
Proceeds from the fundraising will go into accumulating SOL. Meanwhile, the firm will also convert its existing crypto holdings into Solana tokens as part of a long-term holding strategy.
The company says this move seeks to unlock long-term growth by leveraging Solana’s high-performance blockchain and vibrant developer community.
Validator Nodes and On-Chain Staking Rewards
Beyond treasury accumulation, BIT Mining plans to play an active role in supporting the Solana network by operating validator nodes. This will contribute to network decentralization and security. In the process, the company will earn stable on-chain staking rewards, turning infrastructure participation into a revenue source.
Long-Term Vision for Shareholder Value
BIT Mining’s leadership sees this move as part of a broader realignment to create sustainable shareholder value.
In his remarks, Xianfeng Yang, the CEO of BIT Mining, expressed enthusiasm about the company’s latest initiative, describing it as a bold step into one of the most dynamic and promising areas within the blockchain sector. He noted that the decision demonstrates the company’s dedication to remaining flexible and responsive in a rapidly changing industry.
Yang also noted that he is confident of BIT Mining’s strong execution capabilities and long-term strategy. He stated that these strengths position the company to drive sustainable growth and create enduring value for its shareholders.
Notably, BIT Mining is a vertically integrated crypto-mining company involved in mining, data center operations, and hardware manufacturing. The firm owns advanced chip designs for BTC, LTC/DOGE, and ETC mining and is now expanding its role to deepen its presence across the blockchain value chain.
Broader Trend
BIT Mining’s Solana strategy aligns with a broader trend of prominent firms adopting various crypto assets as part of their strategic treasury allocation.
For instance, today, DeFi Development Corp announced the purchase of 153,225 SOL tokens for $23.72 million. This acquisition is part of the Solana strategy that the company began earlier this year.
With this latest purchase, the company’s total holdings now amount to 846,630 SOL, worth around $133.1 million. In particular, the company is now the largest public holder of Solana by both volume and market cap.
Other crypto assets like XRP and Ethereum are also seeing increased adoption by institutions as treasury assets, joining the trend that MicroStrategy helped popularize with Bitcoin.
DisClamier:
This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect @Lachakari_Crypto opinion. Readers are encouraged to do thorough research before making any investment decisions. @Lachakari_Crypto is not responsible for any financial losses.