$$SOL The Solana network is benefiting from a wave of institutional staking and increased activity in hardware. Here are the latest updates:
BIT Mining invests $300 million in SOL (August 5, 2025) – The New York Stock Exchange-listed mining company shifts its strategy to build validators and projects in the Solana ecosystem.
Shipping 150,000 Seeker phones worldwide (August 5, 2025) – The Solana Mobile device aimed at the cryptocurrency world hits the markets, pushing the price of SOL to $170.
Launch of ONyc collateral (August 5, 2025) – Integrating the ONyc insurance asset with decentralized finance (DeFi) on Solana, unlocking $200,000 in rewards for borrowers.
In-depth look
1. BIT Mining invests $300 million in SOL (August 5, 2025)
Overview: BIT Mining Limited (NYSE: BTCM), which traditionally focused on Bitcoin mining, purchased 27,191 SOL units worth $4.89 million and launched its first validator on the Solana network. The company plans to raise $300 million to expand its SOL holdings, develop validator infrastructure, and fund projects in the decentralized finance (DeFi) and non-fungible token (NFT) sectors on Solana. This shift reflects Solana's appeal due to its high speed (65,000 transactions per second) and low fees.
What this means: This move indicates increasing institutional acceptance of Solana technology away from the energy-intensive Bitcoin mining model. Increased staking participation may enhance network security, while new capital may accelerate ecosystem growth. However, mining companies expanding into alternative cryptocurrencies face execution risks. (CoinMarketCap)
2. Shipping 150,000 Seeker phones worldwide (August 5, 2025)
Overview: Solana Mobile has begun shipping its Seeker smartphone, priced between $450 and $500, to 57 countries, featuring an integrated Solflare wallet, decentralized application store (dApp), and SKR token rewards. Pre-orders exceeded 150,000 units, surpassing the previous Saga phone. The launch coincided with a 2.89% increase in SOL's price to $167.79, alongside Artelo Bioscience's $9.48 million investment in Solana's treasury.
What this means: Device adoption could deepen ordinary users' interaction with the Solana ecosystem, especially in the realms of non-fungible tokens (NFTs) and decentralized applications. However, previous security vulnerabilities in Saga phones (exposed by CertiK) indicate ongoing risks for the devices. Continuous demand may rely on exclusive distributions and developer support. (CoinSpeaker)
3. Launch of ONyc collateral (August 5, 2025)
Overview: The ONyc asset, a yield-generating stablecoin from OnRe, is now available as collateral on Kamino Finance, the largest money market on the Solana network with a total locked value of $700 million. Users borrowing against ONyc can access $200,000 in rewards and multiply Ethena points at a rate of 5x, combining reinsurance yields with decentralized finance strategies.
What this means: Integrating real-world asset (RWA) yields into decentralized finance on Solana could attract institutional liquidity, although reliance on Chainlink for asset value carries counterparty risks. Kamino dominates the lending market in Solana, making this an important test of scaling RWA assets. (CoinMarketCap)
Summary
Solana's weeks depend on institutional mining shifts, increased device adoption, and innovations in decentralized finance — key factors behind its monthly price increase of 8%. As network updates like Firedancer approach, the question remains: Can SOL maintain its momentum in the face of Ethereum's ETF-supported surges and ongoing network outage concerns?
