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BIT Mining, previously focused on Bitcoin mining, has announced a major transformation of its business model. On July 10, 2025, it reported a "strategic transition" to the Solana ecosystem and plans to raise between $200 million to $300 million to accumulate SOL tokens.

Capital is planned to be raised in stages, taking into account market conditions and the availability of investments. As part of this move, BIT Mining will convert all its digital assets to Solana. Additionally, the firm will adopt a long-term holding strategy and become a validator for the mentioned network.

The company expects not only to receive rewards for staking but also to contribute to the network's sustainability. According to BIT Mining CEO Xiangfen Yan, the decision reflects a commitment to adapt to changes and develop the business in a new direction.