BIT Mining Ltd. experienced a dramatic stock surge, with U.S.-listed shares more than doubling following the company’s announcement of a substantial investment strategy focused on Solana. The cryptocurrency mining firm revealed plans to raise between $200 million and $300 million in multiple phases specifically to acquire Solana tokens and establish a strategic treasury position. As an initial step toward building this digital asset reserve, BIT Mining intends to convert its existing cryptocurrency holdings into Solana, signaling a significant shift in its investment approach.
The company characterized this move as a transformative strategic pivot that represents expansion into the Solana ecosystem, describing it as a crucial milestone in their long-term growth strategy. CEO Xianfeng Yang emphasized the company’s confidence in Solana’s potential, stating that the blockchain platform represents one of the most dynamic and promising ecosystems in the digital asset space. This strategic repositioning reflects BIT Mining’s commitment to maintaining agility and responsiveness in the rapidly evolving cryptocurrency landscape.
The announcement marks a remarkable turnaround for BIT Mining’s stock performance, which had struggled throughout most of 2025 before this news broke. The company’s shares had been trading in negative territory for the year until the Solana investment revelation sparked investor enthusiasm and drove the dramatic price surge. This strategic shift demonstrates how cryptocurrency mining companies are increasingly diversifying their approaches beyond traditional mining operations to include direct digital asset investments and ecosystem participation.
BIT Mining’s decision to focus on Solana aligns with the blockchain’s growing reputation for high-performance applications and expanding developer ecosystem. The planned treasury strategy positions the company to benefit from potential Solana price appreciation while also enabling deeper integration with the platform’s decentralized finance and application infrastructure. This approach represents a broader trend among cryptocurrency companies seeking to leverage promising blockchain ecosystems rather than solely relying on mining revenue streams.
