BIT Mining Buys $5M SOL to Launch Validator in Shift From Bitcoin Treasury
Crypto miner BIT Mining has acquired 27,191 Solana (SOL) tokens for $4.89 million and launched its self-operated Solana validator, marking the initial stage of its treasury pivot away from Bitcoin.
The move follows the company’s July 10 announcement that it would reorient part of its corporate treasury into SOL, supported by plans to raise up to $300 million for token acquisitions and infrastructure development.
BIT Mining, once one of China’s largest Bitcoin mining firms, has spent the past two years scaling back its mining operations amid industry headwinds and shifting its business toward broader cryptocurrency infrastructure. The Solana strategy represents the company’s first significant treasury allocation into a non-Bitcoin asset, alongside a commitment to operate network infrastructure.
The company said its internal infrastructure team operates the new validator, supported by proprietary technologies. Staking its own SOL through the validator allows BIT Mining to contribute to network decentralization and security while earning on-chain rewards.
As of February, BIT Mining was operating 2.58 EH/s of Bitcoin hashrate, with much of that capacity associated with hosted clients. In the same month, the company produced 42.56 BTC, of which 36.85 BTC came from hosting clients and 5.71 BTC from its self-mining operations.
