James Richardson
BIT Mining, a publicly traded company listed on Nasdaq (BTCM), has officially entered the Solana ecosystem with a bold move—purchasing 27,191 SOL tokens, valued at approximately $4.89 million. The announcement, made on August 5, reflects the company’s aggressive transition towards a Solana-dominant treasury strategy.
This major acquisition follows BIT Mining’s earlier declaration of plans to raise $300 million to support its long-term vision centered around Solana-based assets and growth opportunities.
In a clear strategic pivot, BIT Mining confirmed it will liquidate all existing crypto assets, including Bitcoin (BTC), Litecoin (LTC), and Dogecoin (DOGE). The company intends to reallocate capital progressively into SOL, building its position over time based on market conditions and available funding.
Powering the Network: Validator Node Now Live
Rather than simply holding SOL passively, BIT Mining has activated its first in-house Solana validator, built and maintained by the company’s internal team. The move positions BIT Mining as an active participant in Solana’s consensus mechanism, allowing it to earn on-chain rewards through staking.
Bo Yu, the firm’s Chairman and COO, described the launch as a critical milestone in turning their Solana strategy into action:
“This validator launch is a foundational step in operationalizing our Solana strategy. We are not just holding SOL, we are helping power the network.”
Growing Institutional Appetite for Solana
BIT Mining’s commitment to Solana aligns with a growing institutional trend. Other public companies have also begun accumulating SOL as a strategic treasury asset.
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DeFi Development Corp., another Nasdaq-listed entity, recently increased its holdings to 999,999 SOL following a purchase on July 21.
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Upexi, a consumer products company, currently holds over 1.8 million SOL, making it the largest known corporate holder of the token.
According to PRIME, public company treasuries now collectively hold an estimated 3.4 million SOL, worth about $568 million at current market prices.
BTC and ETH Still Dominate, But SOL Is Rising
Despite the rising interest in Solana, Bitcoin (BTC) and Ethereum (ETH) remain the most widely held assets among public companies. As per CoinGecko data:
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927,376 BTC is held by corporations, worth around $105.8 billion.
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Ethereum holdings total roughly 1.75 million ETH, valued at about $6.3 billion.
Still, Solana’s growing presence on balance sheets shows that it’s quickly becoming a serious contender in institutional crypto portfolios.
