TLDR
- BIT Mining stock surged 250% after announcing plans to shift focus to Solana and create a SOL token treasury
- The company plans to raise $200-300 million to acquire SOL tokens and convert existing crypto holdings
- Stock soared from $2.46 to over $11 in pre-market trading with heavy volume of 64 million shares
- CEO Xianfeng Yang called it a strategic move to stay adaptive in the evolving blockchain industry
- The pivot follows Bitcoin miners seeking revenue diversification after April 2024’s halving event
BIT Mining stock exploded higher on Thursday after the cryptocurrency mining company announced a dramatic strategic shift. The Akron, Ohio-based firm revealed plans to pivot from Bitcoin mining to focus on Solana tokens.
JUST IN: BIT Mining (NYSE: $BTCM) is going all-in on #Solana.
The firm plans to raise up to $300M in phases to build a $SOL treasury – converting existing #crypto holdings into #SOL as part of a long-term strategy. pic.twitter.com/mUqSsKKIf5
— Roundtable Network (@RTB_io) July 10, 2025
The company’s NYSE-listed shares rocketed as high as $11.20 in pre-market trading. This represented a staggering 350% jump from Wednesday’s closing price of $2.46.
By regular trading hours, BTCM was still trading nearly 250% higher at $8.38. The stock movement came with massive volume as 64 million shares changed hands. This dwarfed the typical three-month daily average of about 59,000 shares.
BIT Mining announced plans to raise between $200 million and $300 million in phases. The company will use these funds to acquire SOL tokens based on market conditions.
The firm also plans to convert its existing cryptocurrency holdings into Solana tokens. According to Bitcoin Treasuries, BIT Mining currently holds 19 BTC worth approximately $2.1 million.
Strategic Shift in Crypto Mining
CEO Xianfeng Yang explained the reasoning behind the pivot. “This strategic move reflects our commitment to staying adaptive and responsive in an ever-evolving industry,” he said.
The company stated it wants to “capture emerging opportunities across the broader blockchain” industry. BIT Mining also aims to attract investors seeking exposure to Solana through its new treasury strategy.
This move follows a broader trend among Bitcoin miners seeking revenue diversification. The April 2024 Bitcoin halving event reduced mining rewards by 50%, pressuring companies to find new income streams.
BIT Mining had already begun exploring alternatives to Bitcoin mining. In December, the company reported that profits from mining Litecoin and Dogecoin were triple those from Bitcoin mining.
The company joins other miners making similar strategic shifts. Fellow mining firm Bit Digital recently moved its entire treasury to ETH as part of a plan to focus solely on ether staking.
Market Performance and Outlook
Despite Thursday’s massive rally, BIT Mining stock remains down for the year. The shares have fallen 2.38% year-to-date and 13.99% over the past 12 months before Thursday’s surge.
Wall Street coverage of BIT Mining remains limited. TipRanks’ AI analyst Spark rates the stock as Neutral with a score of 45 and no price target.
Spark cites “substantial financial and operational challenges” as reasons for the neutral stance. The rating reflects ongoing concerns about the company’s financial position despite the strategic pivot.
The Solana treasury strategy represents a major bet on the alternative blockchain platform. BIT Mining’s pivot comes as Solana has gained traction in decentralized finance and NFT markets.
The company’s announcement follows a growing trend of corporations adding cryptocurrency to their balance sheets. However, BIT Mining’s focus on Solana rather than Bitcoin or Ethereum makes it relatively unique among public companies.
The stock’s explosive move on Thursday demonstrates investor appetite for Solana exposure through traditional equity markets. Trading volume exceeded normal levels by more than 1,000 times the typical daily average.
BIT Mining’s conversion of existing crypto holdings into SOL tokens is expected to begin soon, with the timeline for the $200-300 million fundraising to be announced in phases based on market conditions.
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