Nasdaq-listed BIT Mining has recently made a significant move into the Solana ecosystem, demonstrating its commitment by purchasing millions worth of SOL and launching its first validator node.
On August 5, BIT Mining announced its acquisition of 27,191 Solana (SOL) tokens, amounting to approximately $4.89 million. This strategic purchase aligns with the company’s decision to shift its focus towards Solana and raise $300 million to support its long-term acquisition strategy.
In a bold move, BIT Mining also disclosed its plan to liquidate all existing crypto holdings, including Bitcoin (BTC), Litecoin (LTC), and Dogecoin (DOGE), in order to concentrate its investments solely on SOL. By consolidating its assets in SOL, BIT Mining aims to actively engage with the Solana network and maximize its returns.
In addition to acquiring SOL, BIT Mining has launched its own Solana validator, operated by an in-house team. This validator will enable the company to stake its SOL holdings and participate in Solana’s consensus process, earning rewards in the process. BIT Mining’s Chairman and COO, Bo Yu, emphasized the importance of this validator launch in operationalizing the company’s Solana strategy, stating that they are not just holding SOL but actively contributing to the network’s operations.
BIT Mining’s move towards Solana is part of a larger trend among companies that are incorporating SOL into their treasuries. DeFi Development Corp., another Nasdaq-listed firm, recently increased its SOL holdings to 999,999 tokens. Upexi, a publicly traded consumer products company, currently holds over 1.8 million SOL tokens, making it the largest corporate holder of SOL.
Collectively, treasuries holding Solana now account for an estimated 3.4 million SOL, valued at approximately $568 million based on current prices. While Bitcoin and Ethereum continue to be popular treasury assets, with public companies holding around 927,376 BTC and 1.75 million ETH respectively, Solana’s growing presence in corporate treasuries signals increasing institutional interest in the asset.
As companies like BIT Mining continue to invest in Solana and actively participate in the network, the future looks promising for the Solana ecosystem as it gains traction among institutional investors.