Mining Firm's Bold Move Into Solana Triggers Market Frenzy

Bit Mining Limited (NYSE: BTCM) witnessed its shares skyrocket 350% in pre-market trading following its strategic announcement to enter the Solana blockchain ecosystem. The Bitcoin mining company revealed plans to establish a $300 million SOL token treasury, sending its stock price from $2 to $11 before settling at $6.29 by market open.

$300M Treasury Plan Details

The company outlined a multi-phase fundraising strategy targeting $200-300 million to build its Solana position. This capital will be allocated across three key areas:
• Acquiring SOL tokens through market purchases
• Converting existing crypto holdings (including 19 BTC worth $2 million)
• Operating validator nodes to support network security

【Notably】, Bit Mining becomes the second major miner this month to shift focus from Bitcoin to alternative blockchains, following Bit Digital's June 26 transition to Ethereum staking.

Market Reactions and Analyst Views

The dramatic pre-market surge represents one of 2025's most volatile single-day moves for a crypto-related stock. While shares pulled back after opening, the current $6.29 price still reflects a 215% gain from Wednesday's close.

——"This pivot demonstrates our adaptability in a rapidly evolving industry,"—— said CEO Xianfeng Yang, emphasizing Solana's potential as a "dynamic ecosystem." The company ranks as the 17th-largest Bitcoin miner globally by market cap according to Companies Market Cap data.

Comparative Industry Shifts

Bit Digital's similar Ethereum-focused transition initially saw its stock drop 15% before recovering 80% over three weeks. This pattern suggests investors may be rewarding miners diversifying beyond Bitcoin's competitive landscape.

The moves coincide with growing institutional interest in Solana, which has processed 【3,000+】 transactions per second during recent network stress tests. Bit Mining's validator node participation could further decentralize the blockchain while generating staking rewards.

Unanswered Questions Remain

Key details about the treasury plan's timeline and Bitcoin conversion ratios remain undisclosed. Cointelegraph's request for clarification went unanswered by press time. Market watchers will monitor whether the stock maintains its gains as the Solana strategy unfolds.

Interestingly, the announcement comes weeks after Solana-based memecoin LetsBonk surpassed Pump.fun in trading volume, signaling renewed activity in the ecosystem. Whether Bit Mining's bet pays off may depend on Solana's ability to sustain this momentum.