Bit Mining Reinvents Itself After Casino Past, Bets Big on $300M SOL Treasury
- From Casino Chips to Crypto Chips: Bit Mining’s Risky Pivot
- Why Solana? The High-Stakes Treasury Gamble
- The Ghost of Casino Past
- Market Reactions: Pump or Sustainable Growth?
- FAQ: Bit Mining’s SOL Strategy Unpacked
Bit Mining, a NYSE-listed firm with a controversial casino history, is pivoting hard into crypto with a bold $300M solana (SOL) treasury plan. Despite red flags—like its offshore ties and tiny BTC reserves—the company aims to become a major Solana validator. Its stock, down 98% since 2015, briefly surged 137% on the news. But can a company fined $10M for bribery truly shake its past and compete in DeFi?
From Casino Chips to Crypto Chips: Bit Mining’s Risky Pivot
Bit Mining (NYSE: BTCM) just pulled a 180. Once known as 500.com—a casino operator embroiled in a 2024 Japanese bribery scandal—it’s now betting its future on Solana. The firm announced plans to convert its meager 19 BTC treasury (worth ~$1.5M) and altcoin holdings (1,246 ETH, 7.6M DOGE) into a $300M SOL war chest. Sources:,.
Why Solana? The High-Stakes Treasury Gamble
Bit Mining’s SOL play mirrors MicroStrategy’s BTC strategy—but riskier. Unlike bitcoin treasuries, SOL lacks institutional adoption. The plan:
- Stake SOL for passive income (~5-7% APY)
- Run validator nodes (costing ~$2M/year)
- Leverage Solana’s speed for mining ops
The Ghost of Casino Past
Bit Mining’s rebrand can’t erase history. In November 2024, its predecessor 500.com was fined $10M by the DOJ for bribing Japanese officials for a casino license. The firm operated across 8 jurisdictions—from Malta to Curacao—before pivoting to crypto in 2025. "It’s like a blackjack dealer switching to blockchain," quipped a BTCC analyst.
Market Reactions: Pump or Sustainable Growth?
BTCM shares briefly hit $5.80 post-announcement (up 137% in 5 days), but slid back to $4.20. Compare that to:
- DeFi Development Corp (SOL treasury leader): $22.86/share
- MicroStrategy (MSTR): $1,200+/share
FAQ: Bit Mining’s SOL Strategy Unpacked
What’s in Bit Mining’s current crypto treasury?
As of July 2025: 19 BTC, 1,246 ETH, 7.6M DOGE, 900K USDT, and 1,770 LTC—valued at ~$12M total.
How will they fund the $300M SOL purchase?
The company claims it’ll depend on "market conditions and capital access"—a red flag for investors, given its $40M market cap.
Is Bit Mining still involved in casinos?
No. All 500.com subsidiaries were dissolved after the 2024 scandal. Current operations focus on mining and data centers.
