LTC and the Altcoin Surge: BIT Mining’s Bold $300M Solana Bet
In a strategic pivot underscoring the growing institutional confidence in altcoins, NYSE-listed BIT Mining has announced plans to convert its entire cryptocurrency treasury—including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE)—into Solana (SOL), targeting a staggering $300 million position. This move, revealed on July 11, 2025, mirrors Bit Digital's recent shift to Ethereum and highlights a broader trend of public companies diversifying beyond Bitcoin. While Litecoin (LTC) isn't directly involved in this transaction, the news amplifies discussions about altcoin adoption in corporate treasuries. BIT Mining's Solana holdings would surpass its current market cap, signaling a high-conviction bet on SOL's scalability and institutional appeal. The Cayman Islands-registered firm's offshore structure adds intrigue amid regulatory scrutiny. This development could fuel momentum for Layer 1 alternatives like Solana while indirectly validating the utility of other established altcoins such as LTC in institutional portfolios.
BIT Mining Pivots to Solana with $300M Treasury Plan Amid Offshore Scrutiny
BIT Mining, a NYSE-listed firm with Cayman Islands registration, is staking its future on Solana. The company plans to convert its entire crypto treasury—including 19 BTC, 1,246 ETH, and 7.6M DOGE—into SOL, targeting a $300 million position. This follows Bit Digital's recent shift to Ethereum, marking a growing trend of public companies favoring altcoins.
The proposed Solana holdings would dwarf BIT Mining's current $1.5M BTC position, acquired at an average of $77,526 per coin. As part of its reinvention from a former casino operator (500.com), the firm will participate in Solana validation and staking. Offshore corporate structures and a thin Bitcoin reserve raise questions about the strategic pivot.
Trump's Tariff Announcement Sparks Market Movements, Crypto Mentioned
Former President Donald TRUMP announced new trade tariffs targeting Brazil and 21 other countries, including a 50% duty on imported copper effective August 1. The move triggered immediate market reactions, with the Dow Jones Industrial Average gaining 0.5% and the S&P 500 rising 0.2%. The Nasdaq Composite briefly hit a record high before stabilizing.
In a Truth Social post, Trump celebrated market performance, declaring "CRYPTO, 'Through the Roof!'" alongside record highs for tech and industrial stocks. The statement comes as Nvidia shares have surged 47% since Trump's previous tariff measures. The former president framed the tariffs as economic strengthening, claiming the U.S. is taking in "Hundreds of Billions" while experiencing "NO INFLATION."
Brazilian markets reacted sharply to the 50% tariff announcement, with the iShares MSCI Brazil ETF (EWZ) dropping 2%. President Luiz Inacio Lula da Silva vowed to respond using Brazil's economic reciprocity laws. The tariffs were partially framed as retaliation against legal proceedings targeting former Brazilian President Jair Bolsonaro.
Dogecoin Shows Signs of 2021-Esque Momentum as Remittix Gains Traction
Dogecoin's 3.81% surge to $0.1796 has reignited speculation of a repeat of its 2021 bull run. Trading volume spiked 88% to $1.7 billion, with market capitalization holding at $26.95 billion—a pattern reminiscent of the meme coin's historic breakout conditions.
While Solana, XRP, and Litecoin dominate market narratives with their respective niches—NFT infrastructure, cross-border payments, and low-fee transactions—DOGE's viral potential remains unmatched. The coin's resurgence coincides with renewed retail interest and whale activity on centralized exchanges.
Meanwhile, emerging tokens like Remittix are attracting quiet accumulation from seasoned investors. This parallel momentum suggests a broadening appetite for both established meme coins and new speculative plays.
