BIT Mining Goes All-In on Solana: $300M SOL Treasury Signals Crypto Power Move

BIT Mining just placed a billion-dollar bet on Solana—and Wall Street hasn't even finished its morning coffee.

The mining giant's audacious $300M SOL treasury grab screams confidence in Ethereum's fastest rival. No hedging, no stablecoin diversions—just pure conviction that Solana's speed and scalability will dominate the next cycle.

Meanwhile, traditional finance bros are still arguing about whether crypto is 'a real asset class' while their bond portfolios bleed out. Timing, as they say, is everything.

BIT Mining’s Solana gamble: high-speed bet or desperate pivot?

BIT Mining’s shift into Solana isn’t just a diversification play. It can also be seen as a calculated survival move in an industry where bitcoin mining margins continue to erode.

“This strategic move reflects our commitment to staying adaptive and responsive in an ever-evolving industry. With our strong execution capabilities and long-term vision, we are confident in our ability to accelerate sustainable growth and deliver lasting value to our shareholders.” Xianfeng Yang, CEO of BIT Mining, said.

The company’s decision to liquidate its existing crypto holdings and funnel everything into SOL mirrors a growing trend among public miners scrambling for post-halving relevance. But unlike Michael Saylor’s Bitcoin-maximalist treasury strategy, BIT Mining is taking cues from firms like SharpLink, which has successfully transformed itself into an ethereum staking powerhouse.

The iGaming firm has rapidly become the second-largest Ethereum holder behind the Ethereum Foundation, staking its entire balance sheet and reporting precision ETH-per-share exposure to investors. SharpLink’s results are already measurable: a 19% increase in ETH concentration per 1,000 shares in just three weeks, paired with a 26% rally in its stock after announcing its latest Ether acquisition on July 8.

BIT Mining appears to be following a similar trajectory, but with Solana, recasting itself not only as a major token holder, but also as a validator and yield-seeking participant in the network’s consensus layer.

The market’s initial reaction suggests investors are buying the vision, at least for now. BIT Mining’s stock (BTCM) surged over 300% in pre-market trading following the news, according to TradingView data.

But where SharpLink has methodically tracked its ETH-per-share exposure to reassure investors, BIT Mining’s plan remains light on specifics. The company hasn’t disclosed how much SOL it currently holds or what its staking targets are, leaving analysts to wonder whether this is a disciplined treasury strategy or a Hail Mary.