BIT Mining Doubles Down on Solana: $5M Bet & Validator Launch Signals Major Play
BIT Mining just threw $5 million at Solana—and fired up a validator. Is this the start of a high-stakes infrastructure takeover, or another crypto firm chasing the 'next Ethereum' hype?
Solana's speed demon rep gets a boost
The move screams confidence in Solana's tech—cheap, fast transactions that make ETH gas fees look like highway robbery. Validator deployment means BIT's not just holding bags; they're staking reputation on network security.
Wall Street side-eye incoming
Watch traditional finance 'experts' clutch pearls over 'volatile crypto bets'—while quietly upgrading their own blockchain infrastructure. The $5M play? Pocket change for institutional players, but a loud signal for retail.
Bottom line: When miners pivot, markets notice. Whether this fuels Solana's comeback tour or becomes another 'should've bought BTC' cautionary tale? The validator logs will tell.
Bit Mining’s dual bet on SOL
Alongside its purchase, Bit Mining announced the launch of its first self-operated Solana validator. Using an internal team, the company will begin staking its SOL holdings.
While it did not reveal what its targets are, the company said this step is to participate directly in Solana’s consensus process while earning on-chain rewards. Commenting on the roll-out, Bit Mining Chairman and COO Bo Yu described the validator launch as a step in “operationalizing” the Solana strategy.
“This validator launch is a foundational step in operationalizing our Solana strategy. We are not just holding SOL, we are helping power the network,” he said.
BIT Mining’s bet on Solana isn’t happening in isolation, and comes amid a broader trend of companies stockpiling the asset.
Solana on balance sheets
Beyond BIT Mining, a number of other firms are also betting on SOL as a treasury asset. Among them is the Nasdaq-listed DeFi Development Corp., which recently increased its holdings to 999,999 SOL following its latest July 21 purchase.
Another is Upexi, a publicly traded consumer products company. Upexi is currently the largest corporate holder of SOL, with over 1.8 million tokens in its portfolio.
Treasuries holding Solana are now estimated to collectively hold 3.4 million SOL, valued around $568 million at current prices, according to data from The Block.
Meanwhile, Bitcoin and ethereum (ETH) remain the most widely held treasury assets. According to CoinGecko data, public companies collectively hold an estimated 927,376 BTC, worth around $105.8 billion. Ethereum holdings are currently at about 1.75 million ETH, valued at $6.3 billion.
