BIT Mining Plans to Raise $300 Million to Build SOL Treasury

BIT Mining Limited announced plans to raise between $200 million and $300 million to build a SOL token treasury and operate validator nodes on the Solana network.

The NYSE-listed company will accumulate SOL tokens through phased fundraising based on market conditions and capital availability. Additionally, BIT Mining plans to convert existing cryptocurrency assets into SOL tokens and deploy capital incrementally to build reserves up to $300 million.

The company will also run validator nodes on the Solana network to support decentralization and security while generating staking rewards for additional revenue streams.

We're excited to take this bold step into what we believe is one of the most dynamic and promising ecosystems in the blockchain space. 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,

BIT Mining CEO Xianfeng Yang said.

BIT Mining operates cryptocurrency mining, data center operations, and mining machine manufacturing. The company provides self-mining and hosting services across Bitcoin, Litecoin, Dogecoin, and Ethereum Classic networks using proprietary 7-nanometer chip designs.

U.S.-listed shares of BIT Mining jumped 184.2% to $6.99 in premarket trading, according to Refinitiv; in regular trading, the stock traded around $2.46, with a market capitalization of approximately $39.25 million. 

The company recently expanded hosting capacity with a new 35-megawatt site in Ethiopia and operates near full capacity at its primary facility in Akron. These operational enhancements support the company's strategy to diversify revenue channels beyond traditional proof-of-work mining.

Over the last twelve months, BIT Mining generated $32.92 million in revenue with a 9.07% gross profit margin. The Ethiopian facility alone is projected to add over $2 million in hosting revenues.

BIT Mining’s treasury strategy is a core component of its long-term blockchain expansion plans, combining phased fundraising and long-term holding of SOL.