Nasdaq-listed BIT Mining has executed its Solana-focused strategy by acquiring 27,191 SOL tokens worth approximately $4.89 million and launching its first self-operated Solana validator node. This move, announced on August 5, represents the initial phase of the company's planned transition from Bitcoin, Litecoin, and Dogecoin holdings to concentrate exclusively on Solana.
The validator launch enables BIT Mining to stake its SOL holdings directly, participating in Solana's consensus mechanism while earning on-chain rewards. Chairman and COO Bo Yu emphasized this operational commitment, stating: "We are not just holding SOL, we are helping power the network." The company plans to gradually liquidate its existing crypto assets to fund further SOL acquisitions as part of a long-term strategy that includes raising $300 million for Solana infrastructure development.
BIT Mining joins a growing cohort of public companies accumulating SOL, with corporate treasuries now holding approximately 3.4 million SOL (worth $568 million). Notable holders include consumer products firm Upexi (1.8 million SOL) and DeFi Development Corp, which recently increased its position to 1.29 million SOL ($216 million). While Bitcoin (927,376 BTC worth $105.8B) and Ethereum (1.75M ETH worth $6.3B) remain dominant in corporate treasuries, Solana's rising institutional adoption signals expanding altcoin diversification strategies.