BIT Mining Limited (NYSE: BTCM) nearly doubled its Solana holdings by purchasing 17,221 SOL tokens, bringing its total treasury to 44,000 SOL valued at approximately $9.9 million. The company, which is preparing to rebrand as SOLAI Limited, has shifted its strategy away from Bitcoin, Litecoin, Dogecoin, and Ethereum Classic mining to focus exclusively on Solana ecosystem development.
Upexi Inc. (Nasdaq: UPXI) expanded its Solana position by nearly 18,000 tokens, now holding over 2,018,419 SOL worth approximately $456 million. The company has realized an unrealized gain of $142 million on its holdings, with most tokens staked to generate an annual yield of around 8%. Daily staking rewards currently amount to roughly $105,000.
According to data from The Block, Solana treasury companies now collectively hold at least 4.67 million SOL. More recent data from CoinGecko indicates this figure has grown to 6.49 million SOL across seven entities, representing 1.20% of Solana's total supply valued at $1.4 billion.
Upexi's treasury strategy has delivered significant per-share gains, with adjusted SOL per share standing at 0.0197 ($4.37 in dollar terms) as of September 10, representing increases of 56% and 126% respectively since launching the initiative. The company has established an advisory committee that includes former BitMEX CEO Arthur Hayes as its first member.
BIT Mining has also launched DOLAI, a U.S. dollar-denominated stablecoin deployed on Solana in partnership with Brale Inc., designed to connect AI agents, merchants, consumers, and institutional finance.
The institutional accumulation comes as SOL traded near $226 at press time, representing a 1.2% increase and approaching its previous all-time high above $293. Solana's DeFi ecosystem reached a new milestone with total value locked (TVL) surpassing $12.2 billion on September 11, growing 15% in the past month and more than doubling from $4.8 billion at the start of 2024.
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