Bit Mining buys 27,191 SOL for $4.9 million, launches self-run validator in pivot to Solana treasury strategy

The Block

Aug 05, 2025 21:59:32

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Bit Mining has pushed forward with its strategic shift toward building a Solana treasury and operating staking infrastructure, joining a trend of pubic companies accumulating crypto on their balance sheets.

The NYSE-listed crypto mining (ticker BTCM) said Tuesday it purchased 27,191 SOL for about $4.89 million and launched its first Solana validator. An in-house team runs the validator and will begin staking its SOL holdings to earn onchain rewards, according to a statement.

This follows a July 10 plan to expand into the Solana ecosystem and raise up to $300 million to fund SOL acquisitions and an infrastructure build-out. Bit Mining framed the validator as part of a broader effort to gain exposure to SOL while contributing to network decentralization and security.

There’s a growing list of public companies pursuing Solana-denominated treasuries and validator operations, a path that has created new, equity-listed ways for investors to gain SOL exposure alongside native tokens and ETFs.

DeFi Development Corp (DFDV) increased its corporate SOL stack to 1.29 million worth over $216 million at current prices, after it bought 110,466 SOL at an average $166.61 for about $18.4 million. The company stakes its Solana coins across multiple validators. DFDV recently disclosed a $112.5 million private placement to fund additional SOL accumulation, including a prepaid-forward component.

Upexi (UPXI) last week secured a $500 million equity line of credit to finance further SOL purchases and general uses, adding to a wave of corporate balance-sheet activity tied to Solana.

The Block’s data dashboard tracking Solana Treasuries shows the cohort collectively owns 3.4 million SOL, valued at north of $568 million as of Aug. 5.

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