Nasdaq-listed BIT Mining has taken its first real step into the Solana ecosystem, buying millions worth of SOL and launching its first validator node.
Summary
- BIT Mining has acquired 27,191 SOL, worth $4.89 million.
- The company launched an in-house Solana validator as part of its long-term strategy.
- Public companies now hold an estimated 3.4 million SOL, signaling growing institutional interest.
On August 5, the company announced that it acquired 27,191 Solana (SOL), valued at approximately $4.89 million. The purchase comes less than a month after BIT Mining revealed plans to fully transition into a Solana-focused treasury and raise $300 million to fund its long-term acquisition vision.
Bit Mining also revealed that it will liquidate all existing crypto holdings like Bitcoin (BTC), Litecoin (LTC), and Dogecoin (DOGE) holdings to go all-in on SOL, gradually building its position based on available capital.
But instead of just holding SOL on its balance sheets, the NYSE-listed company is looking to put the assets to work.
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.
