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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.<\/p>\n
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On August 5, the company announced<\/a> 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.\u00a0<\/p>\n 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.<\/p>\n But instead of just holding SOL on its balance sheets, the NYSE-listed company is looking to put the assets to work.<\/p>\n 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.\u00a0<\/p>\n <\/p>\n While it did not reveal what its targets are, the company said this step is to participate directly in Solana\u2019s 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 \u201coperationalizing\u201d the Solana strategy.<\/p>\n \u201cThis validator launch is a foundational step in operationalizing our Solana strategy. We are not just holding SOL, we are helping power the network,\u201d he said.<\/p>\n BIT Mining\u2019s bet on Solana isn\u2019t happening in isolation, and comes amid a broader trend of companies stockpiling the asset.<\/p>\n 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.<\/p>\n 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.<\/p>\n Treasuries holding Solana are now estimated to collectively hold 3.4 million SOL, valued around $568 million at current prices, according to data<\/a> from The Block.\u00a0<\/p>\nBit Mining\u2019s dual bet on SOL\u00a0<\/h2>\n
Solana on balance sheets<\/h2>\n