BIT Mining Stock Soars 350% After $300M Solana Pivot Announcement

2025-10-21 10:45:54 Classification：Virtual Currency read(2581)

The What is not the current classification of blockchaincompany said it plans to run validator nodes on Solana to support the networks decentralization and security.

Bit Mining said this allows it to further integrate within the Solana ecosystem and create sustainable value through blockchain participation.

Bit Mining CEO Xianfeng Yang said the move shows their commitment and adaptiveness in an “ever-evolving industry.” The executive expressed confidence in their vision and ability to deliver value to their shareholders.

“We are excited to take this bold step into what we believe is one of the most dynamic and promising ecosystems in the blockchain space,” Yang said.

Companies Market Cap data shows that Bit Mining is currently the 17th-largest Bitcoin miner in the world by market capitalization.

Bit Digital pivots into an Ethereum strategy

Bit Minings pivot into the altcoin ecosystem follows a similar move from another Bitcoin mining company.

On June 26, Bit Digital announced it would abandon Bitcoin mining and switch to an Ethereum-focused strategy. The company said it will become a “pure play Ethereum staking and treasury company.”

Unlike Bit Mining, Bit Digital stocks initially declined to $1.99 from $2.35 after the announcement, falling 15% on June 27. However, the stock eventually recovered, surging to $3.59 on Wednesday, up 80% since the announcement, according to Google Finance data.

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