Bit Mining Stock Skyrockets 179% In Pre-Market, What Is Going On?

Shares of crypto miner Bit Mining Ltd (BTCM) soared 179% in pre-market trading. This rally comes as the crypto mining firm announced a strategic move into the Solana (SOL) blockchain.

Bit Mining plans to create a Solana treasury, mirroring the trend from Bitcoin treasury firms like Strategy and Metaplanet.

Bit Mining Soars Amid Shifting Focus to Solana

As of writing, the Bit Mining stock was traded at $2.46, according to data from Google Finance. The stock rallied as high as 179% in today’s pre-market trading.

Over the past week and month, the BTCM stock surged by over 122% and 133%, respectively. However, the stock has plummeted 2.38% year-to-date and 12.77% over the past 12 months.

Bit Mining’s New York Stock Exchange-listed shares soared to $11.20 in pre-market trading. This move represents over a 350% increase compared to Wednesday’s closing price of $2.46.

The heavy trading of BTCM stock coincided with a strategic expansion into the Solana ecosystem. Bit Mining announced on Thursday that it plans to build a robust Solana treasury.

The crypto mining firm said it would raise between $200 Million and $300 Million in phases based on capital availability. Bit Mining intends to use these funds to acquire SOL, strengthening its digital assets reserve.

To initiate the treasury, the Ohio-based Bitcoin mining firm will convert its existing crypto holdings into SOL. According to Bitcoin Treasuries, the company holds 19 BTC, valued at about $2.1 Million.

The moves into the Solana network reflect Bit Mining’s commitment to remain flexible towards innovative changes.

The crypto miner aims to leverage its high-performance infrastructure to drive innovation and create sustainable value for shareholders.

Bitcoin Miners Diversify Revenue Streams

Additionally, Bit Mining’s focus on Solana suggests it is diversifying its revenue stream. The last Bitcoin halving event in April 2024 reduced miners’ block reward by half, directly cutting their primary revenue source.

Notably, miners’ reward went from 6.25 BTC to 3.125 BTC per block. This forced miners to diversify revenue streams to maintain profitability. Miners shift to altcoins like Ethereum (ETH), Dogecoin (DOGE), and  Litecoin (LTC).

In December, BIT Mining said its profits from mining Litecoin and Dogecoin tripled those acquired from BTC.

Bit Digital, another mining firm, also moved its entire treasury to Ethereum (ETH). This move aligned with the company’s plan to focus solely on Ethereum staking.

Meanwhile, Bit Mining’s SOL reserve announcement comes as Bitcoin treasury firms continue to expand their holdings.

In the second quarter of 2025, Bitcoin corporate holders accumulated a total of 159,107 BTC, valued at over $17.6 Billion.

According to data from Bitwise Asset Management, Strategy is biggest corporate BTC holder, with total holdings of 597,325 BTC. Bitcoin miner MARA Holdings came second-largest with total holdings of  49,940 BTC.

Reaction from SOL and BTC

The news of Bit Mining’s strategic shift into Solana appear to have sparked optimistic sentiments in the market. Within the past 24 hours, SOL price increased by more than 2% to $156.65.

SOL trading volume also surged to $4.5 Billion, following a moderate increase of 7%. This rally indicates increased market activity for the 6th-biggest cryptocurrency by market cap.

The latest SOL prive movement is significant as the price curled around the $150 over the past few weeks.

Nevertheless, Solana witnessed a surprising spike in network activity. The number of daily active addresses climbed over 14.49 million, the highest level recorded so far in 2025.

Regarding BTC, the leading coin hit a new all-time high of $111,970 during today’s trading session.

As of writing, BTC price was traded at $111,260, up 2.03% over the previous day. While price has since cooled slightly, the overall trend remains intact.

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