BIT Mining (BTCM) shares more than doubled on Thursday after the Bitcoin (BTCUSD) miner announced plans of raising up to $300 million to invest in Solana (SOLUSD).
According to its press release, BTCM will also convert its existing digital asset holdings into SOL – which will serve as its treasury reserve asset moving forward.
Including today’s rally, BIT stock is trading at nearly 400% higher than its year-to-date low set in April.
Is Solana News Positive for BTCM Stock?
Investors are cheering the announcement as it effectively transforms BTCM into a publicly traded proxy for SOL – a compelling narrative for global investors in 2025.
BTCM shares will now offer an indirect, diversified means of gaining exposure to Solana – a high-performance blockchain with growing adoption in decentralized finance.
This broadens BTCM stock’s appeal beyond traditional crypto mining, aligning it with a rapidly expanding ecosystem and potentially attracting a whole new wave of investors excited about SOL’s future and its current upward trajectory.
What’s also worth mentioning is that a similar crypto strategy has actually worked wonders for MicroStrategy (MSTR) in recent years.
BIT Mining Shares Remain a High-Risk Investment
Despite the company’s pivot to Solana, BTCM shares remain highly speculative and risky to own for the back half of 2025.
Why? Because the underlying fundamentals haven’t materially improved. BIT continues to operate at a loss, with inconsistent revenue, and no clear path to profitability.
Its sudden shift from crypto mining to SOL staking may reflect strategic ambition, but what it also underscores is a lack of operational focus and long-term execution history.
Additionally, BTCM stock is barely covered by Wall Street experts, with only one analyst currently offering a rating – and even that rating is “Hold” only, according to Barchart.
This lack of institutional coverage may be a red flag for serious investors since it indicates limited transparency, weak investor relations, and minimal scrutiny from professional research desks.
Without robust analyst engagement, investors are left with little guidance on valuation, risk, or future performance. In short, while the Solana news is flashy, the fundamentals simply don’t justify the hype.
