BIT Mining, a cryptocurrency mining company listed on the New York Stock Exchange under the ticker BTCM, has announced a strategic pivot to the Solana blockchain ecosystem. The firm plans to raise between $200 million and $300 million in phased funding to accumulate Solana's native token, SOL, and convert all its existing cryptocurrency holdings into SOL. Additionally, BIT Mining intends to operate validator nodes on the Solana network to generate rewards. This move positions BIT Mining among the top corporate holders of SOL. Separately, Upexi, a Nasdaq-listed company and the largest Solana treasury holder, is also expanding its SOL holdings. Upexi has raised $200 million through a private placement, including a $150 million note led by Big Brain Ventures and a $50 million equity round, to increase its Solana treasury to approximately 1.65 million SOL by mid-July 2025, more than doubling its previous balance of 735,692 SOL. Subsequently, Upexi acquired an additional 100,000 SOL for $17.7 million, bringing its total holdings to 1.82 million SOL valued at $331 million. The company purchased its SOL at an average cost of $273 million, resulting in $58 million in unrealized gains. These developments highlight a growing corporate interest in building substantial Solana token treasuries.