BIT Mining Completes Ethiopian Expansion, Reinforces Strategic Shift Toward Solana

BIT Mining Limited (BTCM) announced today the completion of the second phase of its acquisition of cryptocurrency mining data centers and Bitcoin mining machines in Ethiopia, further expanding its international infrastructure footprint even as it pivots strategically toward the Solana ecosystem. Shares of BTCM are up nearly 24% today following the news.

The deal was originally announced in December 2024, and the first phase closed on December 9, 2024. As part of the final phase, BIT Mining issued 45,278,600 Class A ordinary shares in exchange for the remaining data center assets and corresponding Bitcoin mining machines. The completed transaction brings the total power capacity of the Ethiopian data centers to 51 megawatts.

BIT Mining reiterated its broader strategic transition away from Bitcoin and toward the Solana ecosystem.

The company recently announced plans to build a $300 million SOL treasury and begin staking operations within the Solana network. Management confirmed that its legacy mining assets, including custom chip design and global hosting capacity, are being repurposed to support this strategic evolution.