Solana gets another treasury firm: BIT Mining Limited

Crypto mining company BIT Mining is shifting its focus to Solana, “marking a critical milestone in the company’s long-term growth trajectory,” according to a Thursday press release.

Shares of BIT Mining surged on the news, climbing as high as $10.88 before settling at around $5 as of 11:30 a.m ET, a 100% surge from yesterday. Solana has increased roughly 2% in the last 24 hours.

BIT Mining plans to raise up to $300 million in phases to accumulate solana tokens, convert its existing crypto holdings to solana, and run validator nodes to generate on-chain staking rewards.

Solana is “one of the most dynamic and promising ecosystems in the blockchain space,” BIT Mining CEO Xianfeng Yang said in a statement. “This strategic move reflects our commitment to staying adaptive and responsive in an ever-evolving industry.”

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Yaël Bizouati-Kennedy

Sol cycles

10/23/25

Solana rises as Solmate announces “aggressive” acquisition plans and spot ETF filings grow

Solana ETFs take the lion’s share of the ETF filings, with 23 waiting to be approved, per Bloomberg analyst Eric Balchunas.

Sage D. Young

10/23/25

Ethereum treasury firms surpass bitcoin treasury companies by percentage of total supply

Asia’s institutional conviction for the second-largest cryptocurrency deepens as Tokyo-listed Quantum Solutions scoops up about 2,000 ethereum tokens through its subsidiary.

Yaël Bizouati-Kennedy

10/22/25

Standard Chartered: Bitcoin’s dip below $100,000 is “inevitable”

Participants in prediction markets are also betting that bitcoin will dip below $100,000 this year.

Sage D. Young10/21/25

XRP treasury firm trend grows as Evernorth, backed by Ripple Labs, enters the arena

The fifth-largest cryptocurrency by market cap, XRP, is getting a new treasury firm: Evernorth.

The firm will list on the Nasdaq and expects to raise over $1 billion in gross proceeds from SBI, Ripple Labs, Pantera Capital, Kraken, and GSR, according to a press release. Chris Larsen, cofounder and executive chairman of Ripple, also announced investing 50 million XRP tokens worth $124.5 million. Net proceeds are dedicated for open-market acquisitions of XRP.

Evernorth joins a number of firms stockpiling XRP, such as VivoPower International, Trident Digital Tech Holdings, and Webus.

The announcement comes during a fragile period for crypto markets, but the latest news has boosted XRP’s price and the asset is back to flat over the last seven days.

Sage D. Young

10/20/25

BitMine acquires an additional $820 million of ethereum

Meanwhile, investment management firm VanEck filed for a staked ethereum ETF with decentralized finance giant Lido.

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