BIT Mining Attempts to Rebrand as SOLAI to Reflect Strategic Shift Toward the Solana Ecosystem

Rhea-AI Summary

BIT Mining Limited (NYSE: BTCM) has announced plans to rebrand as SOLAI Limited (NYSE: SLAI), reflecting its strategic transformation from a cryptocurrency mining company to a broader digital assets organization focused on the Solana ecosystem. The company has already initiated its ecosystem strategy with a $300 million investment, including launching a validator node on Solana and beginning SOL staking operations.

The rebranding decision requires shareholder approval at an extraordinary general meeting (EGM) scheduled for October 9, 2025. The new name SOLAI combines 'SOL' with AI, representing the company's focus on high-performance blockchain systems and artificial intelligence integration for building on-chain intelligent financial infrastructure.

Positive

• Strategic transformation from pure crypto mining to broader digital assets and DeFi operations
• Significant commitment with $300 million ecosystem strategy investment
• Expansion into Solana ecosystem with validator node launch and staking operations
• Clear strategic direction toward building AI-powered financial infrastructure

Negative

• Substantial business model pivot carries execution risks
• Significant concentration risk in Solana ecosystem
• Required shareholder approval adds uncertainty to rebranding initiative

Insights

Blockchain Technology Analyst

BIT Mining's rebranding to SOLAI signals major strategic pivot from Bitcoin mining to Solana ecosystem development with $300M investment commitment.

BIT Mining's proposed transformation to SOLAI represents a fundamental strategic shift away from its traditional cryptocurrency mining operations toward becoming a diversified blockchain infrastructure company focused on the Solana ecosystem. This pivotal change aligns with broader industry trends where companies are evolving beyond pure mining operations to seek higher-margin opportunities in blockchain infrastructure development.

The company has already initiated concrete steps toward this transformation by launching a validator node on Solana and beginning to stake SOL tokens. More significantly, management referenced a $300 million ecosystem strategy, suggesting substantial capital commitment to this new direction. For a company traditionally focused on Bitcoin mining, this represents a decisive move into a competing blockchain ecosystem with different technical characteristics and market positioning.

The Solana blockchain offers technical advantages including higher transaction throughput and lower fees compared to Bitcoin, potentially providing BTCM more diversified revenue streams through validator rewards, DeFi participation, and infrastructure services. However, this pivot also introduces new competitive dynamics and execution risks as the company enters a space with established players already operating at scale.

This rebranding effort goes beyond cosmetic changes, symbolizing a comprehensive business model evolution from hardware-dependent mining operations to potentially higher-margin blockchain services and infrastructure development. The strategic implications suggest management believes the future growth potential in Solana's ecosystem outweighs continuing to focus exclusively on their legacy mining operations.

AKRON, Ohio, Aug. 20, 2025 /PRNewswire/ -- BIT Mining Limited (NYSE: BTCM) (the "Company"), a leading technology-driven cryptocurrency company, today announced that it seeks to rebrand to SOLAI (NYSE: SLAI), a name that reflects the Company's strategic transformation and commitment to building an on-chain intelligent financial infrastructure. The new brand identity underscores the Company's evolution from a pure-play cryptocurrency miner into a broader digital assets company focused on next-generation blockchain infrastructure, decentralized finance, and smart contract innovation.

SOLAI—merging SOL (derived from the Latin for 'sun') with SOLANA's vision, empowered by AI—symbolizes our dual focus on high-performance blockchain systems and visionary innovation, embodying technological hope and sustainable scientific advancement.

"Becoming SOLAI marks the next chapter in our journey to providing the best value for our shareholders," commented Bo Yu, the Chairman and Chief Operating Officer of the Company. "We will establish a global financial infrastructure powered by AI, driven by transparency, and optimized for capital efficiency. Beginning with the SOLANA ecosystem, our strategic foundation will seamlessly expand to other blockchain platforms, bridging innovation with real-world financial ecosystems."

Since announcing its evolution beyond mining, the Company has steadily expanded its footprint in the Solana ecosystem. The Company recently launched a validator node on Solana and began staking the SOL it purchased as part of a broader $300 million ecosystem strategy. The rebrand builds on this momentum and signals the Company's ambition to be a long-term contributor to the growth, decentralization, and resilience of the blockchain network.

The Company's board of directors (the "Board") resolved to (i) change the Company's English name to "SOLAI Limited" (the "English Name Change"), subject to shareholders' approval to be obtained at an extraordinary general meeting of shareholders (the "EGM"), and (ii) change the ticker symbol to "SLAI."

The EGM will be held at 428 South Seiberling Street, Akron, Ohio, US, on October 9, 2025 at 10:00 a.m., New York time.

Holders of record of the Company's ordinary shares and Class A preference shares at the close of business on August 25, 2025, New York time (the "Record Date") are entitled to receive notice of, and to attend and vote at, the EGM or any adjournment thereof. Holders of the Company's American Depositary Shares ("ADSs") who wish to exercise their voting rights for the underlying ordinary shares must act through Deutsche Bank Trust Company Americas, the depositary of the Company's ADS program.

Notice of the EGM, which sets forth the resolutions to be submitted for shareholder approval at the EGM will be made available on the Investor Relations section of the Company's website at https://ir.btcm.group/ on or around the Record Date. The Company filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 with the U.S. Securities and Exchange Commission (the "SEC") on April 29, 2025. Shareholders may obtain a copy of the Company's annual report, free of charge, from the Company's website at https://ir.btcm.group and on the SEC's website at www.sec.gov, or by contacting BIT Mining Limited at 428 South Seiberling Street, Akron, Ohio, US, attention: Victor He, telephone: +1 (330) 676-2680, email: ir@btcm.group.

About the Company

The Company is a technology-driven cryptocurrency infrastructure company expanding from its foundation in crypto mining to build a blockchain-based ecosystem spanning AI, and SOL treasury and staking operations. By leveraging its blockchain and data infrastructure expertise, the Company aims to enhance on-chain efficiency and expand participation across Solana and other blockchain ecosystems.

Safe Harbor Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates", "target", "going forward", "outlook" and similar statements. In addition, statements that are not historical facts, including statements about the Company's future business plan, such as its plan to expand into the Solana ecosystem, and the intended benefits of such plan, are or contain forward-looking statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

For more information:
BIT Mining Limited
ir@btcm.group
ir.btcm.group
www.btcm.group 

Media Contact
bitmining@mgroupsc.com 

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SOURCE BIT Mining Limited

FAQ

Why is BIT Mining (NYSE: BTCM) changing its name to SOLAI?

BIT Mining is rebranding to SOLAI to reflect its strategic transformation from a cryptocurrency mining company to a broader digital assets organization focused on building AI-powered financial infrastructure within the Solana ecosystem.

What is the size of BIT Mining's investment in the Solana ecosystem?

BIT Mining has committed $300 million to its Solana ecosystem strategy, which includes launching a validator node and staking operations.

When will BIT Mining's ticker symbol change from BTCM to SLAI?

The ticker symbol change to SLAI is pending shareholder approval at an extraordinary general meeting scheduled for October 9, 2025.

What new services will SOLAI (formerly BIT Mining) offer?

SOLAI will focus on next-generation blockchain infrastructure, decentralized finance (DeFi), smart contract innovation, and AI-powered financial infrastructure, expanding beyond its traditional cryptocurrency mining operations.

Who can vote on BIT Mining's name change to SOLAI?

Holders of the company's ordinary shares and Class A preference shares as of August 25, 2025 (Record Date) are eligible to vote, while ADS holders must act through Deutsche Bank Trust Company Americas.