BIT Mining Completes Second Phase of Acquisition in Ethiopia

Rhea-AI Summary

BIT Mining (NYSE: BTCM) has completed the second phase of its strategic acquisition of cryptocurrency mining data centers in Ethiopia. The company issued 45,278,600 Class A ordinary shares to acquire the remaining data centers and Bitcoin mining machines, following the first phase completion on December 9, 2024. The total power capacity of the acquired data centers now stands at 51 megawatts.

CEO Xianfeng Yang announced a strategic pivot, indicating the company's increased focus on exploring opportunities within the Solana ecosystem to capture broader market potential and drive long-term growth.

Positive

• Successful completion of second phase acquisition expanding data center capacity to 51 megawatts
• Strategic diversification into Solana ecosystem for broader market opportunities
• Expansion of operations into Ethiopia, potentially benefiting from lower operational costs

Negative

• Significant share dilution through issuance of 45,278,600 Class A ordinary shares
• Shift in strategic focus may create uncertainty around Bitcoin mining operations
• Potential operational risks associated with Ethiopian market exposure

News Market Reaction – BTCM

+10.10%

11 alerts

+10.10% News Effect

+$6M Valuation Impact

$67M Market Cap

0.1x Rel. Volume

On the day this news was published, BTCM gained 10.10%, reflecting a significant positive market reaction. Our momentum scanner triggered 11 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $6M to the company's valuation, bringing the market cap to $67M at that time.

Data tracked by StockTitan Argus on the day of publication.

AKRON, Ohio, July 14, 2025 /PRNewswire/ -- BIT Mining Limited (NYSE: BTCM) ("BIT Mining" or the "Company"), a leading technology-driven cryptocurrency asset company , today announced the completion of the second phase of its previously-announced acquisition of crypto mining data centers and Bitcoin mining machines in Ethiopia.

On December 3, 2024, the Company entered into a definitive agreement to acquire cryptocurrency mining data centers in Ethiopia. Following the successful completion of the first phase of the acquisition on December 9, 2024, the Company issued an additional 45,278,600 Class A ordinary shares today in exchange for the remaining data centers, along with corresponding deployment of Bitcoin mining machines. Upon completion of the second phase of the acquisition, the total power capacity of the data centers amounted to 51 megawatts.

"While we continue to make progress in our crypto mining operations, we have strategically shifted our focus to actively explore opportunities within the Solana ecosystem," remarked Mr. Xianfeng Yang, CEO of BIT Mining, "This move reflects our commitment to capturing broader market potential and aligning with emerging trends that can drive long-term value and growth for the Company."

About BIT Mining Limited

BIT Mining Limited (NYSE: BTCM) is a technology-driven cryptocurrency asset company that is strategically transitioning its core business toward Solana ("SOL") treasury operations. Leveraging its deep expertise in blockchain infrastructure, the Company is building an integrated ecosystem centered on SOL staking and ecosystem development. BIT Mining's legacy capabilities, including 7nm ASIC design, data center operations, and mining machine manufacturing, are being repurposed to optimize treasury efficiency and support its strategic shift toward sustainable value creation.

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 plan to expand into the Solana ecosystem and the intended benefits of such expansion, 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 

Piacente Financial Communications
Brandi Piacente
Tel: +1 (212) 481-2050
Email: BITMining@thepiacentegroup.com

View original content:https://www.prnewswire.com/news-releases/bit-mining-completes-second-phase-of-acquisition-in-ethiopia-302504196.html

SOURCE BIT Mining Limited

FAQ

What is the total power capacity of BIT Mining's (BTCM) Ethiopian data centers after the acquisition?

After completing the second phase of the acquisition, BIT Mining's data centers in Ethiopia have a total power capacity of 51 megawatts.

How many shares did BIT Mining (BTCM) issue for the second phase of the Ethiopian acquisition?

BIT Mining issued 45,278,600 Class A ordinary shares for the second phase of the Ethiopian data centers acquisition.

When did BIT Mining (BTCM) complete the first phase of its Ethiopian acquisition?

BIT Mining completed the first phase of the Ethiopian acquisition on December 9, 2024.

What new strategic direction has BIT Mining (BTCM) announced?

BIT Mining announced a strategic shift to actively explore opportunities within the Solana ecosystem to capture broader market potential and drive long-term growth.

When did BIT Mining (BTCM) sign the definitive agreement for the Ethiopian acquisition?

BIT Mining signed the definitive agreement for the Ethiopian acquisition on December 3, 2024.