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Investing.com - H.C. Wainwright has reiterated its Neutral rating on BIT Mining (NYSE:BTCM), a $51.38 million market cap company, as it undergoes a significant business transformation from cryptocurrency mining to focusing on the Solana ecosystem. According to InvestingPro data, the stock shows high volatility with a beta of 3.35, making it more than three times as volatile as the broader market.
The company will begin trading under the new ticker SLAI on October 20, reflecting its rebranding to SOLAI. While maintaining its legacy mining and hosting operations, BIT Mining has redirected resources toward software development and Solana token accumulation, having purchased 17,221 SOL in September to bring its total holdings to over 44,000 tokens. The transformation comes amid challenging financial conditions, with InvestingPro data showing a 40.64% revenue decline and negative EBITDA of $7.01 million in the last twelve months.
BIT Mining announced its entry into the Solana ecosystem on July 10, aiming to contribute to ecosystem innovation and enhance chain integration. The company is now running its own validator node, which could generate more than $600,000 annually from its approximately $9 million worth of SOL tokens at nearly 100% gross margin.
On August 26, the company launched DOLAI, a 1:1 dollar-backed compliant stablecoin on the Solana blockchain. H.C. Wainwright analyst Kevin Dede noted that relationships SOLAI intends to leverage for its DOLAI stablecoin and potential exchange "becomes much more interesting over time."
BIT Mining originated as online sports lottery company 500.com Limited before pivoting to cryptocurrency mining and changing its name in April 2021. Despite the company’s evolving business model, H.C. Wainwright remains "more comfortable on the sidelines" with its Neutral stance. InvestingPro analysis suggests the stock is currently undervalued, though investors should note its weak Financial Health score. InvestingPro subscribers have access to over 10 additional ProTips and comprehensive financial metrics to better evaluate this transformation.
In other recent news, BIT Mining Limited announced its plans to change its name to SOLAI Limited, with the new ticker symbol "SLAI" set to take effect on the New York Stock Exchange on October 20, 2025. This decision follows shareholder approval at a recent extraordinary general meeting. In a strategic move, BIT Mining has also added 17,221 SOL tokens to its treasury, increasing its total holdings to 44,412 SOL, valued at approximately $9.95 million. The company has completed the second phase of its acquisition of crypto mining data centers and Bitcoin mining machines in Ethiopia, expanding its total power capacity to 51 megawatts.
Thumzup Media Corporation has completed a $50 million common stock offering to fund its expansion into cryptocurrency mining. This capital will support its acquisition of DogeHash Technologies, a Dogecoin mining company. The strategic rebranding of BIT Mining to SOLAI reflects the company’s shift from cryptocurrency mining to broader blockchain infrastructure development. These developments indicate significant strategic shifts and expansions within the cryptocurrency and blockchain sectors.
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