BIT Mining completes second phase of Ethiopia acquisition

AKRON, Ohio - BIT Mining Limited (NYSE:BTCM), a cryptocurrency mining company with a market capitalization of $63.18 million, announced Monday it has completed the second phase of its acquisition of cryptocurrency mining data centers and Bitcoin mining machines in Ethiopia. The stock has shown remarkable momentum, gaining over 62% in the past week, according to InvestingPro data.

The company issued 45,278,600 Class A ordinary shares to acquire the remaining data centers and deploy additional Bitcoin mining machines. With the completion of this phase, the total power capacity of the acquired data centers now stands at 51 megawatts.

The first phase of the acquisition was completed on December 9, 2024, following a definitive agreement signed on December 3, 2024.

"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," said Xianfeng Yang, CEO of BIT Mining in a statement.

BIT Mining describes itself as a technology-driven cryptocurrency asset company that is transitioning its core business toward Solana treasury operations. The company states it is leveraging its blockchain infrastructure expertise to build an integrated ecosystem centered on SOL staking and ecosystem development.

The company indicates its existing capabilities in ASIC design, data center operations, and mining machine manufacturing are being repurposed to support its strategic shift.

The information in this article is based on a press release issued by BIT Mining Limited.

In other recent news, BIT Mining Limited has announced a significant strategic expansion into the Solana blockchain ecosystem. The company plans to raise between $200 million and $300 million in phases to build a substantial treasury of SOL tokens. As part of this expansion, BIT Mining will convert its existing cryptocurrency holdings into SOL and operate validator nodes within the Solana network to enhance decentralization and security. The company describes this move as a strategic shift to capture opportunities across the broader blockchain value chain. Additionally, H.C. Wainwright has maintained a Neutral rating on BIT Mining following a mining production update that highlighted increased power capacity due to a new site in Ethiopia. The Ohio facility operated at nearly full capacity, generating approximately $5.9 million in hosting revenue for the first quarter of 2025. Meanwhile, the Ethiopian site is expected to contribute over $2 million in hosting revenues. Despite these developments, self-mining revenues are projected to have decreased, falling short of previous estimates.

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