Street Calls of the Week
AKRON, Ohio - BIT Mining Limited (NYSE:BTCM), currently trading at $2.87 with a market capitalization of $55.5 million, announced Wednesday it plans to rebrand as SOLAI (NYSE:SLAI), reflecting the company’s strategic transformation from cryptocurrency mining to broader blockchain infrastructure development. According to InvestingPro analysis, the company currently shows a weak financial health score of 1.74 out of 5.
The company’s board has resolved to change its name to "SOLAI Limited" pending shareholder approval at an extraordinary general meeting scheduled for October 9, 2025, in Akron, Ohio. The ticker symbol would also change to "SLAI" as part of the rebranding.
According to a press release, the new name combines "SOL" (Latin for sun) with references to the Solana blockchain ecosystem and artificial intelligence, highlighting the company’s evolving focus.
"Becoming SOLAI marks the next chapter in our journey to providing the best value for our shareholders," said Bo Yu, Chairman and Chief Operating Officer of BIT Mining, in the statement.
The company has recently expanded its involvement in the Solana ecosystem, launching a validator node and beginning to stake SOL tokens it purchased as part of what it describes as a $300 million ecosystem strategy. The company’s transformation comes amid challenging financial conditions, with revenue declining by 40.6% over the last twelve months to $24.6 million. InvestingPro data reveals 8 additional key insights about the company’s strategic position and market performance.
BIT Mining describes itself as a technology-driven cryptocurrency infrastructure company that is expanding beyond crypto mining to build a blockchain-based ecosystem incorporating AI and SOL treasury operations.
Shareholders of record as of August 25, 2025, will be eligible to vote at the extraordinary general meeting where the name change will be considered.
The rebranding announcement comes as the company continues its transition from a pure cryptocurrency mining operation to a broader digital assets company focused on blockchain infrastructure and decentralized finance. The stock has shown significant volatility, with a beta of 3.21, and currently trades below its InvestingPro Fair Value, suggesting potential upside for investors who believe in the company’s transformation strategy.
In other recent news, BIT Mining Limited has completed the second phase of its acquisition of cryptocurrency mining data centers and Bitcoin mining machines in Ethiopia. This acquisition involved issuing 45,278,600 Class A ordinary shares, increasing the total power capacity of the data centers to 51 megawatts. Additionally, BIT Mining has announced a strategic expansion into the Solana ecosystem. The company plans to build a treasury of up to $300 million in SOL tokens, with the intention of raising between $200 million and $300 million in phases. This move marks a significant shift in BIT Mining’s business strategy, as it plans to convert existing cryptocurrency holdings into SOL and adopt a long-term holding approach. These developments represent a notable pivot in the company’s operational focus and strategic direction.
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