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BIT Mining Limited has completed the second phase of its acquisition of cryptocurrency mining data centres in Ethiopia, issuing 45.3 million additional shares in exchange for the remaining facilities.
The Akron, Ohio-based company, which trades on the New York Stock Exchange under the ticker BTCM, announced the completion on 14 July 2025, bringing the total power capacity of its Ethiopian data centres to 51 megawatts.
BIT Mining entered into a definitive agreement to acquire the cryptocurrency mining data centres in Ethiopia on 3 December 2024, with the first phase completed on 9 December 2024. The second phase involved the issuance of 45,278,600 Class A ordinary shares in exchange for the remaining data centres and corresponding deployment of Bitcoin mining machines.
The acquisition comes as the company shifts its strategic focus towards opportunities within the Solana ecosystem, moving away from traditional Bitcoin mining operations.
"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, Chief Executive 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."
BIT Mining is a technology-driven cryptocurrency asset company that is strategically transitioning its core business toward Solana treasury operations. The company is leveraging its blockchain infrastructure expertise to build an integrated ecosystem centred on SOL staking and ecosystem development.
The firm's legacy capabilities, including 7nm ASIC design, data centre operations, and mining machine manufacturing, are being repurposed to optimise treasury efficiency and support its strategic shift toward what it calls sustainable value creation.
The Ethiopian expansion represents part of BIT Mining's broader infrastructure development as it transitions from traditional Bitcoin mining toward Solana-focused operations, reflecting the company's adaptation to evolving cryptocurrency market dynamics.
