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Public Companies
Business Description
BIT Mining Limited (NYSE: BTCM), a cryptocurrency mining and data center company, built industrial-scale operations in Akron, Ohio and Ethiopia before pivoting to Solana blockchain infrastructure in late 2025.
The company traces its corporate origin to 2001 as 500wan, founded by Man San Law and subsequently listed on the NYSE in 2013 under the ticker WBAI, raising approximately $75 million in its IPO. After exiting its online sports lottery business in mid-2021, management executed a full pivot to Bitcoin mining, renaming the entity BIT Mining Limited and relaunching under the NYSE ticker BTCM effective April 20, 2021.
BIT Mining's mining operations spanned three verticals: self-operated Bitcoin and Litecoin/Dogecoin mining, third-party data center hosting, and proprietary ASIC hardware manufacturing. The Akron, Ohio facility carried 82.5 MW of installed power capacity. The in-house hardware program, built around 7nm ASIC chip design, delivered more than 6,000 BTC miners since 2021 and over 5,000 LTC/DOGE miners since 2023.
Internationally, BIT Mining completed a $14.28 million acquisition of cryptocurrency mining data centers in Ethiopia across two phases starting December 2024. The first closing, on December 9, 2024, transferred a 35 MW operational site with associated BTC mining machines. A second phase completed in July 2025 added remaining capacity; 45,278,600 Class A ordinary shares were issued in consideration, bringing total Ethiopian capacity to 51 MW and the acquired machine fleet to 17,869 units. Combined across both geographies, BIT Mining operated more than 28,000 mining machines with a deployed BTC hash rate of approximately 423 PH/s.
Full-year 2023 revenues were $43.1 million. H1 2025 revenues fell to $11.0 million, down 43.3% year-over-year, with a net loss of $13.9 million against net income of $18.9 million in H1 2024, reflecting post-halving block-reward compression. March 2025 BTC production stood at 41.55 coins. The 2024 Form 20-F was filed with the SEC on April 29, 2025.
Shareholders approved a corporate name change at an extraordinary general meeting on October 9, 2025; the company began trading as SOLAI Limited (NYSE: SLAI) effective October 20, 2025. The pivot involves a $300 million commitment to the Solana blockchain ecosystem, including operation of a Solana validator node, SOL staking, and a USD-denominated stablecoin called DOLAI launched in partnership with Brale Inc. The 133.5 MW combined data-center footprint in Ohio and Ethiopia underpins SOLAI as it moves from Bitcoin mining to on-chain AI financial infrastructure.
