BIT Mining Completes Second Phase of Acquisition in Ethiopia

Core Insights - BIT Mining Limited has completed the second phase of its acquisition of cryptocurrency mining data centers and Bitcoin mining machines in Ethiopia, following the initial phase completed in December 2024 [1][2] - The total power capacity of the acquired data centers now stands at 51 megawatts, indicating significant operational scale [2] - The company is strategically shifting its focus towards the Solana ecosystem, aiming to capture broader market potential and align with emerging trends for long-term growth [3] Acquisition Details - The definitive agreement for the acquisition was signed on December 3, 2024, with the first phase completed shortly after on December 9, 2024 [2] - An additional 45,278,600 Class A ordinary shares were issued to finalize the second phase of the acquisition [2] Strategic Shift - BIT Mining is transitioning its core business towards Solana treasury operations, leveraging its expertise in blockchain infrastructure [3] - The company aims to build an integrated ecosystem focused on SOL staking and ecosystem development, repurposing its legacy capabilities for enhanced treasury efficiency [3]