BIT Mining Limited (BTCM): Business Model Canvas [Dec-2025 Updated]

You're looking at BIT Mining Limited (BTCM) and seeing a legacy miner, but honestly, that view is already outdated. As a former BlackRock analyst, I can tell you this company is executing a defintely massive pivot, moving hard into the Solana ecosystem, evidenced by their 44,412 SOL treasury reserves and a strategic shift toward validator yield and RWA infrastructure. They are transforming from a pure miner-which saw only US$4.6 million in revenue in H1 2025-into a diversified digital asset player with 82.5 MW of data center capacity ready to serve new needs. This canvas lays out the entire new operating structure, so keep reading to see the precise blueprint for their next chapter.

BIT Mining Limited (BTCM) - Canvas Business Model: Key Partnerships

You're mapping out the strategic alliances that underpin BIT Mining Limited (BTCM)'s pivot, especially as they transition toward the Solana ecosystem and rebrand to SOLAI Limited. These partnerships are critical for scaling infrastructure and launching new financial products. Here's the breakdown of the key relationships as of late 2025.

Infrastructure and Energy Alliances

Your data center footprint relies heavily on securing reliable, cost-effective power, which is where local energy providers become vital partners, even if their names aren't always public. The operational capacity across your two main hubs shows a clear strategy for geographic diversification.

The Ethiopian data centers, acquired through a multi-phase transaction completed in July 2025, bring a total power capacity of 51 megawatts, which is sourced entirely from 100% clean energy from hydroelectric power. This was finalized after issuing 45,278,600 Class A ordinary shares for the remaining facilities. Contrast this with the Ohio facility, which boasts a capacity of 82.5 MW, leveraging effective utilization of clean energy in the US. The initial agreement for the Ethiopian assets, signed December 3, 2024, valued the 51MW centers and 17,869 BTC mining machines at US$14.28 million total consideration.

Here's a quick look at the scale of the physical infrastructure partnerships:

• Ohio Data Center Capacity: 82.5 MW.
• Ethiopia Data Center Capacity: 51 MW total post-acquisition.
• Total Operational Power Capacity: 133.5 MW across Ohio and Ethiopia.

Ecosystem and Product Development Collaborations

The shift to a Solana-centric model requires deep integration with key ecosystem players. Two partnerships stand out here: the stablecoin launch and the industry alliance for asset tokenization.

For the DOLAI stablecoin, a USD-denominated asset on the Solana Blockchain, the collaboration with Brale Inc. is central. Brale provides the stablecoin issuance platform, enabling fast, multi-chain deployment. This partnership is designed to connect AI agents, merchants, and consumers seamlessly. To support the broader vision of tokenizing real-world assets, SOLAI Limited joined the Real-World Assets (RWA) Alliance as a Founding Member on October 21, 2025, focusing specifically on advancing the tokenization of green energy assets.

These ecosystem plays are supported by the growing SOL treasury:

The company is actively managing this treasury, having launched a validator node on Solana, which is a key component of its asset management strategy, replacing some of the legacy self-mining revenue streams.

Liquidity and Asset Management Support

While specific, publicly detailed partnerships with major cryptocurrency exchanges for pure liquidity provision aren't detailed in the latest reports, the strategic focus on the Solana ecosystem implies reliance on the existing Solana DeFi infrastructure for asset management and yield generation. The primary asset management activity centers on the SOL treasury, which is generating staking rewards. The data center revenue, which became the largest segment in Q3 2025 at $2.9 million (a 61% year-over-year rise), provides the operational cash flow to support these treasury activities, despite a Q3 net loss of $(2.5)$ million.

The shift is clear:

• Legacy Self-Mining Revenue (Q3 2025): Fell 50% year-over-year to $1.5 million.
• Data Center Revenue (Q3 2025): Rose 61% year-over-year to $2.9 million.
• G&A Increase Driver: $1.8 million in depreciation/amortization from Ethiopian assets in Q3 2025.

Finance: draft 13-week cash view by Friday.

BIT Mining Limited (BTCM) - Canvas Business Model: Key Activities

You're looking at a company in a massive pivot, moving capital and focus from traditional mining to the Solana ecosystem, so the key activities reflect this dual focus.

Operating a self-operated Solana validator node for staking yield

• Launched its first Solana ('SOL') validator in August 2025.
• The validator is run by an in-house team, leveraging proprietary technologies.
• The activity is designed to contribute to Solana's network decentralization and security while generating on-chain rewards.

Strategic acquisition and staking of SOL treasury assets, totaling 44,412 SOL by September 2025

• BIT Mining Limited (BTCM) announced a treasury of 44,412 SOL as of September 10, 2025.
• This milestone followed an additional purchase of 17,221 SOL.
• The initial establishment of the treasury involved a purchase of 27,191 SOL for approximately US$4.89 million.
• The overall strategic goal is to build an SOL treasury of up to $300 million through phased capital raising.
• The treasury value was approximately $9.95 million as of September 10, 2025.

Managing data center hosting services for third-party miners

This remains a core, albeit secondary, revenue stream as the company transitions. For the six months ended June 30, 2025, the data center business generated US$6.4 million in revenue. The operational footprint includes a data center in Ohio with a power capacity of 82.5 MW.

Developing the DOLAI USD-denominated stablecoin on the Solana blockchain

• Announced the launch of DOLAI, a U.S. dollar-backed stablecoin on Solana, on August 26, 2025.
• DOLAI ensures 1:1 dollar collateralization with reserves held in cash and short-term U.S. Treasuries.
• The stablecoin is designed to connect AI agents, merchants, consumers, and institutional finance.
• The architecture supports multi-chain interoperability, including seamless swaps across Ethereum, Base, and Canton networks.

Self-mining operations for Bitcoin, Dogecoin, and Litecoin

While the strategic focus shifts, legacy mining operations still contribute to revenue, though H1 2025 revenues show a contraction compared to the prior year. For the six months ended June 30, 2025, the self-mining business recognized revenue of US$4.6 million. The total revenue from continuing operations for H1 2025 was US$11.0 million, a decrease of 43.3% from US$19.4 million in H1 2024.

Here's a look at the latest available monthly production data for the legacy mining segment:

The company's total operational hash rate capacity for BTC mining machines was approximately 347.30 PH/s as of June 30, 2025.

BIT Mining Limited (BTCM) - Canvas Business Model: Key Resources

You're looking at the core assets SOLAI Limited (SLAI), formerly BIT Mining Limited (BTCM), holds as of late 2025. These aren't just line items; they represent the physical and digital foundation supporting their strategic pivot.

The digital treasury is a significant component now, reflecting the shift toward the Solana ecosystem. As of September 2025, the Solana (SOL) treasury reserves were valued at approximately $9.95 million.

This treasury was built by purchasing additional SOL, bringing the total holdings to over 44,412 SOL as reported on September 11, 2025. That valuation was based on the quoted price of SOL at fair value as of September 10, 2025.

The company still maintains substantial physical infrastructure, which is key for their historical operations and potential future AI/decentralized infrastructure needs. Here's a quick breakdown of the power capacity across their key data center locations:

The mining hardware fleet, while perhaps less central to the new narrative, remains a tangible asset base. As of March 2025, the fleet comprised over 28,000 mining machines dedicated to BTC and LTC/DOGE operations.

The transition to SOLAI Limited, effective October 20, 2025, on the New York Stock Exchange, is itself a key resource-it represents the market's recognition of the company's evolving focus. The old ticker was BTCM; the new one is SLAI.

Beyond the physical hardware and crypto holdings, the firm possesses valuable proprietary technology. These intellectual property assets are crucial for their stated goal of building a technology enterprise at the intersection of AI and blockchain. The key elements here include:

• Intellectual property related to 7nm ASIC design for BTC chips.
• Advanced capabilities in LTC/DOGE and ETC miner development.
• Blockchain infrastructure expertise being repurposed for the new ecosystem focus.

Honestly, the rebrand itself is a resource, signaling a clear strategic direction to the market. The new corporate identity is SOLAI Limited, trading under the ticker SLAI starting October 20, 2025.

Finance: draft 13-week cash view by Friday.

BIT Mining Limited (BTCM) - Canvas Business Model: Value Propositions

You're looking at the core things BIT Mining Limited (BTCM), now transitioning to SOLAI Limited, offers customers and the market as of late 2025. This isn't just about mining anymore; it's about infrastructure and ecosystem participation.

Stable, predictable yield from Solana staking and validator operations.

BIT Mining Limited is actively building out its Solana ecosystem participation. The company launched its first Solana validator and announced plans to build an SOL treasury of up to $300 million, with plans to raise up to $300 million for SOL acquisitions and infrastructure development. As of September 10, 2025, the company's SOL treasury stood at 44,412 SOL tokens, valued at approximately $9.95 million. The initial purchase to establish the treasury involved 27,191 SOL for approximately $4.89 million.

Access to high-capacity, geographically diversified, and clean-energy-focused data centers.

The company operates significant physical infrastructure. The Ohio Mining Site has a power capacity of 82.5 megawatt space. Furthermore, BIT Mining Limited completed the second phase of its Ethiopia data center acquisition, bringing the total power capacity of those acquired centers to 51 megawatts. The Ohio site alone recognized $6.4 million in service fee revenue for the six months ended June 30, 2025.

Diversified digital asset exposure beyond Bitcoin (SOL, DOGE, LTC).

While Bitcoin mining remains a core legacy function, the value proposition includes exposure to other assets. For the six months ended June 30, 2025, the company produced 10.5 million DOGE and 2,980 LTC, generating revenue of approximately $2.9 million from these operations. In March 2025 specifically, self-mined BTC production was 6.59 BTC, while hosted clients generated 34.96 BTC.

Infrastructure for the emerging Real-World Assets (RWA) tokenization market.

The strategic pivot is formalized by the name change to SOLAI Limited, effective October 20, 2025. SOLAI Limited joined the RWA Alliance as a Founding Member on October 21, 2025, specifically to advance the Tokenization of Green Energy Assets. The company also launched DOLAI, a USD-denominated stablecoin on the Solana Blockchain.

Hosting services for third-party miners seeking operational efficiency.

BIT Mining Limited provides hosting services leveraging its infrastructure. For the six months ended June 30, 2025, the Data Center business generated $6.4 million in service fee revenue. This segment supports third-party miners, as evidenced by the 34.96 BTC produced for hosted clients in March 2025.

You should review the planned capital raise of up to $300 million against the H1 2025 net loss of $13.9 million. Finance: draft 13-week cash view by Friday.

BIT Mining Limited (BTCM) - Canvas Business Model: Customer Relationships

You're looking at the relationships BIT Mining Limited (BTCM), now transitioning to SOLAI Limited, maintains with its various customer groups as of late 2025. The focus has clearly split between servicing existing infrastructure clients and building a new relationship with the Solana ecosystem and its investors.

Automated, high-uptime service delivery for data center hosting clients.

For the clients relying on the physical infrastructure, the relationship is defined by service delivery metrics tied to the operational assets. The Ohio Mining Site maintains a power capacity of 82.5 MW for hosting services. During the first half of 2025, this data center business segment recognized $6.4 million in service fee revenue. This revenue stream is supported by the ongoing buildout in Ethiopia, where the second closing of the acquisition finalized in July 2025, aiming for a total site capacity of 51 MW across both locations. For context on the service volume, in February 2025, 36.854 BTC was generated specifically for hosted clients, dropping slightly to 34.96 BTC for hosted clients in March 2025.

Direct, transparent communication regarding the strategic pivot to Solana.

The communication around the strategic pivot is direct, marked by significant corporate action. The company officially began trading under the new name SOLAI Limited and ticker SLAI effective October 20, 2025. This shift was accompanied by plans to raise between $200 million and $300 million in phases to fund the new direction. Management communicated the commitment by detailing treasury actions; as of September 10, 2025, the SOL treasury reached over 44,412 SOL, valued at approximately $9.95 million. Furthermore, the company announced joining the RWA Alliance as a founding member on October 21, 2025, signaling a concrete commitment to the tokenization space.

Investor relations focused on long-term value creation in the new ecosystem.

Investor relations are now centered on justifying the pivot away from pure mining profitability, which saw a net loss attributable to BIT Mining Limited of $13.9 million for the six months ended June 30, 2025. The narrative is about long-term value, supported by the new asset base. The company's total shares outstanding as of December 2025 stood at 12,933,509. The initial commitment to the Solana treasury by July 2025 included an acquisition of $7.1 million worth of SOL, which management emphasizes as a core element for generating future yield.

Self-service platforms for mining pool participants (legacy).

The legacy relationship with independent mining pool participants has been largely divested. BIT Mining Limited sold the BTC.com bitcoin mining pool business for $5 million in December 2023. This means the current customer relationship in this segment is minimal or non-existent, as the primary pool operation was sold off, though the company retains the BTC.com domain and explorer.

Here's a quick look at the operational and financial anchors for these relationships:

The company's operational output from its self-mining fleet in H1 2025 produced 17.3 BTC from BTC operations and recognized US$1.7 million in revenue from that specific activity. For the DOGE/LTC operations in the same period, revenue totaled approximately US$2.9 million.

The shift is also reflected in the treasury: the company acquired $7.1 million worth of SOL by July 2025, and its self-operated validator node is now online, which is a direct service/relationship offering to the Solana network itself.

Finance: review the cash burn rate against the $1.2 million cash and cash equivalents as of June 30, 2025, by next Tuesday.

BIT Mining Limited (BTCM) - Canvas Business Model: Channels

Direct sales and contracts for data center hosting services are channeled through established operational sites, such as the 82.5 megawatt space at the Ohio Mining Site. For the six months ended June 30, 2025, this channel generated approximately $6.4 million in service fee revenue. The direct cost of revenue associated with the data center business for the same period was $11.0 million.

The company's securities are accessible via the NYSE trading platform for American Depositary Shares (ADS). The ticker symbol was BTCM, which officially transitioned to SLAI effective October 20, 2025. On October 10, 2025, the closing price for the ADS was $2.660, with a trading volume of 540,214 shares. By October 20, 2025, the price was reported at $2.73.

Financial disclosures and corporate updates are disseminated through the corporate website and investor relations portals. For instance, the unaudited financial results for the six months ended June 30, 2025, were reported on August 14, 2025. Total revenues for that six-month period reached US$11.0 million.

Direct-to-protocol interaction is established via the self-operated Solana validator node. This node was launched on August 5, 2025. This operational channel is supported by a growing SOL treasury. The initial purchase included 27,191 SOL for an aggregate price of approximately US$4.89 million. As of H1 2025, the company had acquired $7.1 million worth of SOL for treasury reserves. Further expansion included a purchase of 17,221 SOL, valued at about $9.95 million as of September 10, 2025, bringing the total treasury to 44,412 SOL. The company has stated plans to raise up to $300 million to fund further SOL acquisitions.

Here's a quick look at the key financial metrics related to these channels as of late 2025:

The company utilizes its infrastructure and treasury strategy across several key areas:

• Direct sales contracts for hosting services at the Ohio site.
• Trading of American Depositary Shares on the NYSE under the ticker SLAI (formerly BTCM).
• Issuance of financial reports via investor relations portals.
• Direct participation in the Solana network via the self-operated validator node.
• Staking of acquired SOL holdings to generate on-chain rewards.

BIT Mining Limited (BTCM) - Canvas Business Model: Customer Segments

You're looking at the customer base for BIT Mining Limited, which, as of late 2025, is undergoing a significant transformation. The segments reflect both the legacy business and the aggressive new strategy centered on the Solana ecosystem. Honestly, the shift means the company is now courting two very different sets of clients.

Institutional and large-scale third-party cryptocurrency miners

This group represents the traditional core of the Data Center business, where BIT Mining Limited provides hosting services for their mining hardware. The revenue from this segment was substantial in the first half of 2025, though competitive pressures forced some pricing adjustments. The physical infrastructure supporting these customers is considerable, demonstrating the scale of this segment's importance to the legacy model.

The operational footprint supporting these miners includes:

• Data Center Business Revenue (H1 2025): US$6.4 million.
• Ohio Mining Site Power Capacity: 82.5 MW.
• Ethiopia Site Total Power Capacity Target: 51 MW.
• BTC Mined for Hosted Clients (March 2025): 34.96 BTC.
• BTC Mined for Hosted Clients (February 2025): 36.854 BTC.

If onboarding takes 14+ days, churn risk rises due to competitive hosting rates.

Digital asset investors seeking exposure to the Solana ecosystem

This is the primary target for the company's strategic pivot, positioning BIT Mining Limited (soon to be SOLAI Limited) as a publicly traded proxy for the Solana blockchain. These investors are not necessarily interested in Bitcoin mining but want direct, listed exposure to SOL's growth narrative. The company is backing this strategy with significant capital deployment plans and direct network participation.

The commitment to this segment is quantified by the planned capital raise and the current treasury holdings:

The company plans to earn staking rewards by operating Solana validator nodes, which directly appeals to investors focused on network participation and yield.

Retail and institutional investors in the NYSE-listed stock

These are the equity holders of the company, trading under NYSE: BTCM, which is scheduled to change to SLAI effective October 20, 2025. Investor sentiment has been highly reactive to the Solana news, though Wall Street coverage remains thin. You're looking at a stock that saw a massive rally in July 2025, but the underlying operational performance shows strain.

Key financial metrics for the equity segment as of late 2025 include:

• Stock Price High (July 10, 2025, post-announcement): $5.84.
• Market Capitalization (as of September 26, 2025): $42.76M.
• Market Capitalization (Q3 2025): $44.12M.
• Analyst Consensus Rating (Last 12 months): 'Reduce'.
• Total Revenues (H1 2025): US$11.0 million.
• Net Loss Attributable (H1 2025): $13.9 million.

The stock is being marketed as an indirect, diversified means of gaining exposure to Solana, similar to the MSTR narrative with Bitcoin.

Solana ecosystem participants and developers (future focus)

This segment represents the future product and partnership focus, moving beyond just holding SOL to actively building within the ecosystem. This involves creating infrastructure that connects traditional finance and AI applications to the Solana network, which is a clear move to capture developer and institutional adoption within that specific chain.

The concrete steps toward engaging this segment include:

• Launching DOLAI, a USD-denominated stablecoin on the Solana Blockchain.
• Partnering with Brale Inc. for the stablecoin launch.
• Focusing DOLAI on connecting AI agents, merchants, consumers, and institutional finance.
• Operating validator nodes to support network decentralization and earn staking rewards.

The company is also joining the RWA Alliance as a Founding Member to advance tokenization of Green Energy Assets as of October 21, 2025.

BIT Mining Limited (BTCM) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive BIT Mining Limited's operations, which, as of late 2025, are heavily weighted toward infrastructure and energy. Honestly, for a mining operation, the cost structure is almost entirely about power contracts and capital deployment for scale.

For the first half of 2025, the reported Operating costs and expenses totaled US$24.5 million. This figure represented an increase of US$2.7 million compared to the same period in 2024, which was US$21.8 million.

Drilling down into those operating costs, the direct cost of revenue was comprised of:

• Direct cost of revenue of US$11.0 million.
• Depreciation and amortization expenses of US$5.3 million.

General and administrative expenses for the six months ended June 30, 2025, were US$8.2 million, up US$1.5 million, or 22.4%, from US$6.7 million in the prior year period.

The single most significant component of the ongoing expense is the high electricity and hosting costs for mining operations. The strategic move to Ethiopia was explicitly about mitigating this. While the global average industrial rate in 2025 hovers around $0.05-$0.07 per kWh, BIT Mining Limited sought rates as low as $0.02-$0.03 per kWh by tapping into Ethiopia's energy sources, which were reported to be nearly 70% cheaper than in Ohio.

The capital expenditure for data center build-out, particularly the 51 MW Ethiopia site, was a major outlay. The acquisition, completed in phases through July 2025, involved a significant commitment to secure this low-cost power base. Here's the quick math on that deal structure:

This investment in infrastructure is designed to lower the variable cost of production over the long term. As of March 2025, the cost per self-mined BTC was reported to be approximately $65,831. This figure is a key metric for assessing the efficiency of their deployed fleet against the market price at that time.

Furthermore, as part of its strategic shift into the Solana ecosystem, BIT Mining Limited incurred costs for treasury asset acquisition. The company acquired $7.1 million worth of SOL for its treasury reserves during the first half of 2025, which it then staked to generate yield.

To be fair, the cost structure is a balance between high fixed capital deployment (like the Ethiopia site) and variable operational costs (electricity). Finance: draft 13-week cash view by Friday.

BIT Mining Limited (BTCM) - Canvas Business Model: Revenue Streams

You're looking at how BIT Mining Limited, soon to be SOLAI Limited, is bringing in cash as of late 2025. It's a mix of legacy mining services and a sharp pivot into the Solana ecosystem. Honestly, the numbers for the first half of the year show the transition isn't without its bumps.

Total revenues from continuing operations were US$11.0 million for H1 2025. That's a significant drop, down 43.3% from the US$19.4 million seen in H1 2024. Still, we can break down where that $11.0 million actually came from.

The core revenue streams for the first half of 2025 are clearly delineated between infrastructure services and direct crypto operations. Here's the quick math on the two main operational revenue sources:

The data center hosting revenue of US$6.4 million represented a decrease of US$3.9 million compared to the same period last year. That tells you customer retention efforts are costing top-line revenue, but perhaps saving the customer relationship, which is a trade-off you see often.

For the staking side, BIT Mining Limited has made a clear strategic move. They are generating yield from staking their treasury reserves, which is a newer, non-mining revenue focus. This is powered by their investment in the Solana ecosystem.

• Acquired 27,191 SOL for approximately US$4.89 million in August 2025.
• Expanded treasury to over 44,000 SOL (specifically 44,412 SOL as of September 10, 2025).
• The 44,412 SOL treasury was valued at approximately $9.95 million as of September 10, 2025.
• Launched a self-operated validator node to stake these holdings and earn on-chain rewards.

Then you have the future potential, which is where the strategy gets interesting, especially with the planned rebrand to SOLAI Limited effective October 20, 2025. If onboarding takes 14+ days, churn risk rises, but new product launches can offset that. The company is actively exploring these avenues for growth, which are not yet reflected as material revenue in the H1 2025 report.

• Potential future revenue from the DOLAI stablecoin, which is USD-denominated and launching on the Solana Blockchain in partnership with Brale Inc.
• Potential future revenue from RWA tokenization services, leveraging their infrastructure expertise.

So, to be defintely clear on the H1 2025 picture, the sum of the two primary continuing operations streams nets out to the reported total:

US$6.4 million (Hosting) + US$4.6 million (Self-Mining) = US$11.0 million Total Revenues from Continuing Operations for H1 2025. Finance: draft the Q3 2025 revenue projection incorporating expected SOL staking yield by next Tuesday.