Solana Treasury Firm SOLAI Executes 700-for-1 Share Consolidation, Authorizes 100 Billion Shares

Solana treasury company SOLAI Limited, formerly known as BIT Mining, announced that shareholders approved a sweeping capital restructuring at an extraordinary general meeting on August 14. The measure implements a 700-for-1 share consolidation while establishing a new authorization of 100 billion Class A ordinary shares.

The restructuring unfolded in two steps. Investors first authorized an increase in pre-consolidation Class A shares from 38.4 billion to 70 trillion. They then approved the immediate 700-for-1 consolidation, which reduced the authorized count to 100 billion shares on a post-consolidation basis. For context, the previous 38.4 billion-share authorization would have equated to roughly 54.86 million shares after consolidation, making the new ceiling approximately 1,823 times larger. The company did not specify a financing, acquisition, compensation program, or other designated use for the expanded capacity in its results release.

The New York Stock Exchange suspended SOLAI’s American depositary shares (ADS) on July 16 after the average global market capitalization fell below the $15 million minimum over 30 consecutive trading days. The company did not appeal within the 10-business-day window, and delisting took effect August 17. Deutsche Bank’s depositary record indicates the sponsored ADR remains active on the OTC Pink market under the ticker SLAIY.

As of March 31, the former Bitcoin miner reported 1.92 billion Class A shares issued and outstanding, with an additional 1.16 billion shares issued on June 2 as acquisition consideration. This yields a pre-consolidation total of approximately 3.09 billion shares, converting to roughly 4.41 million shares post-consolidation. However, SOLAI noted that holder-level rounding rules and any issuance, cancellation, or adjustment after June 2 mean this calculation does not reflect a current cap table. On that limited basis, the apparent authorized but unissued capacity stands at about 99.996 billion shares.

The ordinary-share consolidation follows a separate July action that changed SOLAI’s ADS ratio from 100 to 700 ordinary shares per ADS through a one-for-seven ADS reverse split, executed without issuing or canceling underlying shares. The August 17 company release and Deutsche Bank record, read alongside the July depositary filing that preceded the shareholder vote, did not clarify how that ratio would operate after the subsequent consolidation of the ordinary shares themselves. An updated issued-share count, a stated use for the new authorization, and any revised depositary instructions are now the critical disclosures for OTC holders.

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