Blockchain technology and BTC digital mining company lost everything to Ethereum in a strategic shift and the closure of a $ 6 million financing round.
The firm, listed under Ticker BTCT in Nasdaq, announced a “transformation, strategic shift” to fully embrace the ether (Eth) as the “Core Asset and Operational Foundation” on Thursday.
The company has announced that it has added a new $ 1 million ether position and the forward is aimed at converting all existing and future Bitcoin (Btc) ETH handling to produce a “long -term term, productivity in – chain asset pool and to claim mid -long and long -term growth around the Ethereum ecosystem.”
“The Ethereum has emerged as the main platform for decentralized finances, real world asset tokenization, and scalable smart – contract innovative,” said BTC digital CEO Siguang Peng.
The firm aims to accumulate “tens of millions of dollars” in ETH reserves by the end of the year and plans to generate returns through ETH staking, defi participation, real-world asset projects, and stablecoins.
Big plan for ethereum stash
BTC digital says it is moving from a Mining is focused Business model at a “production-asset-driven digital asset operator.”
The main strategic initiatives include the development of pools with ETH yields, developing stablecoin infrastructure, and expanding partnerships throughout the Ethereum ecosystem, including defi, NFT, and layer-2 scaling scaling solutions.
Related: Ethereum investors pile at ETH in the middle of massive weekly climbing
“By centering out our digital strategy – assets at Ethereum, the BTCT creates a solid framework for long -term value creation, varied sources of yield, and innovative financial products,” Peng added.
There is little reaction to the company’s stock, which sank slightly on Thursday, to end the day at $ 3.44, According to In Google Finance.
Looking forward to further raids
Ether prices tap at a six-month-old $ 3,600, their highest level since early January, in early trading Friday. The owner has now dropped 40% over the past twice.
“Investors are increasingly buying reserve techniques for Bitcoin and Ethereum, while the US is set to pass the landmark law that will empower the development of Stablecoins and Defi,” LVRG research director Nick Ruck said in cointelegraph.
“The return of Fortunes Eth was experienced compared to a few months ago, and we would almost certainly see further upside down, driven by part of the passage of clarity and geniuses,” said Nic Puckrin, investor and founder of the coin bureau, on a note shared with Cointelegraph.
Expanding the Treasury of Ethereum
The firm joins Joe Lub’s Gaming Firm Rank Sharplink.
Only these four companies hold around 714,000 ETH, which cost nearly $ 2.4 billion in current market prices, According to In strategicethreserves.xyz.
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