BTCS Shares Double on $100M Plan to Expand Ethereum Holdings
BTCS (Nasdaq: BTCS), a blockchain company that embraced an Ethereum-focused treasury strategy years before it became trendy, saw its stock price surge over 100% on Tuesday after unveiling plans to raise $100 million to boost its ETH reserves.
The company said it will pursue funding from both traditional capital markets and decentralized finance (DeFi) sources. Its strategy includes drawing on an existing $250 million at-the-market (ATM) equity program, executing a convertible debt agreement with ATW Partners, and borrowing stablecoins via DeFi lending platform Aave (AAVE).
“We believe that Ethereum has significant growth potential and is central to the future digital financial infrastructure,” said BTCS CEO Charles Allen. “Our capital formation approach remains focused on minimizing dilution, maintaining flexibility, and safeguarding shareholder value.”
Crypto treasury strategies have increasingly gained traction on Wall Street, led by Michael Saylor’s Strategy (MSTR), which holds the world’s largest corporate stash of bitcoin (BTC). The trend is expanding to Ethereum, with companies like Sharplink Gaming (SBET), Bitmine Immersion (BMNR), and Bit Digital (BTBT) now also planning ETH acquisitions and validator operations.
BTCS was an early pioneer in this space, shifting its focus to Ethereum in 2021 after years in the broader blockchain sector since its founding in 2014. As of June, the firm held 14,600 ETH, valued at around $38 million based on current market prices.
