BTC Digital (NASDAQ: BTCT), once known strictly as a bitcoin mining company, has taken a significant step into the world of Ethereum, announcing a $1 million investment in ether (ETH) and dubbing the asset its new “digital gold.”
In a press release, CEO Siguang Peng highlighted Ethereum’s growing significance as the backbone for decentralized finance, stablecoins, and asset tokenization.
“By establishing an initial $1 million ETH reserve—and with intentions to expand—we’re positioning ourselves to participate in the evolving landscape of DeFi, stablecoin adoption, and tokenized assets,” Peng said.
BTC Digital signaled it could grow its ether holdings further as Ethereum’s network upgrades improve scalability and as regulatory conditions become clearer in the United States.
While the firm has focused primarily on bitcoin mining until now, it recently reported progress on a 20-megawatt mining operation in Georgia. BTC Digital didn’t confirm if it plans to continue mining bitcoin, but it noted it’s transitioning from a pure “hash-rate provider” into a broader “on-chain financial infrastructure player.”
BTC Digital is now the second publicly listed bitcoin mining firm to pivot toward ether reserves. Earlier this month, Bit Digital (NASDAQ: BTBT) revealed it had shifted its entire treasury from bitcoin to ether to pursue staking strategies. Following that announcement, Bit Digital’s shares surged as much as 30%, though the stock has since pulled back nearly 20%.
Meanwhile, BTC Digital’s shares closed Friday’s session up 13%.
The move reflects a broader trend: public ether treasuries—including holdings by decentralized autonomous organizations (DAOs), Layer-2 projects, and publicly traded firms—now collectively hold more than 1.34 million ETH, according to blockchain data trackers.
