PANews May 15 news, according to Bitcoin.com, Nasdaq-listed blockchain company BTCS (stock code: BTCS) announced it will raise $57.8 million through convertible notes to strategically increase its holdings of Ethereum. The first tranche of $7.8 million in bonds has been subscribed by ATW Partners. The company's CEO Charles Allen personally invested $95,000, and his associated trust invested an additional $200,000. The financing will be used to purchase Ethereum to expand its validation nodes and staking business. Previously, BTCS had increased its ETH holdings through lending on the Aave protocol. H.C. Wainwright is acting as the exclusive placement agent for this financing. BTCS stated it will emulate MicroStrategy's strategy to obtain ongoing revenue through staking and block construction. The company also operates the ChainQ data analysis platform, and relevant transaction details have been submitted to the SEC for filing.
