$ETH Nasdaq-Listed Blockchain Infrastructure Firm Prepares to Sell Shares to Buy Ethereum
Nasdaq-listed blockchain infrastructure firm BTCS has launched a plan to raise up to $57.8 million via convertible notes, aiming to significantly expand its Ethereum (ETH) holdings at what it describes as a “critical inflection point” for the network.
The Maryland-based company announced in a statement that it has signed a facility agreement with New York-based investment firm ATW Partners to issue the notes. BTCS has already secured the first $7.8 million tranche, with the remaining $50 million subject to mutual agreement.
“Similar to how MicroStrategy leverages its balance sheet to accumulate Bitcoin, we are implementing a disciplined strategy to grow our Ethereum holdings,” said Charles Allen, BTCS Chairman and CEO. Allen personally invested $95,000 in the offering.
BTCS plans to use the proceeds solely to purchase Ethereum, which has surged nearly 42% in the past week amid renewed investor confidence following the successful Pectra network upgrade. The upgrade increases scalability and efficiency on Ethereum, pushing the value of ETH to nearly $2,587 at press time.
The firm said it aims to use its ETH holdings to onboard additional validators, increase staking rewards, and improve block production efficiency — key components of its broader revenue generation strategy. BTCS described Ethereum as a “core” asset for its business model, which encompasses validator node operations, staking services, and on-chain analytics.
BTCS shares closed up 5.53% at $2.10 on Wednesday, according to Google Finance.
This is not investment advice.