In an official press release, BTCS CEO Charles Allen revealed the recent acquisition of a massive amount of ETH by the company, at an average price of $2441 per token. Highlighting the importance of ETH in the growth of the platform, the CEO stated:
Ethereum remains at the core of our blockchain infrastructure strategy. By expanding our position in ETH, we strengthen the foundation that allows us to scale validation operations, increase staking revenue, and generate long-term value for shareholders.
It is noteworthy that this development coincides with the growing institutional demand for Ethereum. This increasing acceptance of ETH is evidenced by the net inflow of $64.889 million on May 20, one of the largest single-day inflows. BlackRock's ETHA recorded its largest single-day inflow, attracting the considerable sum of $45 million.
Following the purchase of ETH, BTCS's stock price surged significantly, currently reaching $2.68, an increase of 13.56%. Over the past five days, the stock has experienced a growth of 21.27%. At the same time, over the course of a month, the stock price has increased an astounding 68%.
BTCS's purchase of ETH has significantly boosted the overall financial strength of the company. This growth has propelled the total cryptocurrency and cash holdings of the company to approximately $38.42 million, an increase of 88% since the beginning of the second quarter. With a liquidity ratio of 43.43, the blockchain company has a strong liquidity position, with liquid assets far exceeding its short-term obligations.
Fueled by the incorporation of BTC into Ethereum, the price of ETH reached a daily high of $2,607, only to plummet to $2,547. In the last 24 hours, the token has experienced a slight increase of 1.97%. Despite a weekly decline of 3.1%, ETH experienced a massive rebound of 56% over the course of a month.
