The U.S. Nasdaq-listed company Blockchain Technology Consensus Solutions (BTCS) announced on Tuesday that it will launch a 100 million USD fundraising plan to purchase more Ethereum. After the news broke, BTCS's stock price surged over 100% during trading.
BTCS has been a pioneer in laying out its strategy for Ethereum since 2021, being one of the first to adopt a cryptocurrency reserve strategy. The company stated its intention to fundraise through both traditional finance and decentralized finance (DeFi) markets, specifically including:
Launch an existing 250 million USD 'at-the-market' (ATM) stock program;
Collaborate with ATW Partners to issue convertible bonds;
Borrow stablecoins through the DeFi lending protocol Aave (AAVE).
BTCS CEO Charles Allen stated: "We firmly believe that Ethereum has enormous growth potential and will become the core of future digital financial infrastructure. Our capital strategy consistently aims to reduce equity dilution and enhance financial flexibility, while maintaining sound financial management to protect shareholder interests."
After Bitcoin became a popular option for corporate asset allocation, more and more publicly listed companies began to follow the strategy of MicroStrategy (now known as Strategy), extending their asset allocation to Ethereum. Recently, companies such as Sharplink Gaming (SBET), Bitmine Immersion (BMNR), and Bit Digital (BTBT) have all announced that they will include Ethereum in their corporate balance sheets while participating in the operation of Ethereum network validation nodes.
However, compared to these newcomers, BTCS can be considered a long-established pioneer. The company entered the blockchain industry in 2014 and began focusing on Ethereum in 2021, purchasing Ethereum and operating validation nodes. As of June this year, BTCS held a total of 14,600 Ethereum, valued at approximately 38 million USD.
"Plans to raise 100 million USD to increase its Ethereum holdings, BTCS stock price soared over 100%" was first published on (Block客).
