The American Nasdaq-listed company Blockchain Technology Consensus Solutions (BTCS) announced on Tuesday that it will launch a $100 million fundraising plan to increase its purchase of more Ethereum. After the news broke, it stimulated BTCS's stock price to skyrocket over 100%.

BTCS was one of the pioneers that laid out investments in Ethereum as early as 2021, adopting a cryptocurrency reserve strategy. The company has stated its intention to raise funds through a dual-track approach in traditional finance and decentralized finance (DeFi) markets, with specific operations including:

  • Activate the existing $250 million 'at-the-market' 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 strengthen capital 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 emulate MicroStrategy's (now known as Strategy) strategy by extending their asset allocation to Ethereum. Recently, companies such as Sharplink Gaming (SBET), Bitmine Immersion (BMNR), and Bit Digital (BTBT) have all announced their inclusion of Ethereum in their company balance sheets while participating in the operation of Ethereum network validation nodes.

However, compared to these newcomers, BTCS can be considered a well-positioned pioneer. The company entered the blockchain industry in 2014 and has focused on Ethereum since 2021, purchasing Ether and operating validation nodes. As of June this year, BTCS holds a total of 14,600 Ether, worth approximately $38 million.

  • This article is authorized for reprint from: (Blockke)

  • Original Title: (Planning to raise $100 million to increase investment in Ethereum, BTCS stock price skyrocketed over 100%)

  • Original Author: Xun

'BTCS stock price surged over 100%! Planning to raise $100 million to increase investment in Ethereum: optimistic about becoming the core of digital finance' was first published on 'Crypto City'

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