BTC Digital (BTCT) announces Ethereum reserves, stock price surges 20%
According to The Block, Nasdaq-listed blockchain technology company BTC Digital (stock code: BTCT) announced last Friday (7/11) the establishment of a $1 million strategic reserve of Ether ($ETH), with the company's stock price surging 20% at one point, closing up 13%.
BTC Digital was founded in 2006 and went public on Nasdaq in April 2020, with a current market capitalization of approximately $32 million.
The company is undergoing a strategic transformation from a Bitcoin network computing power provider to an on-chain financial infrastructure participant, and plans to continue increasing its Ether holdings in response to regulatory changes and network upgrades.
Source of the image: Google BTC Digital (BTCT) announces Ethereum reserves, with stock price surging 20% at one point.
BTCT claims that Ether is the new 'digital gold'
BTC Digital also refers to Ether as the company's new 'digital gold.' With the stablecoin market continuing explosive growth, Ethereum has become the foundation for on-chain dollar settlement and value transfer.
BTC Digital CEO Siguang Peng emphasized that through this reserve, the company is actively preparing for decentralized finance, stablecoin issuance, and asset tokenization (RWA).
Notably, BTC Digital is the second publicly traded Bitcoin mining company to turn to Ethereum reserves.
In early July this year, Bit Digital (stock code: BTBT) shifted its entire asset pool from Bitcoin to Ethereum, adopting a staking strategy, which caused its stock price to surge by 30% before retracing nearly 20%.
In the past year or two, several publicly listed companies have not only begun to reserve Bitcoin but have also started to reserve Ether in recent months, with Bit Digital, SharpLink, and GameSquare having similar reserve strategy plans.
Further reading:
Bitcoin miners are transforming! Bit Digital holds 100,000 ETH, is it still undervalued?
US-listed company SharpLink: Ether holdings exceed 200,000, launching a new ETH index
Public reserves of Ether exceed 1.34 million, market outlook is optimistic.
As of July 14, the total known public Ethereum reserves exceed 1.34 million $ETH (approximately worth $4.087 billion), with these reserve ETH held by organizations including decentralized autonomous organizations (DAOs), Layer 2 scaling solutions, and publicly listed companies.
Source of the image: Strategic ETH Reserve public reserves of Ether organizations
Market confidence in Ethereum continues to rise, with asset management giant BlackRock launching an Ethereum spot ETF, which recorded a single-day inflow of $300 million on Thursday.
The cryptocurrency market has recently risen across the board, and Ether finally broke through $3,000 for the first time since February.
This wave of Ethereum reserve enthusiasm reflects corporate confidence in the future development of blockchain technology and decentralized finance, with expectations that more companies will follow suit and create 'Ethereum versions of MicroStrategy.'
This content is generated by Crypto Agent summarizing information from various sources, reviewed and edited by Crypto City, and is still in the training stage, which may contain logical biases or information inaccuracies. The content is for reference only and should not be considered investment advice.
'Global public reserves of ETH exceed $4 billion! BTC miners are also entering the market: Ether is the new digital gold.' This article was first published in 'Crypto City'
