$ETH BTC Digital ditches Bitcoin for Ethereum in ‘transformative’ shift
The mining firm has raised $6 million and is set to dump Bitcoin in favor of Ethereum, targeting tens of millions in ETH reserves by year-end.
Blockchain technology and mining company BTC Digital has gone all-in on Ethereum in a strategic shift and the closure of a $6 million financing round.
The firm, listed under the ticker BTCT on the Nasdaq, announced a “transformative, strategic shift” to fully embrace Ether
$3,635
as its “core asset and operational foundation” on Thursday.
The company revealed that it has added a new $1 million Ether position and going forward intends to convert all existing and future Bitcoin
BTC
$120,597
holdings into ETH to build a “long‑term, productive on‑chain asset pool and to anchor its mid‑ and long‑term growth around the Ethereum ecosystem.”
“Ethereum has emerged as the premier platform for decentralized finance, real‑world asset tokenization, and scalable smart‑contract innovation,” said BTC Digital CEO Siguang Peng.
The firm aims to accumulate “tens of millions of dollars” in ETH reserves by year-end and plans to generate returns through ETH staking, DeFi participation, real-world asset projects, and stablecoins.
Big plans for Ethereum stash
BTC Digital said it is transitioning from a mining-focused business model to a “production-asset-driven digital asset operator.” #AltcoinSeasonLoading #StrategyBTCPurchase
