BTC Digital, listed on the Nasdaq under the symbol BTCT, announced a radical strategic shift in its course, deciding to abandon Bitcoin and fully focus on the $ETH network. This decision came after the company secured $6 million in funding, which it seeks to use to strengthen its position in the Ethereum ecosystem in the medium to long term.
New investment and asset transformation BTC Digital revealed that it has invested an additional $1 million in Ethereum, intending to gradually convert all its Bitcoin holdings to ETH. The goal of this step is to build an effective on-chain asset portfolio that contributes to the company's development within the Ethereum environment.
Siguang Bing, the CEO of the company, clarified that $ETH has become the leading platform globally in the fields of decentralized finance (DeFi), developing scalable smart contracts, and tokenizing real-world assets.
Transitioning to an asset-based operational model The company is currently moving from a traditional mining model to an operational model based on produced digital assets. It aims to hold 'tens of millions of dollars' as a reserve of Ethereum by the end of this year.
Among the company's main objectives in the coming phase:
-Creating yield pools backed by Ethereum
-Developing infrastructure to launch stablecoins
-Expanding cooperation within the Ethereum ecosystem (DeFi, NFT, layer two scaling solutions, and others)
Diversifying income sources and developing new financial products According to Bing, this shift represents the cornerstone for building long-term wealth through diversifying income sources and innovating new financial products. The decision by BTC Digital aligns with the trends of several other companies that have recently begun building their reserves in Ethereum.
It is noteworthy that the price of $ETH surpassed $3600 on Saturday, its highest level since January, reflecting the strength of momentum around the currency and its growing ecosystem.
#اثيريوم #Ethereum #BinanceSquareTalks #BinanceSquare #BinanceExplorers