Another BTC Mining Firm Moves Into Ethereum Reserve, Hailing ETH as ‘Digital Gold’

Bitcoin mining agency, BTC Digital (BTCT), has moved $1 million of firm money into ether (ETH), which it referred to as its new “digital gold.”

BTCT Moved $1M Into Ethereum Reserve, chief government officer Siguang Peng mentioned in a press launch, including that Ethereum has “emerged as the foundation of on-chain USD settlement and value transfer.”

“By securing an initial $1 million ETH reserve today—and with plans to scale that position—we are proactively positioning ourselves for decentralized finance, stablecoin issuance, and asset tokenization,” Peng said.

BTCT plans to grow the reserve as upgrades lift capacity and U.S. rules solidify. BTC Digital was previously a bitcoin mining company. The firm recently said that “its 20 MW massive–scale cryptocurrency mining venture in Georgia has reached a big milestone.”

The company doesn’t state if it still plans to mine bitcoin, but said it is “constructing on its origins in massive–scale crypto mining, BTCT is present process a strategic evolution from “hash–rate provider” to “on–chain financial infrastructure participant,” within the press launch.

BTC Digital is the second publicly traded bitcoin miner turning to an ether treasury. Earlier this month Bit Digital (BTBT) shifted its complete treasury from BTC to ETH as it moved to a staking technique. The transfer noticed its inventory soar as much as 30%. It has since corrected in a virtually 20% drop.

Meanwhile, BTCT’s inventory closed Friday’s buying and selling session 13% larger.

Publicly-known ether treasuries, which embody the treasuries of decentralized autonomous organizations (DAOs), Layer-2 networks, and publicly-traded companies, at the moment maintain greater than 1.34 million ETH, in accordance with a public tracker.