BTCS Surges 110% on $100M Acquisition Plan

Blockchain Technology Consensus Solutions (BTCS), a Nasdaq-listed agency with an Ethereum (ETH) treasury technique, surged over 100% on Tuesday on a $100 million funding plan to amass extra ETH for its steadiness sheet.

The firm goals to faucet conventional and decentralized monetary (DeFi) capital markets for the capital elevate. It plans to make use of an current, $250 million at-the-market

providing to promote fairness, a convertible debt association with ATW Partners and borrowing stablecoins on DeFi lending protocol Aave {{AAVE}}.

“We believe that Ethereum has significant growth potential and is central to the future digital financial infrastructure,” stated CEO Charles Allen in a press release. “Our approach to capital formation has been – and continues to be – designed to minimize dilution, maximize flexibility, and align with our commitment to sound financial management for the protection of our shareholders.”

Public companies with crypto treasury methods are all the fad on Wall Street, following the playbook of Michael Saylor’s Strategy, the most important company bitcoin

holder on the planet. The pattern has expanded to Ethereum as nicely, with companies like Sharplink Gaming (SBET), Bitmine Immersion (BMNR), and Bit Digital (BTBT) asserting plans to amass and maintain ETH as a treasury asset and in addition take part within the community working validators.

BTCS was a pioneer of this pattern nicely earlier than others have jumped on the bandwagon: it has been working as a blockchain firm since 2014 and beginning to focus on Ethereum in 2021, shopping for ETH and working validators. The agency held 14,600 ETH as of June, value some $38 million at present costs.

Read extra: Tom Lee’s Bitmine Surges 3,000% Since ETH Treasury Strategy, however Sharplink’s Plunge Warrants Caution