Nasdaq-listed BTC Digital establishes $1 million ETH reserve with plans to scale
Quick Take
- The crypto miner is undergoing a strategic evolution from “hash-rate provider” to “onchain financial infrastructure participant,” according to the release.
- BTCT shares jumped as much as 20% on Friday after the company announced its “strategic” ETH reserve.
Blockahin technology company BTC Digital (ticker BTCT) shares jumped as much as 20% Friday after the company said it has established a "strategic reserve" of $1 million worth of Ethereum's native token as corporate altcoin treasuries continue to gain in popularity.
This is the first phase of BTC Digital's "broader initiative to deepen its exposure to Ethereum's onchain financial infrastructure" and to position the company for long-term growth, according to a press release.
"As the stablecoin market continues its explosive growth, Ethereum has emerged as the foundation of onchain USD settlement and value transfer," CEO Siguang Peng said in a statement. "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."
BTC Digital was founded in 2006 and went public on the Nasdaq in April 2020. The stock has traded under $10 per share since September 2022 and currently sports a market cap of around $32 million.
The crypto miner is undergoing a strategic evolution from "hash-rate provider" to "onchain financial infrastructure participant," according to the release. The company intends to continuously augment its ETH holdings in alignment with market developments and network upgrades.
Ethereum treasuries have been heating up amid rising price action. In the past week alone, Bit Digital swapped its bitcoin treasury into Ethereum, SharpLink lifted the value of its ETH treasury to $558 million, and GameSquare's board approved a $100 million ETH treasury initiative.
With crypto markets trading higher across the board Friday, the price of ETH hit the $3,000 level for the first time since February. BlackRock’s leading spot Ethereum ETF witnessed a record $300 million in daily inflows on Thursday, The Block previously reported.
Ethereum traded around $2,987 at publication time, up 7.8% according to The Block's ETH price data.
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