Blockchain Technology Consensus Solutions (BTCS), a Nasdaq-Gentered company with an Ethereum (ETH) Treasury strategy, rose more than 100% on a $ 100 million financing plan on Tuesday to acquire more ETH for its balance.
The company wants to tap into traditional and decentralized financial (Defi) capital markets for the capital increase. It is planning to use an existing $ 250 million on the market
Offer to sell equity, a convertible debt settlement with ATW partners and borrowing stablecoins on Defi Leen protocol Aave {{aave}}.
“We believe that Ethereum has a considerable growth potential and is central to the future digital financial infrastructure,” said CEO Charles Allen in a statement. “Our approach to capital formation is – and remains designed to minimize dilution, to maximize flexibility and adapt to our dedication to healthy financial management for the protection of our shareholders.”
Public companies with crypto treasury strategies are very furious with Wall Street, according to the Playbook of Michael Saylor’s strategy, the largest business bitcoin
Holder in the world. The trend has also been extended to Ethereum, with companies such as Sharplink Gaming (SBET), Bitmine Immersion (BMNR) and BIT Digital (BTBT) that announce plans to acquire and keep it as a Treasury Asset and also participate in the networking processing validators.
BTCS was a pioneer of this trend well before others jumped on the bandwagon: it has been working as a blockchain company since 2014 and began to concentrate on Ethereum in 2021, buying ETH and operational validators. From June, the company had 14,600 ETH, worth around $ 38 million at the current prices.
Read more: Tom Lee’s Bitmine has risen 3,000% since Eth Treasury strategy, but Sharplink’s Plunge Warrants Lution
