Ether Treasury Firm BTCS Surges 100% on $100M ETH Buying Plan

Key Points

1. BTCS, a Nasdaq-listed company, saw its stock surge over 100% following the announcement of a $100 million funding plan to acquire additional ETH for its treasury.

2. The firm has been a pioneer in crypto treasury strategies, holding 14,600 ETH as of June, worth approximately $38 million at current prices.

3. BTCS plans to use a $250 million at-the-market offering, convertible debt arrangements, and borrowing stablecoins on DeFi lending protocol Aave to fund the ETH acquisition.

4. The company has focused on Ethereum since 2021, buying ETH and operating validators, aligning with a broader trend of public firms holding ETH as a treasury asset.

5. Other firms like Sharplink Gaming, Bitmine Immersion, and Bit Digital have also announced plans to acquire and hold ETH as part of their treasury strategies.