BTC Digital Abandons Bitcoin, Embraces Ethereum Post $6M Funding

After closing a $6 million funding round, blockchain technology and mining firm BTC Digital shifted its strategy to focus only on Ethereum. The Nasdaq-listed company, which goes by the ticker symbol BTCT, made an announcement on Thursday about a “transformative, strategic shift” to embrace Ether exclusively as its backbone.

The firm has announced the addition of a fresh $1 million Ether position and plans to convert all Bitcoin holdings into ETH going ahead. This is to create a productive on-chain asset pool and support the companys development in the medium to long term within the Ethereum ecosystem.

Banking on Ethereum

Siguang Peng, CEO of BTC Digital, said that Ethereum has become the leading platform for decentralized finance, tokenizing assets in the real world, and innovative scalable smart contracts.

The companys goal is to have “tens of millions of dollars” in Ethereum reserves by the end of the year. They want to earn money via staking Ethereum, participating in DeFi, creating real-world asset ventures, and creating stablecoins.

As of today, BTC Digital is shifting its emphasis from mining to becoming a “production-asset-driven digital asset operator,” according to the company.

Some of the most important long-term goals include creating yield pools backed by Ethereum (ETH), creating stablecoin infrastructure, and increasing collaboration throughout the whole Ethereum ecosystem (DeFi, NFTs, layer-2 scaling solutions, etc.).

Peng also said that BTCT is building a strong foundation for producing wealth over the long term, diversifying income sources, and developing novel financial products by basing their digital-asset approach on Ethereum.

The company follows in the footsteps of others that have lately unveiled Ethereum treasuries. During Fridays early trade, the price of ether crossed $3,600, its highest level since early January and a six-month high.