BTCS Doubles in Value on $100M Ethereum Treasury Expansion Plan

BTCS (Nasdaq: BTCS), an early adopter of the crypto treasury model centered around Ethereum, surged over 100% on Tuesday after unveiling plans to raise $100 million to significantly expand its ETH holdings.

The company said it intends to tap both traditional capital markets and decentralized finance (DeFi) platforms for the funding. It plans to utilize an existing $250 million at-the-market (ATM) equity offering, enter into a convertible debt deal with ATW Partners, and borrow stablecoins through DeFi lending protocol Aave (AAVE).

“We believe that Ethereum has significant growth potential and is central to the future digital financial infrastructure,” said BTCS CEO Charles Allen in a statement. “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.”

The crypto treasury strategy has gained momentum on Wall Street, popularized by Michael Saylor’s Strategy (MSTR), which holds the largest corporate stash of bitcoin (BTC) globally. Recently, several firms have extended the strategy to Ethereum, including Sharplink Gaming (SBET), Bitmine Immersion (BMNR), and Bit Digital (BTBT), announcing plans to hold ETH as a treasury asset and participate as network validators.

BTCS, however, was an early mover. Founded in 2014 as a blockchain-focused company, it pivoted toward Ethereum in 2021, purchasing ETH and launching validator operations. As of June, the firm held 14,600 ETH, valued at approximately $38 million at current prices.