BTC Digital (NASDAQ: BTCT), a company once focused exclusively on bitcoin mining, has announced it has shifted $1 million of its cash reserves into ether (ETH), calling the asset its new “digital gold.”

CEO Siguang Peng shared the news in a press release, highlighting Ethereum’s growing role as a backbone for decentralized finance, stablecoin transactions, and asset tokenization.

“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,” Peng stated.

BTCT indicated it plans to expand its ether holdings further as network upgrades boost Ethereum’s capacity and regulatory clarity emerges in the United States.

The company, which previously focused on bitcoin mining, recently celebrated progress on its 20-megawatt large-scale mining project in Georgia. While BTCT did not clarify whether it intends to continue mining bitcoin, it noted that it is transforming from a pure “hash-rate provider” into a broader “on-chain financial infrastructure participant.”

BTC Digital is now the second publicly traded bitcoin mining firm to pivot toward holding ether in its treasury. Earlier this month, Bit Digital (NASDAQ: BTBT) announced it had shifted its entire treasury from bitcoin to ether as part of a strategy centered on staking. Bit Digital’s stock initially surged as much as 30% on the news but has since corrected nearly 20%.

In contrast, BTC Digital’s stock closed Friday’s session up 13%.

Meanwhile, public ether treasuries—which encompass holdings of decentralized autonomous organizations (DAOs), Layer-2 networks, and publicly traded companies—have now surpassed 1.34 million ETH, according to publicly available tracking data.