Another Bitcoin Mining Firm Diversifies Into Ethereum, Labels ETH ‘Digital Gold’

BTC Digital (NASDAQ: BTCT), a company historically focused on bitcoin mining, has announced a significant diversification move, revealing it has purchased $1 million worth of ether (ETH) as part of its treasury strategy. The firm now describes ETH as its new “digital gold.”

In a press release, CEO Siguang Peng emphasized Ethereum’s rising importance in the digital asset space, citing its role in decentralized finance, stablecoins, and asset tokenization.

“With an initial $1 million allocation to ETH—and plans to expand further—we’re proactively positioning BTC Digital for opportunities in DeFi, stablecoin ecosystems, and tokenized assets,” Peng said.

The company indicated it intends to increase its ether holdings over time, especially as Ethereum’s upgrades enhance scalability and as regulatory clarity develops in the U.S.

While BTC Digital remains active in bitcoin mining, having recently reported progress on its 20-megawatt mining facility in Georgia, it signaled broader ambitions. The firm says it’s evolving from being purely a “hash-rate provider” to becoming an “on-chain financial infrastructure participant.”

BTC Digital is now the second publicly traded bitcoin miner to pivot toward holding ether reserves. Earlier this month, Bit Digital (NASDAQ: BTBT) announced it had shifted its entire treasury from bitcoin to ether as part of a staking-focused strategy. Bit Digital’s shares initially surged 30% on the announcement but have since retraced nearly 20%.

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

This move contributes to the growing trend of institutional ether holdings. Publicly disclosed ETH treasuries—including those held by decentralized autonomous organizations (DAOs), Layer-2 networks, and public companies—now total over 1.34 million ETH, according to blockchain analytics.