BTCS Surges 100%, Eyes $100M ETH Addition to Corporate Reserves

BTCS Stock Doubles as Firm Plans $100M Ethereum Treasury Expansion

Shares of blockchain company BTCS (Nasdaq: BTCS) soared more than 100% on Tuesday after the firm unveiled plans to raise $100 million to significantly expand its Ethereum (ETH) holdings, solidifying its position as an early mover in the crypto treasury space.

BTCS announced it will seek funding from both traditional financial markets and decentralized finance (DeFi) platforms. The company intends to utilize an existing $250 million at-the-market (ATM) equity program, pursue a convertible debt arrangement with ATW Partners, and borrow stablecoins through the 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. “Our approach has always focused on minimizing dilution, maintaining flexibility, and protecting shareholder interests.”

Corporate crypto treasuries have become increasingly popular following the high-profile strategy of Michael Saylor’s company, Strategy (MSTR), the world’s largest corporate holder of bitcoin (BTC). Interest has now spread to Ethereum, with firms like Sharplink Gaming (SBET), Bitmine Immersion (BMNR), and Bit Digital (BTBT) announcing plans to hold ETH as a treasury asset and participate as validators on the network.

BTCS, however, was ahead of the curve. Originally launched in 2014 as a blockchain firm, it pivoted toward an Ethereum-focused strategy in 2021, buying ETH and operating validators. As of June, BTCS held 14,600 ETH, valued at roughly $38 million based on current market prices.