Nasdaq listed BTC Digital (BTCT) has shifted from Bitcoin to Ethereum. The company recently secured $6 million in new funding, with $1 million being used to purchase ETH.
BTC Digital CEO Siguang Peng said that the reason for choosing Ethereum over Bitcoin is because of its better utility and growth potential. He pointed to Ethereum’s strength in DeFi, real-world asset (RWA) tokenization, and smart contracts. Hence, BTCT will shift from being a Bitcoin miner to becoming a full-scale Ethereum-based asset operator.
As per its press release, the firm now intends to convert all its current and future Bitcoin holdings into Ethereum. Additionally, they have set an ambitious goal to expand their Ethereum reserves to tens of millions by the end of 2025.
Ethereum-Focused Roadmap Unveiled
The funds raised will help speed up the accumulation of ETH and back initiatives that generate yield. Additionally, BTCT is preparing to introduce a staking program that will enable users to earn consistent returns.
These earnings will be reinvested, helping to compound ETH growth over time. Furthermore, BTCT plans to allocate capital into DeFi, stablecoin, and RWA projects throughout the Ethereum network.
Moreover, the company is looking to form partnerships that unlock real-world utility for its Ethereum holdings. It aims to integrate more deeply with Ethereum’s ecosystem, especially Layer-2 solutions.
Going ahead, BTCT’s business mode will no longer rely solely on mining. Instead, it will build ETH-backed staking and liquidity pools. These pools will generate predictable cash flows. Furthermore, BTCT will develop stablecoin reserves and cross-chain asset settlement rails.