BTCS eyes $2B raise to boost Ethereum holdings
|Ethereum-focused firm BTCS plans to raise up to $2 billion through share sales to grow its crypto portfolio and expand operations.
BTCS Inc., a blockchain company centered around Ethereum, has filed to sell up to $2 billion in shares to fund digital asset purchases and general business needs. The move was disclosed in a fresh S-3 filing with the U.S. Securities and Exchange Commission.
The company also submitted a separate filing allowing for the resale of over 5 million shares tied to earlier convertible notes and warrants. BTCS expects to net around $12 million from the exercise of those warrants.
As part of its strategy, BTCS blends traditional finance tools with decentralized finance, focusing on staking and ETH accumulation. Its most recent acquisition of 14,240 ETH brings its total to over 70,000 ETH—worth roughly $265 million. Despite the ambitious fundraising plan, BTCS shares dipped slightly, closing at $5.05 on Tuesday.
Now joining a wave of firms stockpiling Ethereum, BTCS aligns with views that ETH treasuries can outperform Bitcoin-based ones, thanks to staking yields and DeFi opportunities.
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