BTC Digital ditches Bitcoin for Ethereum in ‘transformative’ shift
The mining firm has raised $6 million and is set to dump Bitcoin in favor of Ethereum, targeting tens of millions in ETH reserves by year-end.
Blockchain technology and mining company BTC Digital has gone all-in on Ethereum in a strategic shift and the closure of a $6 million financing round.
The firm, listed under the ticker BTCT on the Nasdaq, announced a “transformative, strategic shift” to fully embrace Ether (ETH) as its “core asset and operational foundation” on Thursday.
The company revealed that it has added a new $1 million Ether position and going forward intends to convert all existing and future Bitcoin (BTC) holdings into ETH to build a “long‑term, productive on‑chain asset pool and to anchor its mid‑ and long‑term growth around the Ethereum ecosystem.”