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BTC Digital Ltd. (BTCT) announced a strategic shift to focus on Ethereum as its core digital asset, moving away from Bitcoin holdings. The blockchain technology company closed a $6 million financing round and added a $1 million ETH position as part of this transition.
The company plans to convert all existing and future Bitcoin holdings into Ethereum to build what it describes as a long-term, productive on-chain asset pool. BTCT aims to target aggregate ETH reserves in the tens of millions of dollars by year-end, according to the company’s statement.
"Ethereum has emerged as the premier platform for decentralized finance, real-world asset tokenization, and scalable smart-contract innovation," said Siguang Peng, CEO of BTCT. "By reallocating our digital-reserve strategy toward ETH, we are positioning BTCT at the forefront of next-generation on-chain finance."
The company outlined plans to launch an ETH staking program to generate network rewards and reinvest staking yields to compound reserve growth. BTCT also intends to engage in decentralized finance protocols, real-world asset projects, and stablecoin initiatives built on Ethereum.
As part of its transformation, BTCT plans to evolve from a mining-driven business into what it calls a production-asset-driven digital-asset operator. The company will develop staking and liquidity pools, stablecoin reserves, and cross-chain settlement infrastructure leveraging ETH.
BTC Digital Ltd. is a blockchain technology company with operations in cryptocurrency mining, mining farm construction, mining pool and data center operation, and miner accessories business in North America.