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Investing.com -- BTC Digital Ltd. (NASDAQ:BTCT) stock fell 15% after the blockchain technology company announced a $6 million registered direct offering to institutional investors.
The company plans to sell 2 million ordinary shares at $3.00 per share, according to a statement released today. BTC Digital intends to use the net proceeds, along with existing cash, to purchase Ethereum cryptocurrency.
The transaction is expected to close on or about July 16, 2025, subject to customary closing conditions. Aegis Capital Corp. is serving as the exclusive placement agent for the offering.
The share offering represents a significant dilution for existing shareholders, which appears to be driving the stock’s decline. At $3.00 per share, the offering price likely represents a discount to the stock’s previous trading level, putting additional downward pressure on the shares.
BTC Digital, which focuses on blockchain technology, is making a strategic move to increase its cryptocurrency holdings through this capital raise, specifically targeting Ethereum rather than its namesake Bitcoin.
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