BTC Digital (BTCT), a Bitcoin mining company in Nasdaq, has announced that it will invest $1 million to form Ether Treasury (ETH), the native currency of the Ethereum network.
The Singapur-based company explained that the initiative is part of a strategy positioned “for long-term growth in an era of digital assets.” At current prices, BTCT can purchase 340.69 ETH.
You need to be careful about this It is not the first company in the sector to decide to bet on creating an ETH reserve. On June 25th, BIT Digital (BTBT) announced that it would shut down its Bitcoin mining business and issue debts to acquire ether.
As reported, the company has made this decision to capitalize on Ethereum’s central role in the stubcoin infrastructure, its massive trading, growing institutional adoption, and technical and regulatory improvements to strengthen its value as an asset as a reserve.
Currently, Ethereum lives around 49.6% of stablecoins in circulation. Approximately valued at $1260 millionaccording to Defillama data.
This means that ecosystems are suitable to guide most of the expansion of stable currency. Stable currency can occur after approval of the stable governance law and establishment law known as the US genius law.
In this regard, Siguang Peng, Executive Director of BTCT, said: “Today, with plans to guarantee and expand an initial ETH reserve of $1 million, we will actively position ourselves for decentralized finances and actively place stable finances and assets tokenization.
After learning about the announcement, 10% action shots in BTCTas observed in the following training view graph:
The truth is that BTCT adds the institutional heat of the market through ETH. As explained by Cryptonoticia, more and more companies are betting on formation Ether Corporate Reserve to Create Additional Performance Through Staking.
For example, betting platform Sharplink (SBET) has already generated over $800,000 through this mechanism.
(tagstotranslate) Cryptocurrency
