BTC Digital Dumps Bitcoin to Go All-In on Ethereum

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BTC Digital, a blockchain and mining firm traded on Nasdaq as BTCT, has determined to shift its focus solely to Ethereum.

The announcement got here because the agency closed a $6 million funding spherical to assist its new technique.

The corporate confirmed that it has already bought $1 million value of Ethereum ETH $3,545.95 and plans to change all its present and future Bitcoin BTC $117,987.23 holdings for Ethereum. The objective is to construct a big pool of on-chain belongings and use it as the muse for long-term development.

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CEO Siguang Peng defined the choice by pointing to Ethereum’s function in decentralized finance (DeFi), real-world asset tokenization, and good contract functions. He mentioned these use circumstances make Ethereum a greater match for the corporate’s future plans than Bitcoin.

By the top of 2025, BTC Digital goals to carry "tens of thousands and thousands of {dollars}" in Ethereum. These belongings will likely be put to work by staking, lending in DeFi, real-world token initiatives, and stablecoin actions.

The corporate outlined a number of initiatives as a part of this technique. These embrace creating Ethereum-backed yield swimming pools, constructing infrastructure for stablecoins, and increasing partnerships throughout the Ethereum community.

These partnerships will cowl areas like decentralized finance platforms, non-fungible tokens (NFTs), and Layer-2 scaling initiatives.

Peng famous that specializing in Ethereum permits the corporate to construct a base for regular returns, numerous revenue streams, and new blockchain-based merchandise.

In the meantime, the CEO of Metaplanet, Simon Gerovich, has joined a bunch of personal traders to amass management of South Korea’s SGA. What's his objective in collaborating? Learn the complete story.

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