BTCS Inc., the Nasdaq-listed blockchain outfit that apparently woke up one morning thinking, “Why let MicroStrategy have all the fun with its Bitcoin stockpiling sprees?” is now gunning for Ethereum instead—and, darling, to the tune of $57.8 million. Yes, you read that correctly. Whole thing funded by—what else—convertible notes. Because debt is the new black (or at least, the new crypto).
U.S.-based BTCS is raising the cash by charming investors, thanks to ATW Partners, into backing this (highly ambitious? slightly bonkers?) crypto piggy bank. The money, naturally, is destined for Ethereum (ETH). If this plan doesn’t shout “Buy high, maybe sell even higher,” what does?
Apparently, this isn’t just a drunken crypto shopping spree. Oh no, they’re “expanding their digital asset footprint” (cue inspirational background music) and setting up validator nodes. In other words: trying very hard to become Ethereum’s own version of Michael Saylor’s MicroStrategy—with 100% more smugness and mildly better haircuts.
“This capital infusion is expected to enable us to scale our validator node operations by increasing our ETH holdings at what we believe is a critical inflection point in Ethereum’s growth trajectory,” said Charles Allen, CEO of BTCS—who honestly could make anything sound sexy if you added the word ‘inflection’. “Similar to how MicroStrategy leveraged its balance sheet to accumulate Bitcoin, we are executing a disciplined strategy to increase our Ethereum exposure.”
Translation: “Staking for extra cash is nice, but we’d also like to be loaded if ETH does a moonwalk.” BTCS’s logic is simple: recurring revenue (so responsible!) and the hope that Ethereum’s recent 42% price jump means more Lamborghinis are on the horizon. ETH hit $2,700 after underperforming Bitcoin (awkward), but hey, there’s always next year when analysts say it might reach $4,800—and analysts never, ever, get things wrong. 🤞
So far, BTCS has issued its first chunk of notes—just $7.8 million, no big deal—leaving $50 million still in the wings. The plan: let investors buy notes that transform into regular stock at $5.85 per share. This is nearly triple BTCS’s actual stock price (a gorgeous 194% premium) as of May 13, 2025. You’d almost think they were giving away free puppies.
For extra seasoning, CEO Charles Allen plopped down $95k himself, and a mysterious trust he benefits from threw in an additional $200k. Just enough to make everyone else feel peer pressured. 😅
BTCS also previously tried its luck in the DeFi casino, borrowing funds on Aave (AAVE) to swipe more ETH. Now, as every great crypto binge-accumulator, they’ve diversified their financing, because who doesn’t love having more ways to rack up digital assets and fancy notes?
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2025-05-14 20:44