The US publicly traded company BTC Digital plans to raise $6 million through a private placement to purchase Ethereum.

July 15th, According to PR Newswire, blockchain technology company BTC Digital Ltd. (Nasdaq: BTCT) announced today that the company has entered into a definitive agreement with institutional investors for a registered direct offering of approximately $6 million of common stock at a price of $3.00 per share. The offering consists of the sale of 2,000,000 shares of common stock.

The company plans to use the net proceeds from this offering, together with its existing cash, to purchase Ethereum.