BTC Digital strategically shifts to Ethereum and no longer holds Bitcoin, and completes $6 million in financing
Powered by ChatGPTOn July 17, according to investing, $BTC Digital Ltd. (BTCT) announced a strategic transformation and will focus on Ethereum as its core digital asset and no longer hold Bitcoin. As part of this transformation, the blockchain technology company completed a $6 million round of financing and increased its $ETH position by $1 million. The company plans to convert all existing and future Bitcoins into Ethereum to build a long-term and efficient on-chain asset pool. Its goal is to increase the total $ETH reserves to tens of millions of dollars by the end of the year. BTCT also plans to launch $ETH staking, obtain network rewards and reinvest to promote reserve growth, while participating in decentralized financial protocols, real-world asset projects and Ethereum stablecoin projects. With this transformation, BTCT will transform from a mining-dominated enterprise to a production asset-dominated digital asset operator, using $ETH to develop multiple infrastructures. [PANews]