Bitcoin mining company BTC Digital (BTCT) has moved the $1 million company’s cash to Ether (ETH) and called it the new “digital gold.”
BTCT has moved $1 million to the Ethereum Reserve, Chief Executive Sigang Penn said in a press release, adding that Ethereum “has emerged as the basis for on-chain US dollar settlement and value transfer.”
“With our plans to secure our first $1 million ETH reserve today and scale that position, we are actively positioning ourselves for distributed finance, Stablecoin issuance and asset symbolization,” Peng said.
BTCT plans to expand its reserves as upgrade lift capacity and US rules solidify. BTC Digital was previously a Bitcoin mining company. The company recently said “a large 20 MW cryptocurrency mining project in Georgia has reached a significant milestone.”
The company has not stated whether it plans to mine Bitcoin, but it says it is based on the origins of large-scale crypto mining. BTCT is experiencing a strategic evolution from “hashrate providers” to “on-chain financial infrastructure participants” in a press release.
BTC Digital is the second most publicly available Bitcoin miner, and has converted to the Etheric Treasury. Earlier this month, Bit Digital (BTBT) moved the entire Ministry of Finance from BTC to ETH and moved to a staking strategy. This move saw inventory rise 30%. It was then fixed with a drop of nearly 20%.
Meanwhile, BTCT’s shares surpassed Friday’s trading session by 13%.
According to public trackers, the publicly known etheric treasury, including the Decentralized Autonomous Organization (DAOS), Layer 2 Networks and public companies’ Treasury, Layer 2 Networks and public companies, currently holds more than 1.34 million ETHs.