Nasdaq-listed BTCS Inc. to boost ETH holdings with $57.8M raise
BTCS Inc. secured a $57.8 million financing agreement led by ATW Partners to purchase Ether, enhancing its blockchain infrastructure strategy. The deal, announced on May 14, aims to expand validator node operations and generate recurring revenue through Ether staking. BTCS issued an initial $7.8 million in convertible notes, with an option for an additional $50 million, convertible to common stock at $5.85 per share, significantly above its $1.99 stock price on May 13. The notes have a two-year maturity and a 6% annual interest rate. Investors can also purchase 1.9 million shares at $2.75 each over five years. This financing follows BTCS's recent borrowing through the Aave protocol for ETH acquisition. The announcement coincides with Ether's 42% market cap increase after the Pectra upgrade, elevating it above major companies like Coca-Cola and Alibaba.
