BTCS raises $57.8m to mirror Strategy’s crypto play
BTCS Inc., a Nasdaq-listed blockchain technology company, plans to buy up to $57.8 million worth of Ethereum as it looks to mirror MicroStrategy’s Bitcoin accumulation.
U.S.-based BTCS is looking to execute this initiative via the proceeds of a convertible notes issuance of up to $57.8 million. ATW Partners will lead the capital raise, with BTCS Inc. using the funds to purchase Ethereum (ETH).
Buying more ETH is part of the company’s plan to expand its digital asset footprint, including through validator node operations, it said in an announcement on May 14. It wants to be the Strategy of ETH.
“This capital infusion is expected to enable us to scale our validator node operations by increasing our ETH…
