Another BTC Mining Firm Moves Into Ethereum Reserve, Hailing ETH as ‘Digital Gold’

Bitcoin mining agency, BTC Digital (BTCT), has moved $1 million of firm money into ether (ETH), which it called its new “digital gold.”

BTCT Moved $1M Into Ethereum Reserve, chief government officer Siguang Peng stated in a press launch, including that Ethereum has “emerged as the muse of on-chain USD settlement and worth switch.”

“By securing an preliminary $1 million ETH reserve at present—and with plans to scale that place—we’re proactively positioning ourselves for decentralized finance, stablecoin issuance, and asset tokenization,” Peng stated.

BTCT plans to develop the reserve as upgrades raise capability and U.S. guidelines solidify. BTC Digital was beforehand a bitcoin mining firm. The firm recently stated that “its 20 MW giant–scale cryptocurrency mining venture in Georgia has reached a big milestone.”

The corporate does not state if it nonetheless plans to mine bitcoin, however stated it’s “constructing on its origins in giant–scale crypto mining, BTCT is present process a strategic evolution from “hash–price supplier” to “on–chain monetary infrastructure participant,” within the press launch.

BTC Digital is the second publicly traded bitcoin miner turning to an ether treasury. Earlier this month Bit Digital (BTBT) shifted its entire treasury from BTC to ETH as it moved to a staking technique. The transfer noticed its inventory soar as much as 30%. It has since corrected in an almost 20% drop.

In the meantime, BTCT’s inventory closed Friday’s buying and selling session 13% larger.

Publicly-known ether treasuries, which embody the treasuries of decentralized autonomous organizations (DAOs), Layer-2 networks, and publicly-traded companies, at present maintain greater than 1.34 million ETH, in keeping with a public tracker.