BTC Digital, a Nasdaq-listed bitcoin (BTC) mining firm, has made a strategic shift in its treasury. As evident in a recent press release, it plans to shift from holding bitcoin, the world’s leading cryptocurrency, to filling its stash with Ethereum (ETH), the world’s second-largest digital asset, with a market capitalization exceeding $420 billion.
To achieve this, the bitcoin miner has completed a $6 million fundraising project, stacking up funds for its new Ether reserve.
$6 Million for Ether Purchase
BTC Digital embarked on a registered direct offering of 2,000,000 Ordinary Shares at $3.00 to eligible institutional investors. Concluding the offering on Thursday, the company has bolstered its reserve with a $1 million ETH purchase, while strategizing on how to allocate the remaining funds for future purchases.
Notably, while many publicly traded firms view bitcoin as the go-to cryptocurrency for purchasing as a store of value, BTCT intends to convert all existing and future bitcoin holdings to build a long-term reserve that’ll support its long-term growth in the Ethereum ecosystem.
Commenting on why the company is going for an Ether reserve, Siguang Peng, CEO of BTCT, noted:
“Ethereum has emerged as the premier platform for decentralized finance, real‑world asset tokenization, and scalable smart‑contract innovation. By reallocating our digital‑reserve strategy toward ETH, we are positioning BTCT at the forefront of next‑generation on‑chain finance.”
Moreover, the company plans to redefine its business model by switching from a mining-focused business to a digital-asset operator driven by production assets. By adopting Ethereum as its anchor, it’ll leverage the robust ecosystem for value and growth generation over time.
Institutions Eye ETH Reserve
Meanwhile, BTC Digital has only joined the list of institutional ETH holders. Many firms, such as the Nasdaq-listed SharpLink Gaming, took this step earlier in June 2025. Concluding its recent purchase of over 20,000 ETH, it holds 307,362 ETH valued at over $1 billion.
Another Nasdaq-listed company, GameSquare, has revealed plans to invest $100 million in building an Ethereum reserve. This announcement saw its shares surge by over 50% as the move provided a good opportunity for investors seeking indirect exposure to ETH.
Within the past seven days, ETH has surged by almost 20% past the $3,600 mark, driven by increasing demand for the crypto.
