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

Bitcoin mining firm, BTC Digital (BTCT), has moved $1 cardinal of institution currency into ether (ETH), which it called its caller “digital gold.”

BTCT Moved $1M Into Ethereum Reserve, main enforcement serviceman Siguang Peng said successful a property release, adding that Ethereum has “emerged arsenic the instauration of on-chain USD colony and worth transfer.”

"By securing an archetypal $1 million ETH reserve today—and with plans to standard that position—we are proactively positioning ourselves for decentralized finance, stablecoin issuance, and plus tokenization,” Peng said.

BTCT plans to turn the reserve arsenic upgrades assistance capableness and U.S. rules solidify. BTC Digital was antecedently a bitcoin mining company. The firm recently said that "its 20 MW large–scale cryptocurrency mining task successful Georgia has reached a important milestone."

The institution doesn't authorities if it inactive plans to excavation bitcoin, but said it is "building connected its origins successful large–scale crypto mining, BTCT is undergoing a strategical improvement from "hash–rate provider" to "on–chain fiscal infrastructure participant," successful the property release.

BTC Digital is the 2nd publically traded bitcoin miner turning to an ether treasury. Earlier this period Bit Digital (BTBT) shifted its full treasury from BTC to ETH as it moved to a staking strategy. The determination saw its banal leap up to 30%. It has since corrected successful a astir 20% drop.

Meanwhile, BTCT's banal closed Friday's trading league 13% higher.

Publicly-known ether treasuries, which see the treasuries of decentralized autonomous organizations (DAOs), Layer-2 networks, and publicly-traded firms, presently clasp much than 1.34 cardinal ETH, according to a public tracker.