BTC Digital strategically shifts to Ethereum and no longer holds Bitcoin, and completes $6 million in financing

PANews reported on July 17 that according to investing, BTC Digital Ltd. (BTCT) announced a strategic transformation and will focus on Ethereum as its core digital asset and no longer hold Bitcoin. As part of this transformation, the blockchain technology company completed a $6 million round of financing and increased its ETH position by $1 million. The company plans to convert all existing and future Bitcoins into Ethereum to build a long-term and efficient on-chain asset pool. Its goal is to increase the total ETH reserves to tens of millions of dollars by the end of the year. BTCT also plans to launch ETH staking, obtain network rewards and reinvest to promote reserve growth, while participating in decentralized financial protocols, real-world asset projects and Ethereum stablecoin projects. With this transformation, BTCT will transform from a mining-dominated enterprise to a production asset-dominated digital asset operator, using ETH to develop multiple infrastructures.