Nasdaq Listed Blockchain Infrastructure Company is Preparing to Sell Stocks to Buy Ethereum! Here are the Details.

The blockchain infrastructure firm BTCS listed on Nasdaq has launched a plan to raise up to $57.8 million through convertible bonds, aiming to significantly expand its assets in Ethereum (ETH) at what it describes as a “critical turning point” for the network.

The Maryland-based company announced that it has signed a facility agreement to issue securities with the New York-based investment firm ATW Partners. BTCS has already secured the first tranche of 7.8 million dollars, and the remaining 50 million dollars will be subject to mutual agreement.

“Similar to how MicroStrategy leverages its balance sheet to accumulate Bitcoin, we are implementing a disciplined strategy to increase our Ethereum count,” said Charles Allen, Chairman and CEO of BTCS. Allen personally invested $95,000 in the offering.

BTCS plans to use the income generated to purchase Ethereum, which saw an increase of approximately 42% last week due to renewed investor confidence following the successful Pectra network upgrade. The upgrade enhanced scalability and efficiency on Ethereum, raising the value of ETH to around $2,587 at the time of the broadcast.

The company stated that it aims to use its ETH holdings to increase block production efficiency, which is a key component of placing additional validators, increasing staking rewards, and creating a broader income generation strategy. BTCS described Ethereum as a “core” asset for its business model, which encompasses validator node operations, staking services, and on-chain analytics.

According to Google Finance, BTCS shares closed at $2.10 on Wednesday, up 5.53%.