Another BTC Mining Firm Moves Into Ethereum Reserve, Hailing ETH as ‘Digital Gold'
BTCT Moved $1M Into Ethereum Reserve, chief executive officer Siguang Peng said in a press release, adding that Ethereum has 'emerged as the foundation of on-chain USD settlement and value transfer.'
"By securing an initial $1 million ETH reserve today—and with plans to scale that position—we are proactively positioning ourselves for decentralized finance, stablecoin issuance, and asset tokenization,' Peng said.
BTCT plans to grow the reserve as upgrades lift capacity and U.S. rules solidify. BTC Digital was previously a bitcoin mining company. The firm recently said that "its 20 MW large–scale cryptocurrency mining project in Georgia has reached a significant milestone."
The company doesn't state if it still plans to mine bitcoin, but said it is "building on its origins in large–scale crypto mining, BTCT is undergoing a strategic evolution from "hash–rate provider" to "on–chain financial infrastructure participant," in the press release.
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 strategy. The move saw its stock jump up to 30%. It has since corrected in a nearly 20% drop.
Meanwhile, BTCT's stock closed Friday's trading session 13% higher.
Publicly-known ether treasuries, which include the treasuries of decentralized autonomous organizations (DAOs), Layer-2 networks, and publicly-traded firms, currently hold more than 1.34 million ETH, according to a public tracker.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
17 minutes ago
- Yahoo
On Holding AG (ONON): I'm Double Minded About The Stock, Says Jim Cramer
We recently published . On Holding AG (NYSE:ONON) is one of the stocks Jim Cramer recently discussed. On Holding AG (NYSE:ONON) is an athletic apparel retailer whose stock has lost 18% year-to-date on the back of investor concerns about the broader retail industry. The shares dipped by 8% last week after Tapestry warned that it expected tariffs to hit its profits. Cramer discussed the movement in On Holding AG (NYSE:ONON)'s shares and warned that he might have been too bullish about the firm previously. Here is what he said: 'A lot of the apparel stocks are down off of Tapestry. I've got to tell you, I mean Ralph Lauren is too. But the one that I've been watching is On Holding. I thought On Holding had a good quarter. I've been either disabused of that notion or perhaps I've been too bullish about these guys. If ONON is not doing as well, then you have to start thinking about Nike again. ' Mbuso Sydwell Nkosi/ Here are his previous comments about On Holding AG (NYSE:ONON): 'One of my favorite companies is On Holding. Now it has been stuck in a holding pattern. They reported very good numbers today, the stock was initially up seven, now it's down. There's a substantial short position, the shorts have been winning in this battle. I think Roger Federer in the end wins. But it is a very contested group.' While we acknowledge the potential of ONON as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the . READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey.
Yahoo
17 minutes ago
- Yahoo
Tech Stocks Are Under Pressure. Why Some Wall Street Analysts Say That May Not Last
Tech stocks are having a rough day, extending their recent slump amid a sector rotation away from big tech leaders. The Nasdaq lost close to 1% in recent trading, and the S&P 500 slid 0.4% as tech sector losses weighed on the indexes. The Dow Jones Industrial Average was little changed as retail and consumer defensive names gained, while Amazon (AMZN), Apple (AAPL), and Nvidia (NVDA) ranked among its weakest performers as all of the "Magnificent Seven" stocks declined. Caution ahead of a speech from Federal Reserve Chair Jerome Powell on Friday, uncertainty about policy changes from the Trump administration, and worries about returns from AI spending have all added to pressures on the sector. However, some Wall Street analysts said they don't expect that to last long. "While some near-term tech volatility is not surprising given the run-up in valuations, we advise investors against becoming overly defensive," UBS said Wednesday. "While we think some caution may be warranted in the more cyclical parts of tech, we remain confident in the broader AI sector's long-term growth and resilience. We recommend investors seek balanced exposure across the AI value chain (infrastructure, semis, and applications), with a preference for laggards offering a more attractive risk-reward balance," UBS said. "We view tech sell-offs like yesterday as opportunities," bullish analysts at Wedbush told clients in a note Wednesday, suggesting the slump could be short-lived, and pointed to earnings from AI chipmaker Nvidia next week as a potential positive catalyst. "When Nvidia reports earnings next week on August 27th the tech world and Wall Street will be listening closely," they said, adding that they believe the "tech bull cycle will be well intact at least for another 2-3 years given the trillions being spent on AI." Read the original article on Investopedia Sign in to access your portfolio
Yahoo
17 minutes ago
- Yahoo
Jim Cramer Says Reports Of Apple Inc. (AAPL)'s 'Death' Are Overblown
We recently published . Apple Inc. (NASDAQ:AAPL) is one of the stocks Jim Cramer recently discussed. Giuseppe Costantino/ Apple Inc. (NASDAQ:AAPL)'s shares have reversed tack recently as the firm appears to have smoothed over its friction with the Trump administration. The firm announced a $100 billion additional investment in the US earlier this month, and the shares have gained 13.8% since then. Cramer discussed Apple Inc. (NASDAQ:AAPL)'s shares adding 30 dollars to their value in ten days: 'Well we've got a lot of exciting things that people are talking about. About the release perhaps of new AI powered products. Uh, smart home push, including robots. Life like version of Siri, well that would certainly be helpful. Smart speaker with display and home security camera. I don't know, home security is something that people want but the main thing here is that if we get robots and they're not from Musk, they're from Apple, I think we'd be very interested in that. While we acknowledge the potential of AAPL as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the . READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey.
