Ethereum (ETH) has been receiving institutional attention for a while now, as much as Bitcoin (BTC). While many companies have announced their ETH purchases one after another, Sharplink Gaming, which is on its way to becoming Ethreum’s MicroStrategy, continues to maintain its position as the largest public ETH holder in the world and the second largest holder after the Ethereum Foundation.
While companies other than Sharplink Gaming continue to purchase ETH, the latest news came from Nasdaq-listed Blockchain company BTCS.
Accordingly, BTCS announced a plan to raise $100 million to purchase additional Ethereum.
BTCS said in its X post:
“To accumulate more Ethereum, we plan to raise $100 million this year through convertible bonds, at-the-market (ATM) stock offering, and staking rewards.
With this plan, we aim to increase the amount of Ethereum held per share, thereby increasing shareholder value.
We will take the lead in building a company focused on Ethereum infrastructure.”
BTCS currently has 14,600 ETH in its possession.
Institutional Migration from Bitcoin to Ethereum!
As is known, Bit Digital recently made a bold move by shifting all of its institutional investment from Bitcoin to Ethereum. This raised the question in the market: “Why are institutional investors suddenly accumulating Ethereum instead of Bitcoin?”
While there is more than one answer to this question, Bit Digital CEO stated that they switched from BTC to ETH because they think the future is Ethereum.
“Ethereum is the next wave. With real economic activity, a massive developer base, and growing stablecoin and tokenization volume, ETH is becoming a new type of strategic asset that captures value.”
Market experts also predict that corporate companies will turn to Ethereum more for reasons such as Ethereum’s programmable blockchain structure, increasing adoption rate, staking model, tokenization and stablecoin leadership.
Ethereum founder Vitalik Buterin also stated in a statement that institutions find ETH valuable and choose it not for speed, but for reliability, privacy and long-term trust.
*This is not investment advice.
