BTC Digital (NASDAQ: BTCT), a company traditionally rooted in bitcoin mining, has diversified its crypto strategy by allocating $1 million of its treasury into ether (ETH), referring to the asset as “digital gold.”
In a press release, CEO Siguang Peng cited Ethereum’s expanding role in decentralized finance (DeFi), stablecoin utility, and asset tokenization as key reasons for the move.
“With this initial $1 million ETH allocation—and plans to increase it—we’re positioning BTC Digital for the next evolution of blockchain finance,” Peng said. “Ethereum offers the infrastructure needed for the future of digital assets.”
The company also signaled its intention to increase ETH holdings over time, particularly as Ethereum’s scalability improves and U.S. regulatory clarity emerges.
Though BTC Digital continues to operate in bitcoin mining—highlighted by the development of a new 20-megawatt mining facility in Georgia—the firm says it is evolving beyond raw hash power. According to Peng, BTC Digital is now transitioning into an “on-chain financial infrastructure participant.”
This move makes BTC Digital the second publicly traded bitcoin miner to pivot toward ether. Earlier this month, Bit Digital (NASDAQ: BTBT) shifted its entire treasury from bitcoin to ether as part of a staking-focused approach. BTBT stock initially surged 30% following the announcement but has since pulled back nearly 20%.
In contrast, BTC Digital saw its stock climb 13% at Friday’s close.
The firm’s treasury move reflects a broader trend among institutional crypto participants. According to blockchain data, public ETH treasuries—including those held by DAOs, Layer-2 networks, and public companies—now exceed 1.34 million ETH.
