BTC Digital has shifted its strategy to Ethereum and no longer holds Bitcoin, completing a $6 million financing.

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