The Maryland-based blockchain firm, BTCS Inc. (Nasdaq: BTCS), issued an initial $7.8 million in convertible notes through ATW Partners LLC, with potential additional tranches of up to $50 million pending mutual approval. The notes carry a 6% annual interest rate, a 5% issuance discount, and a two-year maturity.
They are convertible into common stock at $5.85 per share—a 194% premium to BTCS’s $1.99 closing stock price on May 13. Investors also received five-year warrants for 1.9 million shares at $2.75 per share, a 38% premium.
BTCS shares spiked on Wednesday and closed the day up 5.53%.
CEO Charles Allen personally invested $95,000, while a trust linked to him contributed $200,000. An independent board committee approved his participation. The capital will fund ethereum (ETH) purchases to scale validator node operations and staking activities.
“Similar to how MicroStrategy leveraged its balance sheet to accumulate bitcoin, we are executing a disciplined strategy to increase our ethereum exposure and drive recurring revenue through staking and our block building operations-while positioning BTCS for meaningful appreciation should [ethereum] continue to rise in value,” Allen said.
The move follows BTCS’s recent borrowing via the decentralized finance protocol Aave to acquire ETH, underscoring its focus on Ethereum as a core revenue driver. The company aims to expand validator nodes and optimize block production economics. H.C. Wainwright & Co. served as the exclusive placement agent. BTCS, which also operates the ChainQ analytics platform, reported the deal in a May 14 SEC filing.
BTCS’s acquisition arrives amid a broader wave of corporate treasury diversification, as a growing number of firms move to incorporate digital assets into their balance sheets—extending beyond just bitcoin. A swath of companies has been accumulating tokens such as solana ( SOL), ethereum, and even meme-driven assets like DOGE and the officially branded TRUMP meme coin.
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