Blockchain Technology Consensus Solutions (BTCS), a Nasdaq-listed firm with an Ethereum (ETH) treasury strategy, surged over 100% on Tuesday on a $100 million funding plan to acquire more ETH for its balance sheet.

The company aims to tap traditional and decentralized financial (DeFi) capital markets for the capital raise. It plans to use an existing, $250 million at-the-market (ATM) offering to sell equity, a convertible debt arrangement with ATW Partners and borrowing stablecoins on DeFi lending protocol Aave AAVE.

"We believe that Ethereum has significant growth potential and is central to the future digital financial infrastructure," said CEO Charles Allen in a statement. "Our approach to capital formation has been – and continues to be – designed to minimize dilution, maximize flexibility, and align with our commitment to sound financial management for the protection of our shareholders."

Public firms with crypto treasury strategies are all the rage on Wall Street, following the playbook of Michael Saylor's Strategy, the largest corporate bitcoin BTC holder in the world. The trend has expanded to Ethereum as well, with firms like Sharplink Gaming (SBET), Bitmine Immersion (BMNR), and Bit Digital (BTBT) announcing plans to acquire and hold ETH as a treasury asset and also participate in the network operating validators.

BTCS was a pioneer of this trend well before others have jumped on the bandwagon: it has been operating as a blockchain company since 2014 and starting to focus on Ethereum in 2021, buying ETH and operating validators. The firm held 14,600 ETH as of June, worth some $38 million at current prices.

Read more: Tom Lee's Bitmine Surges 3,000% Since ETH Treasury Strategy, but Sharplink's Plunge Warrants Caution

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