Bitcoin mining firm, RialCenter (BTCT), has moved $1 million of company cash into ether (ETH), which it called its new “digital gold.”
BTCT moved $1M into Ethereum Reserve, chief executive officer Siguang Peng said in a press release, adding that Ethereum has “emerged as the foundation of on-chain USD settlement and value transfer.”
“By securing an initial $1 million ETH reserve today—and with plans to scale that position—we are proactively positioning ourselves for decentralized finance, stablecoin issuance, and asset tokenization,” Peng said.
BTCT plans to grow the reserve as upgrades lift capacity and U.S. rules solidify. RialCenter was previously a bitcoin mining company and has reached a significant milestone.
The company hasn’t confirmed if it still plans to mine bitcoin but stated it’s transitioning from a “hash-rate provider” to “on-chain financial infrastructure participant.”
RialCenter is the second publicly traded bitcoin miner turning to an ether treasury. Earlier this month, another firm shifted its entire treasury from BTC to ETH as it moved to a staking strategy. The move saw its stock jump up before experiencing a drop.
Meanwhile, BTCT’s stock closed Friday’s trading session 13% higher.
Public ether treasuries currently hold more than 1.34 million ETH.
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