News of companies breaking the usual BTC treasury trend continues to emerge almost daily, and we can see everything from new players to established industry veterans shifting to the second-largest digital asset.

The DeFi-native Ethereum is steadily stealing the spotlight; only time will tell if the momentum will keep going, albeit there are currently no signs of a slowdown.

The Newcomer

ETH Strategy, Ethereums first autonomous treasury protocol to reimagine Saylor’s MSTR in a DeFi-native context, announced a milestone on X, having raised 12,342 ETH ($46.5M) to date. It only started to accrue the asset this summer.

This marked the end of the companys pre-sale launch, and its on-chain protocol is expected to launch in phases soon. The total capital raised came from 3 sources: private sale, public sale, and puttable warrants. Warrants offer investors the right to sell the company shares back to them at a specific price at a future date.

The private sale raised 6,900 ETH, the public one garnered 1,242 Ether, and the warrants accounted for 4,200 of the asset. The tokens will be locked for the next 4-6 months following the token generation event (TGE).

The funds will be split into two categories: 11,817 ETH (~$44.6 million) will be allocated towards staking and liquidity, and the remaining 525 ETH (~$1.9 million) will be used for protocol growth and development.

According to data collected at the time of writing, ETH Strategy is ranked 21st on StrategicEthReserve.

From Bitcoin to Ethereum

BTCS Inc. was the first cryptocurrency company to be listed on the American Stock Exchange (formerly AMEX, now NYSE MKT) in 2010 and subsequently went live on the NASDAQ in 2014. It initially operated as a BTC mining firm, and its transition to an ETH treasury began earlier this year.

According to its filing with the Securities and Exchange Commission (SEC) on Tuesday, the company plans to sell shares worth up to $2 billion to fund further cryptocurrency purchases, including ETH.

The S-3 statement further notes that the company is authorized to issue 975 million shares of common stock, par value $0.001 per share, and 20M shares of preferred stock, each with a nominal value of $0.001.

We intend to use the net proceeds from the sale of the securities by us to provide additional funds for purchasing digital assets, working capital, and other general corporate purposes.

BTCS prospectus also reads that 5 million common stock shares are to be resold, which are from previously issued convertible notes and warrants.

Currently, BTCS Inc. is ranked number 10 on the leaderboard on StrategicEthReserve.