BTCS Shares Rise With Company Set to Raise $100 Million to Buy Ethereum

By Nicholas G. Miller

Shares of BTCS surged after the company said it would raise $100 million to purchase Ethereum, a cryptocurrency.

BTCS shares rose 16% to $3.25, extending gains that have seen shares for the Maryland-based bitcoin mining company rise 142% over the last 12 months.

BTCS said the capital-raising initiative to purchase Ethereum would contribute to its goal of becoming the leading public company focused on Ethereum infrastructure.

"Now, with Ethereum at 2021 price levels, is the time to deepen our exposure," said Charles Allen, CEO of BTCS.

BTCS will combine decentralized finance and traditional finance mechanisms to raise the $100 million in capital, the company said.

Write to Nicholas G. Miller at nicholas.miller@wsj.com.