Blockchain technology company BTCS (NASDAQ: BTCS) announced on Wednesday that it secured a funding round of up to $57.8 million through convertible bonds. The funds will be specifically allocated towards acquiring Ethereum (ETH). An initial $7.8 million in bonds has been issued, with the remaining $50 million set to be released in phases according to agreements between both parties. BTCS Chairman and CEO Charles Allen stated that this strategy aligns with MicroStrategy’s approach of accumulating Bitcoin by progressively increasing their Ethereum holdings. The company primarily focuses on Ethereum/BNB Chain validator node operations, cryptocurrency asset staking, and on-chain data analysis.