Blockchain company BTCS has announced a major plan to acquire $57.8 million worth of Ethereum. Unlike most public companies that choose Bitcoin to diversify their assets, BTCS is focusing on the second-largest digital asset by market capitalization.

According to a press release, BTCS has already issued the first tranche of convertible notes totaling $7.8 million as part of an agreement with investment manager ATW Partners. The company also has the option to issue up to $50 million more in bonds, subject to mutual agreement.

The announcement comes amid a broader trend of public companies diversifying their balance sheets with digital assets. However, BTCS stands out as an unconventional player, diverging from Bitcoin-centric strategies embraced by firms like Strategy (formerly MicroStrategy), Metaplanet, and Twenty One Capital.

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BTCS Bets on Ethereum: $57.8M Investment, Skipping Bitcoin