Ethereum (ETH) is the dominant corporate treasury strategy… BTCS and ETH Strategy aim to secure hundreds of billions of won.

Ethereum (ETH) is emerging as a new vault asset for companies. Recently, two companies have been attracting attention by moving away from traditional Bitcoin (BTC)-centered strategies and acquiring large amounts of Ethereum. ETH Strategy and BTCS Inc. are representative cases, each collecting thousands of ETH or announcing plans for trillions of won in capital increase. Reflecting the DeFi trend based on Ethereum, ETH Strategy officially announced that it has accumulated a total of 12,342 ETH (approximately 6.46 billion won) since this summer. This figure marks the end of the project's pre-sale, and ETH Strategy plans to launch an on-chain protocol in several stages soon. The funds will be largely distributed in two ways. 11,817 ETH (approximately 6.19 billion won) will be used for 'staking' and 'liquidity provision', while the remaining 525 ETH (approximately 2.7 billion won) will be used for protocol development and operational funds. The funding method combines private sale, public sale, and warrant-type put options. In particular, 6,900 ETH was secured through private sale, with 4,200 ETH composed of warrant investor participation. The entire token will be locked up for 4-6 months after the creation event. Meanwhile, NASDAQ-listed BTCS is drawing a new landscape by fully implementing a cryptocurrency-centered corporate strategy. Starting as a BTC mining company, BTCS revealed in documents submitted to the SEC its plan to acquire digital assets, especially ETH, through a stock increase of up to $2 billion (approximately 2.78 trillion won). Through this, they aim to purchase additional cryptocurrencies and use funds for operational expenses and other general corporate purposes. BTCS can issue 97.5 million common shares (par value $0.001) and 20 million preferred shares, and this capital increase includes stocks based on previously issued convertible bonds and warrants. Currently, ETH Strategy ranks 21st in the StrategicEthReserve ranking, while BTCS is in 10th place. Both companies are systematically incorporating Ethereum into their vault strategies, creating cracks in the industry's previously BTC-dominated flow. This case symbolically shows that companies are turning their eyes beyond Bitcoin to a more expanded digital asset portfolio. As Ethereum's utility and ecosystem expansion gain more attention, the movements of subsequent followers are also expected to draw interest.