BTCS Shares Sink After Increased Funding Target to Buy Ethereum

By Connor HartShares of BTCS fell after the company said it would increase its funding target to $225 million to purchase Ethereum, a cryptocurrency.The stock sank 15%, to $5.02, in premarket trading Wednesday.Shares--which more than doubled on Tuesday after the company said it planned to raise $100 million to purchase Ethereum--have more than quadrupled in value over the past year.The Silver Spring, Md.-based bitcoin-mining company said raising its funding target to $225 million from $100 million would accelerate its Ethereum-accumulation strategy."This is about scaling ETH per share, not just raising capital," Chief Executive Charles Allen said. "With a maturing crypto regulatory environment and increased institutional focus on Ethereum, now is the time to double down on our unique model--accumulating ETH through a capital-efficient strategy that avoids unnecessary dilution and strengthens shareholder alignment."BTCS said it plans to issue a detailed update on recent Ethereum purchases later this week or next week.Write to Connor Hart at [email protected]