⚠️ ETH treasury firm BTCS sells ether at a loss to protect its $64M Aave loan
Nasdaq-listed BTCS said in a quarterly filing that it sold ETH below its purchase price to keep a roughly $64.1 million Aave loan away from liquidation. The debt is backed by 46,676 ETH, and based on its Nov. 9 numbers, CoinDesk calculates liquidation could start near $1,717 per ether, about 12% below Friday's price of around $1,950. BTCS had only about $463,000 in cash at the end of September and reported no liquidations as of Nov. 11.
⭐ As ETH slides, leveraged crypto treasury companies are being forced to sell into weakness, and any liquidation of large onchain loans could add more selling pressure to the market.
#ETH #Ethereum #Aave #DeFi #CryptoTreasury
Nasdaq-listed BTCS said in a quarterly filing that it sold ETH below its purchase price to keep a roughly $64.1 million Aave loan away from liquidation. The debt is backed by 46,676 ETH, and based on its Nov. 9 numbers, CoinDesk calculates liquidation could start near $1,717 per ether, about 12% below Friday's price of around $1,950. BTCS had only about $463,000 in cash at the end of September and reported no liquidations as of Nov. 11.
⭐ As ETH slides, leveraged crypto treasury companies are being forced to sell into weakness, and any liquidation of large onchain loans could add more selling pressure to the market.
#ETH #Ethereum #Aave #DeFi #CryptoTreasury
