The long-living dream of every crypto enthusiast is coming true as publicly listed institutions start moving their funds within the decentralized finance (DeFi) protocols. The primitive has sparked discussions with BTCS Inc. borrowing USDT from Aave and using it to purchase Ether (ETH) in a latest move.
As per a recent X post by the company, the Nasdaq-listed Bitcoin mining firm BTCS Inc. borrowed $2.34 million in USDT from DeFi lending protocol Aave. The funds were later mixed with in-hand cash and used to carry out a purchase of an additional 2,731 Ether (ETH) for $8.23 million.
The latest ETH purchase put BTC Inc.’s ETH holding to 31,855 and total crypto holding to approximately $100 million.
Institutional DeFi Heat-up
The move by BTCS Inc. has fueled the institutional DeFi primitive as various publicly listed firms are leaping into the crypto landscape and actively exploring decentralized protocol. It also aligns with increasing institutional inflows in Bitcoin and Ethereum ETFs.
Besides exploring DeFi protocol, a number of institutions are allocating their corporate treasuries for crypto purchases.
Also read: Analyst Predicts ‘Supply Crunch’ for Ethereum (ETH)
