BTCS used Ethereum to repay Aave debt and ended Q2 with just $317,000 in cash
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Nasdaq-listed Ethereum infrastructure company BTCS swapped ETH into USDT to pay down Aave loans in the second quarter and ended June 30 with $317,113 in cash and stablecoins.
Key facts
- By Aug. 17, BTCS reported $43.0 million of DeFi borrowings, including accrued interest, backed by about 46,525 ETH worth $88.7 million at $1,905 per ETH
- At quarter-end, BTCS reported $89.3 million in assets and $50.4 million in total liabilities, including $36.0 million in DeFi-protocol loans
- BTCS's reported Aave collateral declined from about 49,970 aEthWETH worth $105.1 million on March 31 to 47,775 worth $75.0 million on June 30
- Comparing BTCS's first-quarter filing with its second-quarter filing shows about $8.27 million of the second-quarter ETH-to- USDT swaps for principal and $381,103 for accrued interest
Summary
01 BTCS swapped about $8.65 million of ETH into USDT to repay Aave principal and interest during the second quarter. 02 It ended with $317,113 in cash and stablecoins, while $88.1 million remained exposed to crypto, staking, and DeFi risks. 03 The company reported no liquidation through Aug. 17, but provided no position-specific liquidation price or newer health-factor snapshot. It also held about $88.1 million in other current digital-asset categories, making the issue less a lack of assets than how much of the balance sheet was exposed to crypto markets and DeFi.