BTCS, a Nasdaq-listed company whose balance sheet is built around ether, has been selling the token for less than it paid to keep a roughly $64 million decentralized-finance loan from drifting toward automatic liquidation.
In a quarterly filing with the U.S. Securities and Exchange Commission dated Nov. 12, the company disclosed that it owed about $64.1 million on the Aave lending protocol as of Nov. 9, including accrued interest. That debt was secured by 46,676 ETH valued at $99.3 million at the company’s stated ether price of $2,127, leaving collateral worth roughly 155% of the obligation.
BTCS acknowledged that the sales were made at a loss. “Sales of ETH were executed at prices below their original cost basis as part of the…