BTCS repays Aave debt using Ethereum, ends Q2 with 317000 cash

BTCS, a Nasdaq-listed Ethereum infrastructure company, converted ETH to USDT to repay Aave loans in Q2, concluding June 30 with 317113 cash and stablecoins. The company held approximately 88.1 million in other digital assets, indicating exposure to crypto markets and DeFi rather than a lack of assets. In comparing Q1 and Q2 filings, BTCS reported 8.27 million in ETH-to-USDT swaps for principal and 381103 for accrued interest, characterizing the transaction as an 8.2 million Aave repayment. At the end of Q2, BTCS reported 89.3 million in assets and 50.4 million in total liabilities, including 36 million in DeFi loans. Cash totaled 262436 and stablecoins 54677, representing about 0.36% of assets. Other assets included treasury holdings and NFTs, which, while valuable, remained subject to market risks. BTCS's Aave collateral decreased from about 49970 aEthWETH worth 105.1 million on March 31 to 47775 worth 75 million on June 30, with DeFi loans dropping from 43.8 million to 36 million. By August 17, BTCS reported 43 million in DeFi borrowings, backed by approximately 46525 ETH valued at 88.7 million at 1905 per ETH. The company did not experience liquidation through that date. The reported net loss for Q2 was 34.9 million, including 21.4 million in unrealized digital asset losses. Despite this, gross profit reached 1.5 million at a 61% margin, with DeFi revenue also at 1.5 million.