Ether Treasury Company BTCs is bending with a one-time blockchain dividend in its “Etreum-FIRST”: $ 0.05 per share in Eth, as well as an alternative cash option for investors who do not choose.
The company also unveiled $ 0.35 per share-share loyalty payment-for the holders payable in Eth-to the holders who transfer shares to book admission with their transfer agent and keep them there through 26 January, 2026. Instead of shares held in your broker, they are recorded in your name on the company’s official shareholder register.
A reward and a balance-sheet signal was implicated as both, this step comes while the BTCS trades under its asset base. The management indicates $ 4.41 share price on August 15, which is approximately $ 6.65 per share in cash and digital assets. This valuation gap is also seen in a tracker of Etharium-Treasury peers of Blockworks Research’s MNAV (Enterprise Value / Net Asset Value) tracker.
As as August 18, Btcs sit near the low end at ~ 0.75 ×, SBET ~ 1.08 ×, game ~ 1.20 ×, and compared with BMNR/BTBT ~ 1.40–1.45 ×; Only the dynx was low. In other words, the market is still providing BTCs a bottom multiple on its balance sheet.
CEO Charles Alan chose the program as a shot across the bow against shareholder alignment and small vendors.
“As the biggest shareholder of BTCS, let me be completely clear: My goal is to develop our market cap mainly through share price appreciation, not to the toxic weakening,” wrote On X, the intention of adding shares that focus on the transfer agent is difficult to borrow to them for shorting.
Operationally, the investors who want, ETH will have to complete the opt-in on Bividend.com and transfer shares to equity stock transfer before the record date; Otherwise, they will receive $ 0.05 cash. The payment of loyalty payment is done after 120 days to those who shares in the book entry for the entire window.
Does it turn off the evaluation difference of BTCS, this is an open question. Constant MNAV discounts suggest that investors are still pricing the execution risk around the company’s Defi/Tradfi “Accreation Flewheel,” Eth-Deenomindent Reveness Exposon and Lawity Dynamics.
Nevertheless, effectively paying a share dividend in ether is a novel. If the program meaningfully shrinks the lendable float and forms a sticky base, many can move towards many comrades. If not, BTC has still given a crypto-root distribution that puts the actual ETH in the purse of loyal holders, but has fallen by about 40% in the previous month due to its shares, while ETH is above 20%, it can be a small consolation.
The record date for “Bividend” is September 26, 2025. To qualify, you will need shares by closes at Wade, September 24 (or first).
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