BTCS Uses Ethereum to Repay Aave Loans, Reduces DeFi Exposure

BTCS, an Ethereum infrastructure company listed on Nasdaq, has taken steps to manage its debt by using Ethereum to repay Aave loans in the second quarter. The company swapped ETH into USDT to pay down $8.27 million of principal and $381,103 in accrued interest. BTCS described this move as an $8.2 million Aave repayment.

The end result was a reduction in DeFi loans from $43.8 million to $36 million over the same period. BTCS also reduced its Aave collateral from about 49,970 aEthWETH worth $105.1 million on March 31 to 47,775 worth $75.0 million on June 30.

At quarter-end, BTCS reported $89.3 million in assets and $50.4 million in total liabilities. The company ended the second quarter with just $317,113 in cash and stablecoins, which represents about 0.36% of its assets. BTCS held about $88.1 million in other current digital-asset categories.