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BTCS uses ETH to repay Aave loans, ending Q2 with $317,000 cash

BTCS said the Aave repayment totaled about $8.2 million, while its DeFi borrowings and collateral exposure shifted through June 30.

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Nasdaq-listed Ethereum infrastructure company BTCS swapped ETH into USDT in the second quarter to pay down Aave loans and ended June 30 with $317,113 in cash and stablecoins, according to CryptoSlate. The company also reported about $88.1 million in other current digital-asset categories, highlighting that while it had sizable crypto exposure, liquid cash was small.

BTCS described the move in its results announcement as an $8.2 million Aave repayment. In its first-quarter versus second-quarter filings, the company showed about $8.27 million of ETH-to-USDT swaps for principal and $381,103 for accrued interest tied to the repayment.

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. Cash was $262,436 and stablecoins were $54,677, which the company presented as about 0.36% of assets.

CryptoSlate also noted that BTCS’s 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, while DeFi loans fell from $43.8 million to $36.0 million over the same period. By Aug. 17, BTCS reported $43.0 million of DeFi borrowings, and it said it had not experienced a full or partial liquidation through that date.

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