BTCS Sold Ether Below Cost to Manage Collateral on Its $64.1M Aave Loan

Ethereum treasury firm BTCS sold some ether below its original cost basis as part of managing a DeFi loan on Aave, CoinDesk reported on November 13, citing the company’s quarterly filing with the SEC. BTCS described the sales as “active management of collateral levels and health factors associated with DeFi borrowing arrangements.” CoinDesk said the filing does not state how much ETH was sold, at what price, or how much of the realized loss came from these sales.

BTCS owed about $64.1 million on Aave as of November 9, including accrued interest. The loan was backed by 46,676 ETH, worth $99.3 million at the company’s stated price of $2,127, or about 155% of the debt. Since the start of 2025, BTCS has borrowed about $152.4 million in stablecoins and repaid about $89.4 million, CoinDesk reported.

The company had about $463,000 in cash at the end of September and said a significant majority of its digital assets are deployed on Aave as collateral. It reported no liquidations as of November 11. Its board allows new Aave borrowing up to a 50% loan-to-value ratio.

CoinDesk calculated a health factor of about 1.24 using November 9 figures, with a liquidation level near $1,717 per ETH if debt and collateral stayed unchanged. Ether traded around $1,950 on Friday, about 12% above that level. The calculation is CoinDesk’s own, and BTCS’s position may have changed since November 9.

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Sources:

• CoinDesk: Ethereum treasury firm BTCS sold ether at a loss to keep $64 million Aave loan healthy