BTCS Borrowings Through Aave Reach $64.1 Million, Backed by 46,676 ETH
Key Facts
BTCS had about $64.1 million in outstanding borrowings through decentralized finance protocol Aave, including accrued interest, on November 9, 2026, backed by about 46,676 ETH with a fair value of $99.3 million, according to a company filing with the U.S. Securities and Exchange Commission. The collateral value was calculated using a closing price of $2,127 per ETH on that date. The disclosure puts secured debt at the center of the company’s financial picture, as it said a decline in the asset’s price could require steps to protect collateral levels. The available filing did not include a documented loan health factor for that date. The available disclosure did not report any full or partial liquidation through November 11, 2026.
BTCS said ETH sales were executed at prices below their original cost basis, explaining that they were part of active management of collateral levels and health factors on loans tied to DeFi borrowing arrangements. The report said realized losses during 2026 increased from the same period in 2025, attributing the rise mainly to ETH sales to manage collateral and repay borrowings. It also noted that depositing ETH in liquidity pools resulted in its accounting derecognition, an additional factor in the increase in realized losses. The disclosure places the sales within the company’s management of its obligations secured by digital assets. The available excerpt did not specify the amount of ETH sold or the losses resulting from those sales.
Cumulative borrowing and repayment figures show the extent of BTCS’s use of financing through Aave: from January 1, 2025, through November 11, 2026, the company borrowed about $152.4 million in stablecoins, primarily USDT and GHO, and repaid about $89.4 million over the same period. The company said borrowings included transactions to refinance on-chain debt. On November 9, 2026, the variable borrowing rates applied to USDT and GHO were about 6.54% and 4.5% annually, respectively. Because the rates are variable, the financing cost applied to these borrowings changes with rates in the protocol. Total debt obligations stood at $82.0 million on that date, comprising $64.1 million in DeFi borrowings through Aave and $17.9 million in convertible notes.
BTCS said it had about $142.6 million in cash, stablecoins and liquid digital assets on November 9, 2026, most of it in ETH. That compares with outstanding borrowings of $64.1 million through Aave, but includes multiple liquid assets and is not limited to cash. The value of collateral tied to the debt remains exposed to changes in ETH’s price; the report said a decline could require the company to post additional collateral or repay part of the borrowing. The company said management monitors collateral value and loan health factors. The disclosure thus shows how liquidity and collateral management are linked to market movements and borrowing terms under the protocol.
BTCS said Aave loans have no fixed maturity date and may be subject to full or partial liquidation if the loan health factor falls below the threshold set by the protocol, generally 1.0x. The report added that the general liquidation threshold for ETH collateral is 80%. According to the company, no full or partial liquidation related to DeFi borrowings had occurred through November 11, 2026. The quarterly reporting period ended on September 30, 2026, while the borrowing, collateral and liquidity figures cited here come from later disclosures on the company’s position on November 9. BTCS also reported third-quarter operating results: revenue rose 67% quarter over quarter to $4.1 million, and gross profit increased 134% to $3.5 million, compared with $1.5 million in the second quarter.