TORONTO, January 11, 2023–(BUSINESS WIRE)–Ether Capital Corporation (“Ether Capital” or “the Company”) (NEO:ETHC) is proud to announce that it has allocated an additional 7,488 Ether (equivalent to C$13.4 million) to Ethereum Staking, bringing the Company’s total staking balance to 28,000 ETH (equivalent to C$50.2 million) representing 62% of its total Ether portfolio.
Since founding Ether Capital in 2018, the company has believed that Ethereum will one day reshape the global economy and act as a primary settlement layer for financial activity. Staking Ether has always been part of the company’s core strategy to generate yield and support Ethereum as it continues to be the primary layer 1 protocol. Ether Capital intends to use a portion of the revenue generated through staking (i.e. staking rewards) to build essential infrastructure that helps investors navigate the Ethereum ecosystem.
Ether Capital is one of the largest institutional holders of Ether and the first public entity in the world to stake a significant amount of the token to generate yield. The company believes that staking an additional 7,488 ETH will maximize shareholder value and position Ether Capital as a dominant player in the industry. Security is also paramount, which is why the Company relies on a self-custody solution to protect both its Staked and non-Staked Ether in cold storage using a multi-signature wallet. This ensures that no other party has access to company assets.
“Staking has always been a fundamental part of our roadmap and after last year’s successful transition to a Proof-of-Stake blockchain, we continue to put our weight behind Ethereum as the number one platform for By staking this additional Ether from our spreadsheet balance, we are helping to maintain network integrity and further decentralize the ecosystem by keeping validators away from a small number of centralized service providers and exchanges,” said Brian Mosoff, CEO of Ether Capital.
“Despite the pullback in asset prices over the past 12 months, we believe Ether Capital is in a good position to allocate more of our base ETH to staking to generate an attractive yield and accumulate a greater amount of value. ‘ETH,” said Ian McPherson. , Chairman and Chief Financial Officer of Ether Capital. “In 2022, this return was approximately 5.1% of Staked Ether, generating revenue that supports the growth of our company.”
Ether Capital looks forward to seeing how Ethereum upgrades and scaling efforts play out in the coming months and will update the market if it decides to stake its Ether balance further.
About Ether Capital Corporation
Ether Capital (NEO:ETHC) is a public technology company with the long-term goal of becoming a central business and investment center for the Ethereum ecosystem. The company has invested the majority of its balance sheet in Ethereum’s native “Ether” utility token as a core strategic asset and yield-generating instrument. The company is focused on financial infrastructure that supports the Ethereum blockchain and delivers enterprise value. Ether Capital’s management team and board of directors are comprised of crypto natives, top venture capitalists and experts in traditional finance, which uniquely positions the company to identify and exploit opportunities. of the digital asset ecosystem. For more information, visit http://ethcap.co.
The content of this document is provided for informational purposes only and is not provided in the context of an offer of the securities described herein, nor does it constitute a recommendation or a solicitation to buy, hold or sell any securities. The information does not constitute investment advice and is not tailored to the needs or circumstances of any investor. The information contained in this document is not, and should not be construed as, an offering memorandum, prospectus, advertisement or public offering of securities. No securities commission or similar regulatory authority has reviewed this document and any statement to the contrary is an infringement. The information in this press release is current only as of the date indicated and Ether Capital has no obligation to update this information except in accordance with applicable securities laws.
The Company’s condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). The Company refers to gross net asset value and basic gross common share value, which are non-GAAP financial measures. These non-GAAP measures are not defined by IFRS, do not have standardized meanings and may not be comparable to similar measures presented by other issuers. The Company has presented these non-GAAP measures because management believes they are relevant measures of the value of the Company’s underlying assets. Non-GAAP measures should not be considered alternatives to information presented in the Company’s financial statements.
This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, statements regarding the expected impact on the Company of its investment in Wyre. The Company cautions readers not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Generally, but not always, forward-looking information can be identified by the use of forward-looking terminology such as “anticipates”, “expects” or “does not expect”, “is expected”, “budget”, “planned”, “estimates”, “plans”, “intends”, “at the pace”, “anticipates” or “does not anticipate”, “believes” and similar expressions or indicates that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be carried out.
Forward-looking statements are based on information available to management at the time the statements are made, management’s current plans, estimates, assumptions, judgments and expectations. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied. by such forward-looking information. These risks and uncertainties include, but are not limited to, assumptions and judgments related to estimates of the fair value of the investment in Wyre, and the other risk factors discussed in the company’s annual information form dated March 23. 2022, the Risk Factors section in its most recently filed MD&A, the Risk Factors section of its Supplement and Base Shelf Prospectus and its other filed documents available online at www.sedar.com. Although the forward-looking information contained in this press release is based on assumptions that the Company believes are reasonable as of the date such statements are made, there can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in this forward-looking information. Further, the Company cautions readers that the information provided in this press release is provided to provide context to the nature of some of the Company’s future plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update or revise any forward-looking information except in accordance with applicable securities laws.
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