BTCS, a Nasdaq-listed company that holds ether as its main asset, has sold ETH below its purchase price to protect a roughly $64 million Aave loan. Based on its Nov. 9 figures, liquidation could begin near $1,717 per ether. The company did not say how much ether it sold.
BTCS has been selling ETH for less than it paid to keep its $64 million loan on the lending platform Aave from getting too close to liquidation.
The company said in a quarterly filing Thursday that it owed about $64.1 million on Aave as of Nov. 9, including accrued interest. The debt was backed by 46,676 ETH worth $99.3 million at the company's stated ether price of $2,127.
BTCS described the sales this way: "Sales of ETH were executed at prices below their original cost basis". However, it did not say how much ether it sold or how much of its realized losses came from those sales.
Where the liquidation line sits
Aave scores each loan automatically with a "health factor" that compares the borrower's adjusted collateral against its debt. If the score drops below 1, the protocol can sell part of the collateral automatically to pay down the loan.
BTCS says Aave generally counts about 80% of its ETH. On the Nov. 9 numbers, that gives the loan a health factor of roughly 1.24 and puts the liquidation line near $1,717 per ether, according to CoinDesk calculations. Ether traded around $1,950 on Friday, about 12% above that line, though the company's position may have changed since Nov. 9.
Cash offers little cushion. BTCS had about $463,000 in cash at the end of September, and it said most of its digital assets were deployed on Aave as collateral.
Borrowing grew from $320,000 to $64 million
BTCS had $320,000 borrowed against 446 ETH when it first disclosed its Aave position in April 2025. By August 2026, the debt had reached $53 million against more than 46,500 ETH.
Since the start of 2025, the company has borrowed about $152.4 million in stablecoins, mainly Tether's USDT and Aave's dollar token GHO, and repaid about $89.4 million. Its board allows new Aave borrowing up to a 50% loan-to-value ratio, and a falling ether price pushes that ratio higher, forcing BTCS to add ETH, repay debt or sell assets.
Sources: SEC quarterly filing, CoinDesk
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