Ethereum treasury company BTCS said it sold ETH below its cost basis to manage the collateral for its $64.1 million debt on Aave.
According to a company filing cited by CoinDesk, BTCS owed Aave $64.1 million, including interest, as of November 9. The company had pledged 46,676 ETH as collateral for the debt. BTCS did not disclose how much ETH it sold or how much it lost in sales made to maintain its collateral level.
At what price could BTCS’s Aave debt face liquidation risk?
CoinDesk calculated that if the debt and collateral amounts from November 9 had not changed, the position could become exposed to liquidation at about $1,717 per ETH. Aave monitors how much the collateral covers the debt, and when this measure, known as the health factor, falls below 1, part of the collateral can be liquidated.
ETH was trading at about $1,950 on Friday. From that level, there was roughly 12% room for a decline before reaching the calculated threshold; if BTCS’s debt or collateral has changed since November 9, the threshold may also be different.
BTCS reported that it had about $463,000 in cash at the end of September and was using most of its digital assets as collateral on Aave. The company’s Aave debt, which stood at $320,000 in April 2025, had reached $53 million by August 2026.
Not investment advice.