Ethereum-focused treasury protocol ETH Strategy has secured $46.5 million in a prelaunch funding round to develop its leveraged ETH treasury platform. The protocol recently launched its $STRAT token and has recorded $36.5 million in trading volume. Separately, NASDAQ-listed BTCS Inc., the fifth-largest Ethereum treasury holder with 70,000 ETH valued at approximately $269 million, has filed to raise up to $2 billion through preferred stock warrants. This capital raise aims to expand BTCS's Ethereum holdings and support its operational funding. The broader cryptocurrency market shows continued institutional interest, with Ethereum leading inflows and new use cases emerging, while Bitcoin dominance remains near its 12-year average of 62.5%. Additionally, the U.S. Securities and Exchange Commission (SEC) has introduced "Project Crypto," an initiative to establish regulatory frameworks for digital assets, including token classification and decentralized finance applications.