Vancouver-based Republic Technologies, which trades under the ticker DOCT on the Canadian Stock Exchange, said Monday it secured a $100 million zero-coupon convertible note from a “leading institutional investor” to expand its Ethereum validator operations and ether treasury.
Over 90% of the proceeds will go toward acquiring ETH, starting with an initial $10 million tranche. The facility carries no interest payments or mark-to-market collateral requirements — unusual in crypto financing, where similar raises often come with double-digit coupons or heavy warrant coverage.
Republic said the deal includes 50% warrant coverage priced at market value, avoiding deep discounts that have weighed on peer issuers like BitMine Immersion and BTCS, and framed the terms as “cash-flow neutral,” allowing it to deploy capital without servicing debt.
Validator-driven treasury model
Republic operates Ethereum validator infrastructure, using its ETH holdings to earn staking and attestation rewards.
It also says its structured ETH-purchasing strategies, developed with QCP Capital, have averaged about 1.75% in weekly returns, but the company hasn’t disclosed how long that performance has persisted, and the figures haven’t been independently verified.
CEO Daniel Liu, a former CIT Bank renewables financier and OKX co-founder, described Ethereum as “digital fuel” for financial systems.
The raise highlights a growing institutional pivot toward ether as a balance-sheet asset, echoing bullish coverage from Bernstein on SharpLink and others positioning around Ethereum yield strategies.
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