Republic Secures $100M to Buy Ether in Zero-Interest Deal

Republic Technologies has locked in a $100 million financing deal that lets it aggressively buy Ether without paying a cent in interest, a rare structure in crypto. The convertible note facility, announced Monday, carries a 0% interest rate, no regular interest payments and no margin calls if ETH’s price drops.

Because the company does not need cash to service the debt, it avoids one of the main risks that has crushed many overleveraged crypto firms in past cycles. Republic, which evolved from a medical technology business into a blockchain infrastructure company, plans to use most of the capital to grow its ETH treasury and expand its Ethereum validator operations, earning steady staking rewards for supporting the network.

The company also highlighted that the deal is designed to minimize dilution for current shareholders. While many crypto firms agree to heavy warrant coverage when raising capital, Republic’s note comes with 28% warrant coverage priced at the market rate. That is far below some comparable deals, such as BitMine Immersion’s $365 million raise that included 200% warrant coverage, which could sharply erode existing investors’ ownership if fully exercised.

Republic’s move comes as publicly listed firms increasingly copy Michael Saylor’s Bitcoin playbook, but with Ether. Data providers estimate that 18 public companies now hold roughly 5.45 million ETH, worth about $17.3 billion, though the dollar value moves with price swings. ETH is currently trading well below its prior peak near $4,900.

BitMine, the largest single ETH treasury holder, said it recently boosted its position and now controls about 2.9% of all ETH in circulation, with a target of 5%. Its chairman, Tom Lee, remains bullish, arguing that regulation and real-world asset tokenization could push crypto to new highs this cycle.