Republic Technologies Closes US$100 Million at 0% Interest to Buy ETH

Vancouver, British Columbia 

Republic Technologies (CSE: DOCT) (FSE: 7FM0) (WKN: A41AYF) (“Republic”), a publicly traded Ethereum infrastructure company, has closed a US$100 million secured convertible note facility with a leading institutional investor to expand its Ethereum infrastructure and ETH treasury. 

The zero-coupon facility has no mark-to-market requirements on collateral. Under the terms of the facility, over 90% of proceeds will be allocated to acquiring ETH to support Republic’s expanding validator infrastructure and attestation operations, with an initial US$10 million tranche.

A Benchmark in Capital Efficiency

Republic has secured some of the best terms in the market for a financing of this size. With no running interest, the facility imposes no negative carry on the Company’s cash flow, and Republic cannot trigger a default through non-payment of interest. Furthermore, because there are no mark-to-market requirements on collateral, the Company is insulated from margin calls, which preserves balance-sheet stability throughout market cycles.

These two key structural features provide exceptional financial flexibility, allowing Republic to deploy capital efficiently toward growth. By contrast, similar facilities in the digital-asset sector typically charge interest in the high single digits to high teens, creating immediate cash-flow burdens, and often require up to 2.5x over-collateralization of assets, which creates limitations on how the balance sheet is deployed. The transaction also features 50% warrant coverage, priced at market value (no discount to VWAP), a stark contrast to competitors that issued warrants equal to or exceeding their principal.

BitMine Immersion (NYSE AMERICAN: BMNR), for instance, raised US $365 million at a 14% premium but attached 200% warrant coverage creating heavy future dilution. CEA Industries (NASDAQ: BNC) filed for a US $500 million PIPE and US $750 million in warrants with pre-funded and stapled structures, also signaling significant dilution risk. Meanwhile, GameSquare (NASDAQ: GAME) issued pre-funded warrants with $0.0001 exercise prices — an optics challenge for investors sensitive to capital structure overhang.

Even among debt-based peers, Republic’s terms stand out. BTCS (NASDAQ: BTCS) is paying a 6% coupon convertibles on their recent raise with ATW Partners, while Bit Digital (NASDAQ: BTBT) and ETHZilla issued raises with 4–8% cash coupons. Republic’s 0% coupon structure ensures there is no cash drag, freeing capital for validator expansion and ETH accumulation, rather than allocating funds to service debt.

The facility is also secured against ETH, but with a key advantage: the collateral is not marked to market. Any collateral that is pledged will never require adjustments or additions even in bearish market conditions. This ensures stability without margin-call risk—a unique structure that eliminates risk of forced liquidations or dilutive top-ups during periods of market volatility.

Market observers note that Republic’s financing, by avoiding “penny-strike” warrants and outsized debt service requirements, is unique to the digital asset market and reflects structures typically seen in traditional corporate finance rather than crypto-native fundraises.

“It’s rare to see a digital-asset issuer secure a 0% cash-cost facility with this type of structure and alignment,” said one industry analyst familiar with the deal. “It looks more like an institutional-grade convertible than a speculative crypto raise.”

With most competitors accepting dilutive financings, marred by high running interest costs and asymmetric acquisition profiles, Republic’s disciplined structure signals a growing maturity in digital asset corporate finance and positions the company as one of the few digital-asset issuers to achieve top-tier financing terms in 2025.

Triple Revenue Engines

Republic’s business model combines treasury management with blockchain infrastructure, distinguishing itself among the few companies that treat cryptocurrency as a productive asset rather than a passive holding. 

In practice, Republic deploys its ETH treasury to operate validator infrastructure that produces attestations, which are cryptographic signatures that secure the Ethereum network. These validator activities not only contribute to network integrity and performance but also generate sustainable, recurring income for the company. This the “DAT++” approach integrates traditional treasury holdings with infrastructure-driven validator revenues and creates dual revenue engines that compound growth.

Building on this foundation, Republic takes income generation a step further. When acquiring ETH, the company employs sophisticated purchasing strategies—collectively referred to as “Synthetic Mining”—to generate additional returns and compound its ETH holdings without issuing new equity.

According to company disclosures, these strategies have delivered weekly returns of around 1.75%, translating to annualized returns between 80% to 100%, enabling Republic to expand its balance sheet without diluting shareholders.

The company has partnered with QCP Capital—one of Metaplanet’s earliest and most significant trading partners—to design and execute its structured strategies. In parallel, Republic is onboarding leading validator infrastructure providers to streamline ETH deployments and consolidate recurring income streams. Together, these initiatives form a self-reinforcing cycle in which Republic’s treasury and infrastructure business strengthen one another, compounding long-term growth.

Energy Second-Gen Bets on Digital Fuel

Blending experience from traditional finance and digital assets, Republic’s leadership team includes professionals with successful exits and prior roles at Goldman Sachs, Apollo Global Management, China Everbright Limited, and OKX.

Chief Executive Officer  Daniel Liu, comes from a long-established energy family. The Liu family has led multiple publicly listed energy companies around the world, including Canadian Solar (NASDAQ: CSIQ) and GCL Group (NASDAQ: GCL). Before building the world’s most successful Bitcoin exchange with OKX in 2019, Liu worked at CIT Bank, where he specialized in renewable energy financings and oversaw more than US$5 billion in utility-scale power and infrastructure transactions across the United States, according to people familiar with the team.

Rooted in this background, Liu and the Republic team were early to frame Ethereum as “digital fuel” — a foundational resource powering the next generation of financial and computational systems.

“Coming from a family with decades in energy and infrastructure, I’ve seen how industry veterans are now turning their attention to the next wave of innovation,” Liu was quoted as saying in the company’s investor presentation. “When introduced to Ethereum infrastructure and ETH treasury strategies, many recognized parallels to oil decades ago—as a foundational asset with outsized potential.”

Ethereum: The Future of Finance

Ethereum blockchain is the world’s largest decentralized computing network, powering smart contracts, tokenized assets, and trustless financial settlement. To keep Ethereum secure and running around the clock, participants operate validator infrastructure that stakes ETH, the network’s native asset, and generates attestations that verify data interactions across the network. Therefore, ETH functions as the essential fuel of the digital economy, much like oil powers the physical world. As on-chain economic activity expands, the value of ETH grows in tandem.

As of October 2025, more than US$300 billion in value is secured on Ethereum. By February 2025, over 50 major institutions, including BlackRock, Goldman Sachs, JPMorgan, Franklin Templeton, Deutsche Bank, and Visa, had begun building infrastructure and launching financial products on Ethereum.

Ethereum is also being adopted in central bank and government pilot programs across major economies. ETH is the only cryptocurrency besides Bitcoin that has been formally recognized by the Commodity Futures Trading Commission (CFTC) as a commodity. The rise of real-world applications is driving on-chain activity and deepening demand for ETH, reinforcing its role as the backbone of a growing digital financial system. 

About Republic Technologies

Republic Technologies Inc. is a publicly traded technology company integrating Ethereum infrastructure into the global economy. Backed by an ETH‑denominated treasury, we operate proprietary validator and attestation networks to safeguard data integrity for universal applications. Check investor presentation here: https://republictech.io/investor-relations .