Republic Technologies (CSE: DOCT) (FSE: 7FM0) (WKN: A41AYF) (“Republic”), a publicly traded Ethereum infrastructure company, has announced a US$100 million secured convertible note facility with a leading institutional investor to expand its Ethereum infrastructure and ETH treasury. The financing carries 0% interest and features an initial US$10 million tranche.
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.
Republic has secured some of the best terms in the market for financing of its size. The facility carries 0% interest and has no mark-to-market requirements on collateral, meaning Republic can never face margin calls or default events. This provides strong financial stability and flexibility for the company to deploy capital efficiently. In comparison, similar facilities in the market typically charge 8-10% interest and require up to twice the collateral.
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.
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, IDG Capital, 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 California and Hawaii, 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 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.
