Tap Global Group (LSE:TAP) told investors it has made its first Ethereum purchase for its Digital Asset Income Strategy (DAIS), buying 50 ETH at an average price of £1,888.76 (around $2,497) each, a total of £94,437.86.
The regulated crypto-fintech said the purchase came at around 50% below Ethereum's all-time high of about $4,950, and that the ETH has already been deployed through its Tap Earn programme to generate income.
It follows the DAIS reserve's first Bitcoin purchase on 29 September, 3 BTC at an average £63,132 each, and its first Solana purchase on 1 October, 500 SOL at an average £91.66 each.
The reserve now comprises 3 BTC, 500 SOL and 50 ETH at a total cost of £329,665, alongside $279,258 in stablecoins, held and reported separately from the Group's operational digital assets.
Tap adopted DAIS to generate yield on a growing digital asset reserve, funded from its existing cryptoassets, valued at £1.75m as of 30 June, plus surplus cash from operations and occasional equity issuances, with any material expansion requiring shareholder approval.
Tap Earn, the vehicle through which the reserve is deployed, held more than $9m of customer assets as of 7 October and has generated cumulative gross yield of about $157,000 since its launch in May.
"Bitcoin, Solana and now Ethereum. We bought 50 ETH at roughly half its peak price, on our own trading desk, and put it straight to work through Tap Earn," said chief executive Arsen Torosian.
"That is the DAIS model on repeat. We buy below the peak, and the same engine that already holds more than US$9 million of customer assets and pays out weekly makes the reserve earn for our shareholders. The DAIS is not a hold-only treasury," he added.