The European Investment Bank is planning an inaugural “digital bond” sale on the Ethereum blockchain network, according to unnamed sources speaking with Bloomberg.
The €100 million (roughly $121 million) issuance of two-year notes is set to be priced on Tuesday, the source said.
The sale will be led by Goldman Sachs, Banco Santander, and Societe Generale.
The EIB was also the first to issue green and sustainability-linked bonds, as well as debt benchmarked against a new euro short-term rate called the ESTR.
Ethereum’s price was up nearly 8% as of 12:32 p.m. ET after the news broke. ETH is up more than 55% in the past month and over 1,200% in the past year.
The cryptocurrency was founded in November of 2013 by Vitalik Buterin and currently boasts a market cap of roughly $305 billion.
While a number of big-name institutions have moved into the cryptocurrency space lately, using cryptocurrencies for debt issuance is still uncommon.
Telefonica’s German unit used blockchain technology in early January to raise a 200 million-euro loan, per Bloomberg.
A German real estate company called Vonovia also issued its first-ever fully digital registered bonds earlier this year, totaling €20 million.