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Bears are Losing Control Over BTCS Inc. (BTCS), Here's Why It's a 'Buy' Now
Zacks Investment Research· 2024-04-17 14:55
The price trend for BTCS Inc. (BTCS) has been bearish lately and the stock has lost 12% over the past week. However, the formation of a hammer chart pattern in its last trading session indicates that the stock could witness a trend reversal soon, as bulls might have gained significant control over the price to help it find support.The formation of a hammer pattern is considered a technical indication of nearing a bottom with likely subsiding of selling pressure. But this is not the only factor that makes a ...
3 Must-Own Stocks to Buy for Under $5 Before They Blast Off
InvestorPlace· 2024-04-13 21:00
Finding high-return potential in the market may be both thrilling and intimidating. These stocks present prospects because of their strategic placement within the information technology industry and their skill in identifying and following new market trends.The first, for example, positions itself at the forefront of blockchain technology and crypto analytics by leveraging the growing crypto economy with cutting-edge products like StakeSeeker and ChainQ.The second, however, sticks out due to its strong top- ...
3 Penny Stocks to Turn $100 into $15K by 2028
InvestorPlace· 2024-04-03 21:45
Penny stock investing presents a unique chance for people to turn little investments into substantial profits. Three penny companies stand out from the rest due to their robust operations and encouraging development trajectory. These businesses, which operate in various industries, including gambling and casinos, electronic manufacturing services, and application software, have a great deal of opportunity for investors looking for high yields.The first is a major participant in the casino industry. The comp ...
BTCS(BTCS) - 2023 Q4 - Annual Report
2024-03-21 20:45
Stock Performance and Dividends - The last reported sale price of the Company's Common Stock on March 19, 2024, was $1.22[28] - A total of 14,542,803 shares of Series V Preferred Stock were distributed to shareholders on June 2, 2023[30] - The total value of dividends paid in 2022 was approximately $631,000[31] - Future payment of dividends on Common Stock will depend on earnings and financial condition, which may affect the stock's value[178] - The company does not anticipate paying dividends on a regular or recurring basis for the foreseeable future[200] Business Operations and Strategy - The Company specializes in operating validator nodes on various delegated proof-of-stake and proof-of-stake based blockchain networks, with an emphasis on Ethereum[37] - The Company intends to expand its blockchain infrastructure operations to secure other disruptive blockchain protocols, presenting a significant growth opportunity[37] - The company launched Builder+ in February 2024 to enhance validator earnings by deploying algorithms to optimize reward fees[54] - The company is developing ChainQ, an AI-powered blockchain data and analytics platform, with a planned launch later in 2024[54] - The company's Staking-as-a-Service (StaaS) model allows crypto asset holders to earn token rewards by delegating their assets to validator nodes, creating scalable revenue opportunities with limited additional costs[93] Financial Performance - The company generated a net gain of $7.8 million for the year ended December 31, 2023, compared to a net loss of $15.9 million for the year ended December 31, 2022[54] - The company expects to incur additional net losses over the next several years as it seeks to expand operations, with the timing and amount of future losses remaining uncertain[54] Regulatory and Compliance Risks - The Company may be subject to regulatory actions and restrictions due to its operations in the cryptocurrency industry[49] - The SEC charged Kraken in February 2023, resulting in a $30 million settlement, which may influence regulatory scrutiny on the company's staking-as-a-service operations[60] - The company may face legal or regulatory action if its blockchain operations are deemed to facilitate transactions in crypto assets classified as securities[61] - The company anticipates increased management time and legal expenses to ensure compliance with the 1940 Act regarding the classification of crypto assets[66] - Regulatory uncertainties regarding the classification of crypto assets as securities could impose additional compliance costs and operational restrictions on the company[98] Market and Economic Risks - The focus on PoS blockchain networks exposes the Company to risks of loss due to features unique to those networks[51] - Political or economic crises may lead to large-scale sales of crypto assets, adversely affecting their values and the company's investment[76] - Future regulatory developments may impact the treatment of Bitcoin, Ethereum, and other crypto assets, creating uncertainty for the company's operations[79] - In 2022, U.S. capital markets and crypto asset prices experienced significant declines due to the Federal Reserve's interest rate hikes, impacting consumer spending on crypto assets[88] - Economic downturns may reduce delegation traffic to the company's nodes, adversely affecting its business prospects[88] Cybersecurity and Operational Risks - The cybersecurity program is designed to implement and sustain effective security controls to stop intrusion attempts and improve response capabilities[13] - The reliance on Amazon Web Services (AWS) for operations exposes the company to cybersecurity risks and potential revenue loss if AWS experiences failures[86] - The company is subject to cybersecurity risks that could delay platform development and harm business operations[165] Intellectual Property and Legal Risks - The company’s success depends on avoiding infringement of third-party intellectual property rights, which may be difficult to navigate[139] - The company may face significant costs related to defending against patent infringement claims, which could adversely affect its operations and trading price of securities[140] - The company may face legal claims related to intellectual property rights, increasing costs and potentially delaying product development[169] Accounting and Financial Reporting - Compliance with reporting and accounting requirements is expensive and may require additional finance and accounting systems, increasing costs and management resources[141] - The adoption of new accounting treatment for crypto assets (ASU No. 2023-08) in January 2024 may pose challenges in financial statement preparation and comparisons[142] - The company’s financial results could be significantly affected by changes in accounting standards and subjective management estimates[172] Management and Governance - Management concluded that internal control over financial reporting was effective as of December 31, 2023[181] - Management evaluated the effectiveness of disclosure controls and procedures as of December 31, 2023, concluding they were effective[202] - The company has a Code of Ethics applicable to all officers, directors, and employees, available on its website[185] - The company has the authority to issue preferred stock without further shareholder approval, which could dilute existing shareholders' voting power[201] - The Chief Operating Officer adopted a Rule 10b5-1 trading plan for the potential sale of up to 750,000 shares of common stock, effective until October 15, 2024[182] - The Chief Executive Officer adopted a Rule 10b5-1 trading plan for the potential sale of up to 1.25 million shares of common stock, effective until October 15, 2024[204] Technology and Development Risks - The company is developing the StakeSeeker platform to consolidate user information, but there is a risk of not achieving this goal cost-effectively[131] - Competition in the Ethereum block builder market may impact the company’s market share and revenue generation potential[162] - The company does not insure its crypto assets, exposing it to potential losses without liability coverage[129] - Crypto assets staked on Proof-of-Stake blockchains are locked in smart contracts, which may lead to permanent losses if security issues arise[119] - The company faces potential losses from staking and delegating services, particularly if validator nodes go offline, leading to slashing penalties[86]
BTCS Inc. Launches Builder+ to Enhance Ethereum Blockchain Infrastructure
Newsfilter· 2024-02-01 13:35
Silver Spring, MD, Feb. 01, 2024 (GLOBE NEWSWIRE) -- BTCS Inc. (NASDAQ:BTCS) ("BTCS" or the "Company"), a blockchain technology-focused company, is thrilled to introduce "Builder+", an innovative extension of our core Ethereum blockchain infrastructure operations, designed to provide scalable revenue growth leveraging our current Ethereum validator operations. "We've been heads down and quiet for the latter part of 2023, but we are now excited to share the developments we've been working on, such as Builder ...
BTCS(BTCS) - 2023 Q3 - Quarterly Report
2023-11-08 16:00
BTCS Inc. is an early entrant in the crypto asset market and a publicly-traded U.S. company focused on blockchain infrastructure and staking. The Company specializes in operating validator nodes on various Delegated proof-of-stake ("DPoS") and proof-of-stake ("PoS") based blockchain networks and stakes the native crypto assets on the validator nodes it operates to earn rewards in connection with the validation of transactions occurring on those blockchain networks. Subject to available capital and the restr ...
BTCS(BTCS) - 2023 Q2 - Quarterly Report
2023-08-10 16:00
Financial Performance - Total revenues for the three months ended June 30, 2023, were $385,753, a decrease of 25% compared to $514,349 for the same period in 2022[37] - Validator revenue (net of fees) for the six months ended June 30, 2023, was $697,261, down 35% from $1,077,364 in the same period of 2022[37] - The net loss for the three months ended June 30, 2023, was $1,018,453, compared to a net loss of $7,724,673 for the same period in 2022[37] - Operating expenses for the three months ended June 30, 2023, totaled $1,433,094, significantly reduced from $9,855,122 in the same period of 2022[37] - The company recorded impairment losses on crypto assets of approximately $784,602 for the three months ended June 30, 2023, compared to $8,894,797 in the same period of 2022[37] - The company reported a gross profit of $272,141 for the three months ended June 30, 2023, compared to $420,449 for the same period in 2022[37] - The company recorded impairment losses related to crypto assets of approximately $0.9 million during the six months ended June 30, 2023, compared to $12.2 million in the same period of 2022, indicating a significant reduction in losses year-over-year[74] Shareholder Equity and Stock Information - The weighted average number of common shares outstanding for the three months ended June 30, 2023, was 13,873,331, an increase from 12,644,719 in the same period of 2022[37] - The company’s total stockholders' equity as of June 30, 2023, was significantly impacted by accumulated deficits totaling $(141,330,213)[39] - The total stockholders' equity as of June 30, 2023, was $8,615,295, down from $9,331,163 as of December 31, 2022[115] - The Company sold a total of 651,172 shares of Common Stock under the ATM Agreement for gross proceeds of approximately $965,000 at an average selling price of $1.48 per share during the six months ended June 30, 2023[96] - The Company issued 59,223 shares of common stock to independent directors during the six months ended June 30, 2023[108] - The total number of warrants to purchase common stock decreased from 945,837 in 2022 to 712,500 in 2023, indicating a reduction in outstanding warrants[62] Cash and Liquidity - As of June 30, 2023, the Company had approximately $0.9 million in cash, down from $2.1 million as of December 31, 2022, reflecting a decrease in liquidity[72] - The company had approximately $0.3 million in excess of the FDIC insured limit as of June 30, 2023[44] - The company has approximately $0.3 million and $1.7 million in excess of the FDIC insured limit as of June 30, 2023, and December 31, 2022, respectively[44] Expenses and Cost Management - Validator expenses for the three months ended June 30, 2023, were $113,612, an increase of 21% from $93,900 in the same period of 2022[37] - Research and development expenses for the three months ended June 30, 2023, were $180,903, slightly down from $185,004 in the same period of 2022[37] - General and administrative expenses for the three months ended June 30, 2023, were $617,569, an increase of 21% from $512,051 in the same period of 2022[37] - Advertising and marketing expenses amounted to approximately $9,000 for the six months ended June 30, 2023, compared to $65,000 for the same period in 2022[126] Future Plans and Market Position - The company plans to expand its PoS operations to secure other disruptive blockchain protocols, which is critical for user base growth and success[42] - The company's future success is dependent on the growth of the crypto asset market and the adoption of blockchain technology[70] Risk Factors - The Company is subject to various risks, including the volatility of crypto asset prices and the evolving regulatory landscape for crypto assets, which may impact future performance[70] Stock Options and Warrants - The Company granted 20,000 stock options with a weighted average exercise price of $0.63 during the six months ended June 30, 2023[112] - The company’s total stock options and warrants outstanding decreased from 3,825,035 in 2022 to 3,478,899 in 2023[62] Dividends - The Company declared a non-recurring special dividend of $0.05 per share on January 5, 2022, with dividend distributions amounting to $635,000 during the six months ended June 30, 2022, but $0 during the same period in 2023[60] - The Company has not historically paid dividends on its Common Stock and does not expect to pay recurring dividends in the future[105] - The company will evaluate the appropriateness of potential future dividends as it continues to grow its operations[97] Accounting and Valuation - The Company accounts for its crypto assets as indefinite-lived intangible assets, assessed for impairment annually[133] - The company measures certain assets and liabilities at fair value, with Level 3 investments carried at an original cost of $100,000 as of June 30, 2023[90] - The company’s crypto assets are recorded at fair value upon receipt and are subject to impairment losses if their fair value falls below carrying value[49] - The fair value of warrant liabilities was recorded at $356,250 as of June 30, 2023, reflecting the Company's reclassification of these instruments from equity to liabilities[88] - The risk-free interest rate for the Company's warrant liabilities increased to 4.49% as of June 30, 2023, up from 3.99% as of December 31, 2022[105] - The expected volatility for the company's warrants was 144.6% as of June 30, 2023, down from 152.8% as of December 31, 2022[105]
BTCS(BTCS) - 2023 Q1 - Quarterly Report
2023-05-11 16:00
Crypto assets held are included in the balance sheets as either current assets or other assets if they are staked and locked up for over one year. The Company's crypto assets are initially recorded at fair value upon receipt (or "carrying value"). The fair value of crypto assets is determined using the U.S. dollar spot price of the related crypto asset. On a quarterly basis, crypto assets are measured at carrying value, net of any impairment losses incurred since receipt. The Company will record impairment ...
BTCS(BTCS) - 2022 Q4 - Annual Report
2023-03-30 16:00
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-----------|---------|-------|-------------|-------|------------| | stock | - | - | - | 5,020,883 | - | - | (5,020,883) | - | - | | Fractional shares | | | | | | | | | | | adjusted for reverse | | | | | | | | | | | split | | | - | - | 14,477 | 15 | (15) | - | - | | Warrant exercise | - | - | - | - | 200,000 | 200 | 399,800 | - | 400,000 | | Stock-based | | | | | | | | | | | compensation | - | - | - ...
BTCS(BTCS) - 2022 Q3 - Quarterly Report
2022-11-09 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Nevada 90-1096644 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.001 BTCS The Nasdaq Stock Market (The Nasdaq Capital Market) Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ ...