BTCS Reports Q2 2025 Results

Core Insights - BTCS Inc. reported record quarterly revenue of $2.77 million for Q2 2025, representing a 394% year-over-year increase and a 64% quarter-over-quarter increase [7][10][12] - The company's Ethereum-focused strategy has led to significant growth, with Builder+ operations driving the majority of revenue [3][10][11] - Post-quarter, BTCS's ETH holdings surpassed $321 million, reflecting a 478% increase from the end of Q2 2025 [14][15][17] Financial Performance - Q2 2025 revenue reached $2.77 million, up from $0.56 million in Q2 2024, and total six-month revenue was $4.46 million, exceeding the full-year 2024 revenue [7][10] - Builder+ revenue surged to $2.51 million in Q2 2025 from $76,000 in Q2 2024, driven by increased transaction volumes and infrastructure enhancements [7][10] - Gross margin for Q2 2025 was negative at (2.9%), down from 69.9% in Q2 2024, as the company focused on market share expansion and ETH accumulation [7][11] Net Income and Loss - The company reported a net income of $3.88 million in Q2 2025, a significant improvement from a net loss of $6.73 million in Q2 2024, primarily due to an $8.8 million increase in the fair value of crypto assets [12][13] - For the first six months of 2025, BTCS incurred a net loss of $13.39 million, largely due to unrealized depreciation on retained crypto assets and realized losses from divesting non-Ethereum assets [12][13] Financing Activities - BTCS raised $4.1 million in net proceeds from ATM common stock sales during Q2 2025, enhancing funding flexibility [7][13] - The company also secured $4.0 million in net proceeds from ETH-backed DeFi borrowing through Aave, and $7.3 million from a senior secured convertible note issuance [7][13] - Total assets increased to $40.8 million at June 30, 2025, up 173% year-over-year, with crypto assets comprising $39.4 million [7][13] Operational Updates - BTCS enhanced its blockchain infrastructure in Q2 2025, expanding Builder+ operations and integrating with partners like Blink and Merkle [9][10] - The company successfully transitioned through the Pectra upgrade, streamlining validator operations and reducing server overhead [9][10] - The focus remains on deepening the company's presence within the Ethereum ecosystem and enhancing infrastructure to support long-term growth [10][11]