New Risk • May 17
New major risk - Revenue and earnings growth Earnings have declined by 4.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$9.6m free cash flow). Earnings have declined by 4.5% per year over the past 5 years. Shareholders have been substantially diluted in the past year (136% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (US$91.1m market cap). Reported Earnings • May 17
First quarter 2026 earnings released: US$1.43 loss per share (vs US$0.86 loss in 1Q 2025) First quarter 2026 results: US$1.43 loss per share (further deteriorated from US$0.86 loss in 1Q 2025). Revenue: US$2.15m (up 27% from 1Q 2025). Net loss: US$69.2m (loss widened 301% from 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Announcement • Apr 09
BTCS Inc., Annual General Meeting, Jun 08, 2026 BTCS Inc., Annual General Meeting, Jun 08, 2026. Price Target Changed • Apr 07
Price target decreased by 29% to US$5.00 Down from US$7.00, the current price target is provided by 1 analyst. New target price is 247% above last closing price of US$1.44. Stock is up 4.3% over the past year. The company is forecast to post earnings per share of US$0.02 next year compared to a net loss per share of US$1.00 last year. Reported Earnings • Mar 29
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: US$1.01 loss per share (further deteriorated from US$0.078 loss in FY 2024). Revenue: US$16.5m (up 305% from FY 2024). Net loss: US$33.4m (loss widened US$32.1m from FY 2024). Revenue exceeded analyst estimates by 19%. Earnings per share (EPS) missed analyst estimates. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. New Risk • Feb 04
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$99.8m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 126% per year for the foreseeable future. High level of non-cash earnings (39% accrual ratio). Shareholders have been substantially diluted in the past year (147% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (US$99.8m market cap). Announcement • Jan 08
Btcs Inc. Provides Earnings Guidance for the Full Year December 31, 2025 BTCS Inc. provided earnings guidance for the full year December 31, 2025. For the period, the company expects revenue of approximately $16 million, representing a 290% increase compared to 2024. Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to US$3.02, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Software industry in the US. Total returns to shareholders of 201% over the past three years. Recent Insider Transactions • Nov 21
Chairman & CEO recently bought US$261k worth of stock On the 19th of November, Charles Allen bought around 91k shares on-market at roughly US$2.89 per share. This transaction amounted to 2.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Charles has been a net seller over the last 12 months, reducing personal holdings by US$466k. Major Estimate Revision • Nov 20
Consensus revenue estimates increase by 34% The consensus outlook for revenues in fiscal year 2025 has improved. 2025 revenue forecast increased from US$10.4m to US$13.9m. Now expected to report a profit of US$1.39 instead of losses of -US$0.42 per share. Software industry in the US expected to see average net income growth of 21% next year. Consensus price target of US$7.00 unchanged from last update. Share price fell 6.4% to US$2.79 over the past week. New Risk • Nov 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 121% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 121% per year for the foreseeable future. High level of non-cash earnings (39% accrual ratio). Shareholders have been substantially diluted in the past year (177% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Significant insider selling over the past 3 months (US$445k sold). Reported Earnings • Nov 16
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: US$1.48 (up from US$0.56 loss in 3Q 2024). Revenue: US$4.94m (up US$4.20m from 3Q 2024). Net income: US$65.6m (up US$74.6m from 3Q 2024). Revenue exceeded analyst estimates by 65%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 27% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Software industry in the US. Over the last 3 years on average, earnings per share has increased by 37% per year whereas the company’s share price has increased by 41% per year. Announcement • Sep 08
BTCS Inc. (NasdaqCM:BTCS) announces an Equity Buyback for $50 million worth of its shares. BTCS Inc. (NasdaqCM:BTCS) announces an share repurchase program. Under the program the company will repurchase up to $50 million of its common stock. This program is valid till three year. Recent Insider Transactions • Aug 19
Chairman & CEO recently sold US$445k worth of stock On the 18th of August, Charles Allen sold around 100k shares on-market at roughly US$4.45 per share. This transaction amounted to 2.1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Charles has been a net seller over the last 12 months, reducing personal holdings by US$728k. Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: US$0.18 (up from US$0.43 loss in 2Q 2024). Revenue: US$2.77m (up 394% from 2Q 2024). Net income: US$3.88m (up US$10.6m from 2Q 2024). Revenue exceeded analyst estimates by 63%. Earnings per share (EPS) also surpassed analyst estimates. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 03
BTCS Inc. has filed a Follow-on Equity Offering in the amount of $2 billion. BTCS Inc. has filed a Follow-on Equity Offering in the amount of $2 billion.
Security Name: Common Stock
Security Type: Common Stock
Transaction Features: At the Market Offering Recent Insider Transactions Derivative • Jul 22
Co-Founder notifies of intention to sell stock Michal Handerhan intends to sell 400k shares in the next 90 days after lodging an Intent To Sell Form on the 18th of July. If the sale is conducted around the recent share price of US$10.00, it would amount to US$4.0m. Since September 2024, Michal's direct individual holding has decreased from 1.66m shares to 1.64m. Company insiders have collectively bought US$609k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Jul 22
BTCS Inc. announced that it expects to receive $9.5475 million in funding BTCS Inc announced a private placement and entered into a purchase agreement to issue Senior Secured Convertible Notes of having principal amount of $10,050,000 for aggregate proceeds of $9,547,500 on July 21, 2025. The company will also issue 879,375 warrants having a term of 5 years, exercisable at a price of $8 per share. The Notes will be issued at a discount of 5% and will mature on July 21, 2027. The Notes will bear an Interest rate of 6% per annum and will be convertible into shares of common stock of the company at a conversion price of $13 per share. The transaction is expected to close on or before July 22, 2025. Recent Insider Transactions Derivative • Jul 09
Co-Founder notifies of intention to sell stock Michal Handerhan intends to sell 200k shares in the next 90 days after lodging an Intent To Sell Form on the 8th of July. If the sale is conducted around the recent share price of US$2.80, it would amount to US$560k. Since September 2024, Michal's direct individual holding has decreased from 1.66m shares to 1.60m. Company insiders have collectively sold US$809k more than they bought, via options and on-market transactions in the last 12 months. New Risk • Jul 05
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 34% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (25% average weekly change). Shareholders have been substantially diluted in the past year (34% increase in shares outstanding). Minor Risks Significant insider selling over the past 3 months (US$733k sold). Market cap is less than US$100m (US$52.9m market cap). Reported Earnings • May 15
First quarter 2025 earnings released: US$0.86 loss per share (vs US$0.78 profit in 1Q 2024) First quarter 2025 results: US$0.86 loss per share (down from US$0.78 profit in 1Q 2024). Revenue: US$1.69m (up 338% from 1Q 2024). Net loss: US$17.3m (down 241% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • May 15
BTCS Inc. announced that it expects to receive $54.91 million in funding from ATW Partners LLC BTCS Inc. announced that it has entered into a securities purchase agreement to issue senior secured convertible notes for an aggregate principle amount of $ 57,800,000, at 5% discount on May 13, 2025. The company also agreed to issue 1,901,916 five-year warrants which are exercisable at an exercise price of $ 2.75 per share. The notes are convertible into shares of the Company’s common stock at a conversion price of $ 5.85 per share, accrue an interest rate of 6% per annum and will be matured on May 13, 2027. Charles Allen, the Company’s Chairman of the Board and Chief Executive Officer, invested $ 95,000 in the Offering. Additionally, a trust of which Mr. Allen is a beneficiary but is not the settlor or trustee invested $ 200,000 in the Offering.
On the same day company closed the first tranche of principle amount $ 7,810,526, for a purchase price of $ 7,420,000. Tranche involved participation of ATW Partners LLC as a new investor. Recent Insider Transactions • May 13
Co-Founder recently sold US$450k worth of stock On the 9th of May, Michal Handerhan sold around 150k shares on-market at roughly US$3.00 per share. This transaction amounted to 8.6% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Michal's only on-market trade for the last 12 months. New Risk • May 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 22% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (22% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable next year (US$2.7m net loss next year). Shareholders have been diluted in the past year (28% increase in shares outstanding). Significant insider selling over the past 3 months (US$283k sold). Revenue is less than US$5m (US$4.1m revenue). Market cap is less than US$100m (US$38.6m market cap). Recent Insider Transactions • Apr 11
Chairman & CEO recently sold US$283k worth of stock On the 9th of April, Charles Allen sold around 200k shares on-market at roughly US$1.41 per share. This trade did not impact their existing holding. This was the largest sale by an insider in the last 3 months. This was Charles' only on-market trade for the last 12 months. New Risk • Mar 24
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 28% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable next year (US$2.7m net loss next year). Share price has been volatile over the past 3 months (16% average weekly change). Shareholders have been diluted in the past year (28% increase in shares outstanding). Revenue is less than US$5m (US$4.1m revenue). Market cap is less than US$100m (US$33.9m market cap). Reported Earnings • Mar 20
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: US$0.078 loss per share (down from US$0.56 profit in FY 2023). Revenue: US$4.07m (up 204% from FY 2023). Net loss: US$1.27m (down 116% from profit in FY 2023). Revenue exceeded analyst estimates by 4.4%. Earnings per share (EPS) also surpassed analyst estimates by 68%. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to US$2.42, the stock trades at a trailing P/E ratio of 11x. Average forward P/E is 14x in the Software industry in the US. Total loss to shareholders of 43% over the past three years. Announcement • Feb 08
BTCS Inc. Announces Resignation of Manish Paranjape as Chief Technology Officer On February 3, 2025 BTCS Inc. announced Mr. Manish Paranjape resigned as Chief Technology Officer. Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment improves as stock rises 41% After last week's 41% share price gain to US$3.57, the stock trades at a trailing P/E ratio of 16.3x. Average trailing P/E is 40x in the Software industry in the US. Total loss to shareholders of 28% over the past three years. Announcement • Jan 11
BTCS Inc. Launches Innovative Staker Protection Plan BTCS Inc. announced the launch of its new Staker Protection Plan ("SPP"), an innovative initiative designed to enhance financial stability and operational security for Ethereum blockchain validators. The SPP represents a transformative approach to supporting Ethereum validators with a comprehensive, four-pronged structure that includes: Revenue Shield: A strategic mechanism designed to increase and protect validator revenues through predictable payments. Validators gain stable income from pre-sold block space and up to 90% of execution layer reward profits, potentially increasing earnings by up to 4%. Compliance Framework: Built-in adherence to regulatory standards such as OFAC compliance ensures a secure, legally compliant environment, enhancing validators' risk mitigation. Integrated Full Block Pre-confirmations: BTCS plans to offer pre-confirmations to provide users and dApps with early assurance that their transactions are likely to be included in upcoming blocks. By leveraging advanced MEV infrastructure, BTCS's system will signal probable transaction outcomes before final block confirmations, reducing wait times and the need for frequent re-submissions during periods of high congestion. This service aims to enhance the efficiency of order flow management for both dApps and researchers, promoting smoother transaction experiences and optimizing block space use. Advanced Order Flow Integration: Facilitates direct monetization of block space by enabling access for dApps and wallets, promoting greater revenue potential and network decentralization. Major Estimate Revision • Dec 26
Consensus revenue estimates increase by 86%, EPS downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from US$2.10m to US$3.90m. EPS expected loss of US$0.25 per share, down from profit of US$0.21 per share previously. Software industry in the US expected to see average net income growth of 18% next year. Consensus price target up from US$3.00 to US$5.00. Share price rose 9.8% to US$2.86 over the past week. New Risk • Dec 24
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 89% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (27% average weekly change). Earnings are forecast to decline by an average of 89% per year for the foreseeable future. High level of non-cash earnings (43% accrual ratio). Minor Risks Shareholders have been diluted in the past year (21% increase in shares outstanding). Significant insider selling over the past 3 months (US$77k sold). Revenue is less than US$5m (US$2.1m revenue). Market cap is less than US$100m (US$49.5m market cap). Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$3.28, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 42x in the Software industry in the US. Total loss to shareholders of 16% over the past three years. Recent Insider Transactions • Nov 26
Independent Director recently sold US$77k worth of stock On the 25th of November, Melanie Pump sold around 22k shares on-market at roughly US$3.49 per share. This transaction amounted to 36% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$116k more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to US$3.77, the stock trades at a trailing P/E ratio of 56.4x. Average forward P/E is 2x in the Software industry in the US. Total loss to shareholders of 43% over the past three years. Reported Earnings • Nov 15
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: US$0.56 loss per share (further deteriorated from US$0.045 loss in 3Q 2023). Revenue: US$739.2k (up 134% from 3Q 2023). Net loss: US$9.04m (loss widened US$8.40m from 3Q 2023). Revenue exceeded analyst estimates by 23%. Earnings per share (EPS) missed analyst estimates significantly. Over the last 3 years on average, earnings per share has increased by 118% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Price Target Changed • Nov 14
Price target decreased by 50% to US$3.00 Down from US$6.00, the current price target is provided by 1 analyst. New target price is 39% below last closing price of US$4.88. Stock is up 388% over the past year. The company is forecast to post earnings per share of US$0.21 for next year compared to US$0.55 last year. Announcement • Aug 15
BTCS Inc. announced delayed 10-Q filing On 08/14/2024, BTCS Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Jul 10
BTCS Inc. Launches ChainQ: An AI-Powered Blockchain Analytics Platform BTCS Inc. announced the launch of ChainQ, its pioneering blockchain analytics platform designed to revolutionize the exploration and comprehension of certain blockchain data. ChainQ represents a significant leap forward in simplifying the access, querying, and analysis of blockchain data, empowering users with unprecedented accessibility and insights. ChainQ leverages indexed data from BTCS’s blockchain infrastructure operations to provide access to otherwise hard-to-access public blockchain data, similar to Bloomberg for financial research or Westlaw for legal research. Unlike traditional blockchain explorers that offer cumbersome navigation and lack features like natural language queries and customizable searches, ChainQ simplifies and accelerates data exploration through its AI driven platform. ChainQ offers a seamless user experience with its intuitive interface, powered by generative AI technology. Users can effortlessly access and analyze blockchain data with a simple search bar, enabling natural language queries (NQL) to uncover detailed insights from indexed blockchain data. Key features of ChainQ include: Fast access to blockchain data exceeding the capabilities of standard web search engines, and simplified compared to complex blockchain explorers. Cutting-edge generative AI technology. Intuitive search functionality with natural language queries. Customizable search panel for refined results. Insightful visualizations for enhanced data comprehension. Support for SQL queries, saved searches, and result exportation. Reported Earnings • May 16
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: US$0.35 (up from US$0.10 loss in 1Q 2023). Net income: US$12.3m (up US$13.7m from 1Q 2023). Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) exceeded analyst estimates. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has fallen by 40% per year, which means it is significantly lagging earnings. Announcement • May 01
BTCS Inc., Annual General Meeting, Jul 09, 2024 BTCS Inc., Annual General Meeting, Jul 09, 2024, at 10:00 US Eastern Standard Time. Agenda: To consider elect five members to BTCS’ Board of Directors; to consider ratify the appointment of RBSM LLP, independent registered public accounting firm, for fiscal year 2024; to consider approve an amendment to the Certificate of Designation of the Series V Preferred Stock to provide the Board of Directors the discretion to convert each share of the Series V Preferred Stock into one share of Common Stock; to consider approve an adjournment of the Annual Meeting to a later date or time, if necessary, to permit further solicitation and vote of proxies if there are not sufficient votes at the time of the Annual Meeting to approve any of the proposals presented for a vote at the Annual Meeting; to consider transact such other business as may properly come before the Annual Meeting or any adjournment or postponement thereof. Board Change • Apr 22
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Melanie Pump was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 19
BTCS Inc. Welcomes Ashley Desimone to its Board of Directors BTCS Inc. announced the appointment of Ashley DeSimone to its Board of Directors. This addition underscores BTCS’s commitment to enhancing its governance structure and driving sustainable growth through adding expertise. Ashley DeSimone brings to BTCS a wealth of experience in corporate strategy, and investor and public relations, having held leadership roles in a leading capital markets advisory and investor and public relations firm, as well as having executive experience at an investment firm. Her background in public company investor relations is anticipated to help BTCS’ board continue to navigate the rapidly evolving blockchain ecosystem. Ashley’s appointment comes at a pivotal time as the Company has just announced new initiatives, including Builder+ and ChainQ, to expand its operations and explore new opportunities within the blockchain industry. Her insights and leadership are anticipated to play a critical role in guiding BTCS through its next phase of innovation and expansion. Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to US$1.58, the stock trades at a trailing P/E ratio of 3.2x. Average trailing P/E is 45x in the Software industry in the US. Total loss to shareholders of 85% over the past three years. Reported Earnings • Mar 24
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: US$0.56 (up from US$1.25 loss in FY 2022). Net income: US$7.82m (up US$23.7m from FY 2022). Revenue missed analyst estimates by 4.3%. Earnings per share (EPS) exceeded analyst estimates. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has fallen by 49% per year, which means it is significantly lagging earnings. Recent Insider Transactions Derivative • Mar 11
Co-Founder notifies of intention to sell stock Michal Handerhan intends to sell 150k shares in the next 90 days after lodging an Intent To Sell Form on the 5th of March. If the sale is conducted around the recent share price of US$1.50, it would amount to US$225k. Since June 2023, Michal's direct individual holding has increased from 1.25m shares to 1.27m. There have been no trades via on-market transactions or options from company insiders in the last 12 months. Recent Insider Transactions Derivative • Feb 28
Chairman & CEO notifies of intention to sell stock Charles Allen intends to sell 50k shares in the next 90 days after lodging an Intent To Sell Form on the 20th of February. If the sale is conducted around the recent share price of US$1.56, it would amount to US$78k. For the year to December 2017, Charles' total compensation was 13% salary and 87% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since June 2023, Charles' direct individual holding has increased from 3.40m shares to 3.52m. There have been no trades via on-market transactions or options from company insiders in the last 12 months. Announcement • Feb 02
BTCS Inc. Launches Builder+ to Enhance Ethereum Blockchain Infrastructure BTCS Inc. introduced "Builder+", an innovative extension of core Ethereum blockchain infrastructure operations, designed to provide scalable revenue growth leveraging current Ethereum validator operations. Builder+ was developed to enhance role within the Ethereum blockchain landscape by offering an advanced Ethereum block builder. Builder+ leverages cutting-edge algorithms to optimize block construction and transaction ordering, maximizing rewards and unlocking new opportunities for revenue growth. Simultaneously, it contributes to the ongoing development of the Ethereum ecosystem. The builder market presents the potential for scalable revenue growth with minimal additional costs. Empowering Validators: Ethereum validators can enhance their network rewards by proposing blocks created by advanced builder, establishing a mutually beneficial relationship that strengthens the Ethereum ecosystem. contributing to Ethereum's Ongoing Growth: BTCS's Builder+ reaffirms commitment to the development and expansion of the Ethereum network. Compliance and Trust: dedication to compliance is unwavering. Builder+ ensures that transactions included in blocks built by builder are free from wallet addresses identified on the Office of Foreign Assets Control S specially Designated Nationals list, reinforcing commitment to trust and transparency in the blockchain industry. Announcement • Feb 01
BTCS Inc. Announces Resignation of Carol Van Cleef as Director On January 26, 2024, Ms. Carol Van Cleef notified BTCS Inc. of her resignation as a director effective January 31, 2024. Ms. Van Cleef resigned to enable her to meet the demands of her new role as executive director of the Cambridge Crypto Compliance Consortium. The Company thanks Ms. Van Cleef for her years of service. New Risk • Dec 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$3.3m free cash flow). Earnings are forecast to decline by an average of 2.4% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable next year (US$4.3m net loss next year). Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (9.9% increase in shares outstanding). Revenue is less than US$5m (US$1.3m revenue). Market cap is less than US$100m (US$17.0m market cap). Major Estimate Revision • Nov 16
Consensus EPS estimates upgraded to US$0.27 loss, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from US$1.50m to US$1.40m. 2023 losses expected to reduce from -US$0.33 to -US$0.27 per share. Software industry in the US expected to see average net income growth of 15% next year. Consensus price target of US$3.00 unchanged from last update. Share price rose 3.7% to US$1.00 over the past week. New Risk • Nov 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$3.3m free cash flow). Earnings are forecast to decline by an average of 2.4% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable next year (US$4.3m net loss next year). Shareholders have been diluted in the past year (9.6% increase in shares outstanding). Revenue is less than US$5m (US$1.3m revenue). Market cap is less than US$100m (US$14.2m market cap). Announcement • Nov 12
BTCS Inc. Reports Impairment Loss on Crypto Assets for the Third Quarter Ended September 30, 2023 BTCS Inc. reported impairment loss on crypto assets for the third quarter ended September 30, 2023. For the third quarter ended September 30, 2023, the company expects impairment loss on crypto assets of $372,441 against $145,247 a year ago. Reported Earnings • Nov 11
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: US$0.045 loss per share (improved from US$0.08 loss in 3Q 2022). Revenue: US$316.2k (down 8.1% from 3Q 2022). Net loss: US$640.1k (loss narrowed 38% from 3Q 2022). Revenue missed analyst estimates by 21%. Earnings per share (EPS) exceeded analyst estimates by 50%. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Software industry in the US. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Major Estimate Revision • Aug 18
Consensus EPS estimates fall by 22% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -US$0.27 to -US$0.33 per share. Revenue forecast of US$1.50m unchanged since last update. Software industry in the US expected to see average net income growth of 15% next year. Consensus price target of US$3.00 unchanged from last update. Share price fell 2.9% to US$1.02 over the past week. New Risk • Aug 13
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$3.5m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-US$3.5m free cash flow). Minor Risks Currently unprofitable and not forecast to become profitable next year (US$3.4m net loss next year). Share price has been volatile over the past 3 months (10.0% average weekly change). Shareholders have been diluted in the past year (6.7% increase in shares outstanding). Revenue is less than US$5m (US$1.3m revenue). Market cap is less than US$100m (US$14.5m market cap). Reported Earnings • Aug 13
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: US$0.073 loss per share (improved from US$0.61 loss in 2Q 2022). Revenue: US$385.8k (down 25% from 2Q 2022). Net loss: US$1.02m (loss narrowed 87% from 2Q 2022). Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) also missed analyst estimates by 17%. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Software industry in the US. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Recent Insider Transactions Derivative • Jun 05
Chairman & CEO notifies of intention to sell stock Charles Allen intends to sell 250k shares in the next 90 days after lodging an Intent To Sell Form on the 5th of June. If the sale is conducted around the recent share price of US$1.41, it would amount to US$353k. For the year to December 2016, Charles' total compensation was 13% salary and 87% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2023, Charles' direct individual holding has decreased from 3.50m shares to 3.40m. There have been no trades via on-market transactions or options from company insiders in the last 12 months. Announcement • May 26
BTCS Inc., Annual General Meeting, Jul 11, 2023 BTCS Inc., Annual General Meeting, Jul 11, 2023, at 10:00 US Eastern Standard Time. Agenda: To elect five members to BTCS’ Board of Directors; to approve an amendment to the company's Articles of Incorporation to increase the number of authorized shares of common stock; to approve an amendment to the company's Articles of Incorporation to increase the number of authorized shares of preferred stock; to ratify the appointment of RBSM LLP, the company's independent registered public accounting firm, for fiscal year 2023; to approve an amendment to the BTCS 2021 Equity Incentive Plan to increase the number of shares of common stock authorized for issuance under the Plan; and to consider other matters. Reported Earnings • May 14
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: US$0.10 loss per share (improved from US$0.47 loss in 1Q 2022). Revenue: US$311.5k (down 45% from 1Q 2022). Net loss: US$1.41m (loss narrowed 75% from 1Q 2022). Revenue missed analyst estimates by 22%. Earnings per share (EPS) also missed analyst estimates by 67%. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Recent Insider Transactions Derivative • Apr 17
Chairman & CEO notifies of intention to sell stock Charles Allen intends to sell 100k shares in the next 90 days after lodging an Intent To Sell Form on the 10th of April. If the sale is conducted around the recent share price of US$1.20, it would amount to US$120k. For the year to December 2016, Charles' total compensation was 4% salary and 96% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since June 2022, Charles' direct individual holding has increased from 3.34m shares to 3.40m. There have been no trades via on-market transactions or options from company insiders in the last 12 months. Major Estimate Revision • Apr 05
Consensus EPS estimates fall by 64%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from US$1.40m to US$1.50m. Forecast EPS reduced from -US$0.14 to -US$0.23 per share. Software industry in the US expected to see average net income growth of 11% next year. Consensus price target of US$3.00 unchanged from last update. Share price fell 6.8% to US$1.30 over the past week. Announcement • Jan 11
BTCS Inc. Announces Private Beta Launch of its Proprietary Digital Asset Analytic and Staking-as-a-Service Platform: StakeSeeker BTCS Inc. announced the private beta launch of its proprietary Digital Asset Analytic and Staking-as-a-Service Platform: StakeSeeker. StakeSeeker is a one-stop-shop crypto dashboard for crypto holders to earn passive crypto rewards by staking through the non-custodial Stake Hub and evaluate their crypto portfolios across exchanges and wallets in a single analytics platform. The platform was developed to empower crypto holders, to self-custody their crypto, and to better understand and grow their digital asset holdings with innovative crypto portfolio analytics and a simplified process to earn staking rewards. StakeSeeker’s enhanced monitoring tools provide an improved user experience for crypto holders also looking to expand their tracking and analytical capabilities. Staking with StakeSeeker involves delegating to validator nodes run by BTCS, which has over 9 years of blockchain technology experience, adding an additional layer of credibility and transparency. StakeSeeker is one of the first non-custodial solution of its kind from a publicly-listed blockchain technology company. The private beta will allow the company to solicit feedback and work through any issues prior to a formal public beta launch. Existing users of the legacy Data Analytics Platform will have their accounts migrated to the new platform beta. Major Estimate Revision • Nov 17
Consensus revenue estimates fall by 15% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from US$2.00m to US$1.70m. Forecast losses increased from -US$1.12 to -US$1.18 per share. Software industry in the US expected to see average net income growth of 11% next year. Consensus price target down from US$6.00 to US$3.00. Share price was steady at US$1.14 over the past week. Price Target Changed • Nov 16
Price target decreased to US$3.00 Down from US$6.00, the current price target is provided by 1 analyst. New target price is 150% above last closing price of US$1.20. Stock is down 83% over the past year. The company is forecast to post a net loss per share of US$1.18 next year compared to a net loss per share of US$3.09 last year. Reported Earnings • Nov 12
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: US$0.08 loss per share (improved from US$0.59 loss in 3Q 2021). Revenue: US$344.2k (up 6.4% from 3Q 2021). Net loss: US$1.03m (loss narrowed 73% from 3Q 2021). Revenue missed analyst estimates by 14%. Earnings per share (EPS) also missed analyst estimates by 167%. Revenue is forecast to grow 35% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Software industry in the US. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • Aug 12
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: US$0.61 loss per share. Revenue: US$514.3k (up 35% from 2Q 2021). Net loss: US$7.72m (loss widened 53% from 2Q 2021). Revenue missed analyst estimates by 14%. Earnings per share (EPS) also missed analyst estimates by 2,950%. Over the next year, revenue is forecast to grow 63%, compared to a 18% growth forecast for the industry in the US. Breakeven Date Change • May 19
Forecast to breakeven in 2023 The analyst covering BTCS expects the company to break even for the first time. New forecast suggests losses will reduce by 70% to 2022. The company is expected to make a profit of US$300.0k in 2023. Average annual earnings growth of 120% is required to achieve expected profit on schedule. Announcement • Sep 15
BTCS Common Stock Deleted from Other OTC BTCS Inc. Common Stock has been deleted from Other OTC effective from September 14, 2021, due to Market Center Change Listed on NASDAQ. Announcement • Feb 17
BTCS Inc., Annual General Meeting, Mar 31, 2021 BTCS Inc., Annual General Meeting, Mar 31, 2021, at 10:00 Eastern Daylight. Agenda: To elect three members to BTCS’ Board of Directors; to approve the BTCS 2021 equity incentive plan; to ratify the appointment of our independent registered public accounting firm for fiscal year 2021; to ratify and approve the issuance of our series c-2 preferred stock to Messrs. Charles Allen, Michal Handerdan, executive officers and directors, and David Garrity, a director; and to ratify and approve the issuance of shares of restricted stock units and stock options to Messrs. Charles Allen, Michal Handerdan, executive officers and directors, and David Garrity, a director. Announcement • Jan 08
BTCS Inc. announced that it has received $1.1 million in funding On January 6, 2021, BTCS Inc. (OTCPK:BTCS) closed the transaction. Announcement • Dec 18
BTCS Inc. announced that it has received $1 million in funding from Cavalry Fund I Management, LLC BTCS Inc. (OTCPK:BTCS) announced a private placement of a convertible promissory note at a price of $1,000,000 and a series C warrant to purchase 2,000,0000 common shares for gross proceeds of $1,000,000 on December 16, 2020. The transaction included participation from returning investor Cavalry Fund I L.P., a fund managed by Cavalry Fund I Management, LLC. The note bears a fixed interest rate of 12% and will mature on October 16, 2021. The note will be redeemable and will be convertible into common shares of the company at a 35% discount to the closing price of the company’s common stock on the date before exercise with a floor price of $0.04 per share. The Warrants are exercisable for cash only at $0.20 per share, over a two-year period, and does not contain anti-dilution or price protection. The amount is raised pursuant to exemption provided under Regulation D.