BTCS Inc (OTCMKTS:BTCS) is continuing to surge. The bitcoin and blockchain play is up more than 20% for the day and over 80% for a five-day span. BTCS released some news that seemed to calm investors transparency concerns for the time being.
BTCS acknowledged their bitcoin attachment but also tried to differentiate their business with their merger and its news. The company does not want to be a cryptocurrency parasite any longer. They even had a trading site release their financial positions from the last quarter.
BTCS Inc (OTCMKTS:BTCS) describes itself as an early mover in the blockchain and digital currency ecosystems and the first “Pure Play” U.S. public company focused on blockchain technologies. BTCS goal is to enable users to engage in the digital currency ecosystem through one point of access – the Company’s universal digital currency platform.
BTCS plans to create a portfolio of digital assets including bitcoin and other “protocol tokens” to provide investors a diversified pure-play exposure to the bitcoin and blockchain industries. The company intends to acquire digital assets through: open market purchases, participating in initial digital asset offerings (often referred to as initial coin offerings). Additionally, BTCS may acquire digital assets by resuming our transaction verification services business (often referred to as mining) through outsourced data centers and earning rewards in digital assets by securing their respective blockchains. BTCS is also keenly focused on growth through acquisition. The blockchain is a decentralized public ledger and has the ability to fundamentally impact all industries on a global basis that rely on or utilize record keeping and require trust.
BTCS operates a beta eCommerceE marketplace. It hosts an online ecommerce marketplace where consumers could purchase merchandise using digital currencies, such as bitcoin, litecoin, and dogecoin. The company was formerly known as Bitcoin Shop, Inc. and changed its name to BTCS Inc. in July 2015. BTCS Inc. was founded in 2013 and is headquartered in Arlington, Virginia.
According to the company, BTCS is an early entrant in the Digital Asset market and one of the first U.S. publicly traded companies to be involved with Digital Assets and blockchain technologies. Subject to additional financing, BTCS plans to create a portfolio of digital assets including bitcoin and other “protocol tokens” to provide investors a diversified pure-play exposure to the bitcoin and blockchain industries. On October 25, 2017, the company announced it has closed on the remaining balance of its previously announced financing, which was co-led by Blockchain Global Ltd. The Company received a total of $1.1 million from the sale of its Series C -1 Convertible Preferred Stock and Warrants.
Find out when $BTCS reaches critical levels. Subscribe to OracleDispatch.com Right Now by entering your Email in the box below.
Here is an excerpt from the press outlet release:
Latest Quarter Financial position:
- Revenues for the three months ended September 30, 2017, and 2016 were approximately $1,000 and $16,000, respectively.
- Revenues represent net revenue earned from the processing of customer transactions through its ecommerce website, through fees earned from its transaction verification service business, and fees charged for hosting services.
- Net (loss) income for the three months ended September 30, 2017, and 2016 was approximately $(11.0) million and $3.2 million, respectively. The decrease in other income over the prior year primarily relates to decrease in fair value adjustments for warrant liabilities of $9.7 million, decrease in fair value adjustments for derivative liability shortfall of shares of $7.1 million and loss on settlement of derivative liability of $2.1 million, and is offset by decrease in fair value adjustments for convertible notes of $2.9 million and decrease in liquidated damages of $1.4 million.
- On May 25, 2017, the Company raised $1 million in cash from four institutional investors in exchange for the issuance of 79,368 of a new class of Series C Convertible Preferred Stock (“Series C”) and three types of warrants.
Sporting a current market cap value of $55.56M, BTCS is going to be on our radar as long as cryptocurrency is hot, which will be for some time. Investors need to stay locked in and know the risk. We will look forward to updating it again soon. Sign-up for continuing coverage on shares of $BTCS stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $BTCS, either
