Thursday, July 7, 2022

BTCS Inc (OTCMKTS:BTCS) Rallies to Recover from Dip

BTCS Inc (OTCMKTS:BTCS) took a little bit of a dip on Monday but rallied Tuesday to regain most of its losses. BTCS has been a notable climber in the cryptocurrency sector that is seeing record runs this summer. BTCS is hoping to continue this upward trajectory after it inked a non-binding LOI with Australian blockchain company, Blockchain Global Limited.
The deal for BTCS is far from done. A non-binding LOI is just a giant “if”. However, if it does go through, BTCS could see some expanded reach and increased opportunity that could boost revenues.
BTCS Inc (OTCMKTS:BTCS) operates a beta e-Commerce 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 press materials, “BTCS is one of the first U.S. publicly traded companies focused on 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 blockchain space. The blockchain is a decentralized public ledger and could fundamentally impact all industries on a global basis that rely on or utilize record keeping and require trust. BTCS is keenly focused on growth through acquisition and intends to acquire digital assets through open market purchases and participation 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, earning rewards in digital assets by securing their respective blockchains.”
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Here are quotes from the announcement:
In the release, it is noted that “the LOI is subject to a number of conditions including the approval of BCG’s shareholders and board and the approval of BTCS’s board, and the settlement of all of BTCS’ debt prior to closing.” There are also additional conditions, but these seem like the most obvious hurdles, particularly with no cash and a decent pile of debt on the balance sheet at present.
“The blockchain space continues to suffer from a talent void,” commented Charles Allen, CEO of BTCS. “Together with BCG, and their track record of success, we’re positioning ourselves to fill this talent void, ultimately capitalizing on the immense opportunity in blockchain technologies and leveraging our early-mover advantage.”
BTCS Inc (OTCMKTS:BTCS) has a 16.14M market cap with 93.79M shares out. The company has been resiliently holding gains and even taking strong runs up the chart. Investors should be watching the wire for updates on this LOI and be prepared for where the stock will run if the market believes it will go through. We will continue to watch and update readers on any developments. 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 long or short, and we have not been compensated for this article.

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