Bitcoin Shop Inc (OTCMKTS:BTCS) is moving up again after the recent shakedown to a low of $0.165. The run up is marked by steady accumulation and excellent bid support as the stock continues to make higher highs and higher lows.
Bitcoin Shop Inc is in the business of developing, marketing and operating an e-commerce website, which offers its users an online marketplace for transacting business in digital currencies, including Bitcoins, Litecoins and Dogecoins. The Company is also in the business of mining Digital Currencies specifically Bitcoin.
Bitcoin Shop Inc (OTCMKTS:BTCS) operates the website btcs.com where consumers can purchase products using digital currency such as bitcoin, litecoin and dogecoin, by searching through a selection of over 2,000,000 items from 85 retailers (“Beta”), as well as their legacy site at legacy.bitcoinshop.us.
The Company does not take physical possession or title to any inventory in either the Beta or Legacy sites. All orders are originated by the Company’s customers through its websites and are fulfilled by third party vendors. The Company charges its customers a processing fee and earns a profit margin on each transaction. Customers purchase merchandise on the Company’s websites in amounts denominated in Digital Currencies. The Company converts a portion of the Digital Currencies received from its customers as payment, to an amount of USD that are needed to remit payments to third party vendors that ultimately fulfill the orders; provided, however the Company from time to time elects to retain the Digital Currencies and pay third party vendors with the Company funds.
BTCS has been making several important acquisitions and investments in recent months to drive future growth, some of them very smart investments; BTCS was one of just four investors in GoCoins Series A back almost a year ago. Since then PayPal partnered with GoCoin for their upcoming bitcoin integration. See here.
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In October of last year BTCS made a strategic investment in Coin Outlet, Inc. which plans to establish and operate a worldwide bitcoin ‘ATM’ kiosk network. Bitcoin Shop. Coin Outlet recently partnered with Locant Services who holds the exclusive rights to locate equipment such as bitcoin ATMs at over 100,000 high traffic locations across the United States. Coin Outlet also recently announced they are expanding into Europe.
In recent news BTCS announced the purchase of one hundred Spondoolies S35 digital currency mining servers from Spondoolies Tech Ltd. for $223,500 pursuant to a purchase order agreement. $25, 000 of the total Purchase Price was agreed to be paid in the form of 250,000 shares of the Company’s restricted common stock, par value $0.001 per share.
The Company’s goal is to enable users to engage in the digital currency ecosystem through one point of access – BTCS is an early mover in the digital currency ecosystem and one of the first U.S. publicly traded companies in the space. As a firm believer in the blockchain technology, the Company offer various solutions including Bitcoin Shop – their ecommerce store which accepts a variety of digital currencies, BTCS Wallet – their secure storage solution and more. BTCS delivers each solution by leveraging innovative technologies. The Company also leverage the services offered by their strategic partners. To date BTCD has made investments in and partnered with 4 key digital currency companies including: GoCoin, Gem, Expresscoin, and Coin Outlet.
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Currently trading at a $35 million total market valuation BTCS has a ton going for it here; the Company’s balance sheet has improved significantly with over $100,000 in cash and over $200,000 in digital currencies on the books. The Company seems to be making all the right moves with an aggressive business plan and rapid expansion in a fast growing industry; 2015 looks to be a great year for bicoins; the sector continues to display major momentum with the number of bitcoin-related startups and jobs booming! BTCS is a stock to watch.
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Disclosure: we hold no position in BTCS either long or short and we have not been compensated for this article.