BTCS Inc(OTCMKTS:BTCS) has been on a very fast rise over the past few days running off its base at $0.05 to recent highs over $0.25 per share. BTCS as well as all bitcoin related stocks have been hot in recent weeks as BTC has once again surpassed the $10k mark and continues to move higher daily.
Microcapdaily has been reporting on BTCS for years noting back in November 2017 – BTCS Inc has not been particularly strong in recent days as the price of Bitcoin continues to to rise. The stock has a long history of volatility between a dime and $0.40 exploding to $0.578 in August. Bitcoin has had a very strong last few weeks running well over $7,500 a coin after the CME Group, the world’s largest futures exchange announced it intends to launch bitcoin futures in the fourth quarter of 2017, pending all relevant regulatory review periods.
BTCS Inc(OTCMKTS:BTCS) bills itself as one of the first U.S. publicly traded companies focused on digital assets and blockchain technologies. BTCS plans to acquire additional Digital Assets to provide investors with indirect ownership of Digital Assets that are not securities, such as bitcoin and ether. We intend to acquire Digital Assets through open market purchases. Additionally, if an acceptable return on investment exists, we may acquire Digital Assets by resuming our mining operations through outsourced data centers and earning rewards in Digital Assets by securing their respective blockchains. We are not limiting our assets to a single type of Digital Asset and may purchase a variety of Digital Assets that appear to benefit our shareholders, subject to the limitations of the Investment Company Act of 1940. We are also internally developing a digital asset data analytics platform. The Company is also seeking to acquire controlling interests in businesses in the blockchain industry.
BCG operates four distinct business lines, an institutional exchange platform, transaction verification services (bitcoin mining), a blockchain start-up accelerator, and a blockchain technology consultancy. BCG generated AU$5.9 million (approximately US$4.4 million) revenue in FY16, a 300% increase over FY2015 revenue. BCG has approximately US$3.5 million in assets comprised of bitcoin and cash as of July 1, 2017, and is currently supporting its business through profit from operations. The reported revenues are audited in accordance with International Financial Reporting Standards and are financial measures not calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). See the section below under “Non-GAAP Financial Measures”.
Last year BTCS signed an equity line of agreement to raise up to $10 million, an agreement that is in line with our goals of avoiding toxic funding and seeking out the lowest possible cost of capital while minimizing shareholder dilution. Since January 2019, we have raised $1.24 million under the ELOC and through the cash exercise of warrants at an average price of $0.31, representing a 72% premium to Friday’s closing price. By strengthening our balance sheet, we believe we are now in a great position to execute on our business plan.
On February 3 BTCS announced it is expanding its business model with the development of a consumer-facing digital-asset data analytics platform that enables users to connect multiple digital asset exchanges and wallets to aggregate portfolio holdings into a single seamless platform to view and analyse performance, risk metrics, and potential tax implications. The initial beta launch of the platform is expected in the second half of 2020.
There are currently more than 250 digital asset exchanges globally and 27 in the US, the majority of which lack detailed performance metrics. Further complicating performance tracking for digital asset participants is the fact that many participants hold assets on multiple exchanges. BTCS’s analytics platform is being designed and built to provide a solution to this growing problem, allowing users to aggregate data related to their holdings in near real-time in a single view combined with a robust suite of tools for performance tracking.
“The digital asset market now records more than $37 billion of transactions daily,” stated Charles Allen, CEO of BTCS. “We believe the market has matured to a point that warrants and supports a more sophisticated method of tracking holdings and performance, and our first-of-its-kind platform is being designed to serve this unmet need.”
Currently trading at a $2.6 million market valuation BTCS has been on a very fast rise over the past few days running off its base at $0.05 to recent highs over $0.25 per share. BTCS as well as all bitcoin related stocks have been hot in recent weeks as BTC has once again surpassed the $10k mark and continues to move higher daily. As one of the first publicly traded btc stocks BTCS should continue to benefit as the price of BTC moves higher. We will be updating on BTCS when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with BTCS.
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Disclosure: we hold no position in BTCS either long or short and we have not been compensated for this article.