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BTCS

BTCS Inc.

BTCS

BTCS Inc. • NASDAQ
$3.18 ▲ 2.91% (+0.09)
Market Cap $152.81 M
52w High $8.49
52w Low $1.25
Dividend Yield 0.05%
P/E 1.96
Volume 957.39K
Outstanding Shares 48.05M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $4.939M ▲ $2.663M ▲ $65.589M ▲ 1.328K% ▲ $1.48 ▲ $-1.574M ▼
Q2-2025 $2.772M ▲ $1.669M ▼ $3.882M ▲ 140.016% ▲ $0.18 ▲ $4.104M ▲
Q1-2025 $1.689M ▼ $1.701M ▼ $-17.269M ▼ -1.022K% ▼ $-0.86 ▼ $-1.58M ▲
Q4-2024 $2.322M ▲ $4.554M ▲ $2.24M ▲ 96.473% ▲ $0.14 ▲ $-4.486M ▼
Q3-2024 $739.157K $1.377M $-9.04M -1.223K% $-0.56 $-1.601M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $298.19M ▲ $298.855M ▲ $73.451M ▲ $225.404M ▲
Q2-2025 $40.068M ▲ $40.81M ▲ $9.739M ▲ $31.07M ▲
Q1-2025 $20.442M ▼ $21.035M ▼ $476.127K ▼ $20.559M ▼
Q4-2024 $38.074M ▲ $38.245M ▲ $4.245M ▲ $34M ▲
Q3-2024 $26.042M $26.533M $1.337M $25.196M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $65.589M ▲ $-2.468M ▼ $-183.468M ▼ $190.111M ▲ $3.847M ▲ $-2.472M ▼
Q2-2025 $3.882M ▲ $-1.333M ▲ $-13.331M ▼ $15.034M ▲ $369.26K ▲ $-1.335M ▲
Q1-2025 $-17.269M ▼ $-1.902M ▼ $-34.387K ▲ $228.955K ▼ $-1.708M ▼ $-1.904M ▼
Q4-2024 $2.24M ▲ $-1.142M ▼ $-3.163M ▼ $6.028M ▲ $1.723M ▲ $-1.144M ▼
Q3-2024 $-9.04M $-695.207K $-44 $413.035K $-282.216K $-695.207K

Revenue by Products

Product Q4-2021Q1-2022Q3-2022Q4-2022
Validator Revenue
Validator Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement BTCS looks more like an early‑stage infrastructure platform than a mature financial services firm. Reported revenues over the past several years are essentially nonexistent, suggesting the business is still in the build‑out and validation phase rather than in full commercial scale. Operating results hover around small losses with occasional modest profit, pointing to tight cost control but no clear, recurring revenue engine yet. Per‑share earnings have swung sharply, which is more a reflection of repeated reverse splits and capital structure changes than of underlying business performance. Overall, the income statement signals a company still searching for durable, monetizable products rather than one driven by steady fee or service income.

Balance Sheet

Balance Sheet The balance sheet is small but relatively clean. BTCS appears to have a light asset base, little or no traditional debt, and equity that covers nearly all reported assets. That simplicity reduces financial leverage risk but also underlines how limited the company’s resources are compared with larger blockchain and financial infrastructure peers. It looks more like a lean, specialized tech shop than a capital‑heavy financial institution. Investors would need to remember that balance sheet strength here depends heavily on the value and stability of digital assets and infrastructure that may not show up fully in traditional line items and can fluctuate with crypto markets.

Cash Flow

Cash Flow Reported cash flow lines are effectively flat, which likely reflects a mix of small operating scale, non‑cash items, and the use of equity and digital assets rather than large cash outlays. In practice, funding appears to come from a blend of issuing securities, using on‑chain borrowing, and reinvesting blockchain rewards instead of traditional, cash‑heavy financing. This keeps direct cash needs modest but exposes the company to asset price swings and market access risk. The main question for sustainability is whether BTCS can grow a cash‑generating revenue base before external capital or digital‑asset‑based financing becomes more constrained.

Competitive Edge

Competitive Edge BTCS occupies a narrow but focused niche: blockchain infrastructure with a strong tilt toward Ethereum, staking, and block building. Its NodeOps and Builder+ platforms, plus experience as an early public blockchain company, give it technical credibility and some brand recognition in this corner of the market. The company competes, however, against far larger exchanges, custodians, and infrastructure providers that have more capital, bigger engineering teams, and broader customer bases. BTCS’s edge seems to lie in specialization—particularly Ethereum staking and MEV‑optimized block building—rather than in scale. That creates an opportunity to win in high‑skill pockets of the ecosystem, but it also means its position is vulnerable if larger players decide to target the same niches aggressively or if regulation tightens around staking and MEV.

Innovation and R&D

Innovation and R&D Innovation is the clear strong point. BTCS is pushing several technically ambitious initiatives: vertically integrated staking (NodeOps) plus MEV‑aware block building (Builder+); a shift to more efficient bare‑metal infrastructure and Rust‑based software; the ChainQ AI analytics platform to make blockchain data easier to query; and experiments with novel financial structures like the “Bividend” and the DeFi/TradFi funding flywheel. The new Imperium DeFi unit further extends this experimental mindset. All of this signals a culture that prioritizes engineering creativity and new models. The flip side is execution risk: the company must prove it can convert these concepts into stable, paying usage at scale, while managing regulatory uncertainty around DeFi, staking, and MEV practices.

Summary

BTCS is a small, highly specialized blockchain infrastructure company that is long on innovation but still short on traditional revenues. Its financial statements reflect an early‑stage, lightly capitalized business with minimal debt, modest but volatile bottom‑line results, and heavy reliance on digital‑asset‑centric funding strategies rather than classic cash generation. Strategically, it is betting on Ethereum and proof‑of‑stake infrastructure, MEV‑optimized block building, DeFi‑enabled financing, and AI‑driven blockchain analytics as its main growth levers. The opportunity is meaningful if these technologies and business models gain wide adoption, but the company faces considerable competitive, regulatory, and execution risk, amplified by its small size and history of share restructurings. Overall, BTCS looks like a focused, experimental player in a fast‑moving niche, with potential upside tied closely to the broader success and regulation of the Ethereum and DeFi ecosystems.

NEWS

November 14, 2025 · 8:30 AM UTC

BTCS Reports Record Revenue for the Third Quarter 2025

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November 3, 2025 · 8:30 AM UTC

BTCS to Participate in Upcoming November Conferences

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October 8, 2025 · 8:30 AM UTC

BTCS to Participate in Water Tower Fireside Chat on Thursday, October 9, 2025

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