BTCS Inc (OTCMKTS:BTCS) is up 522% on a report that hit the wire regarding some investor interest and funding. The media cycle now is fighting back against some crypto detractors and BTCS has been a recipient of some nice press.
According to CNBC’s recent report, the former hedge fund manager Michael Novogratz sees the price of bitcoin could reach $10,000 in the next six to 10 months due to investor interest. The billionaire plans to invest $500 million in cryptocurrency-related companies and one of them is BTCS. In addition, the company recently secured an additional $1M in financing. “This financing represents a major milestone in the ongoing evolution of our Company,” stated Charles Allen, CEO of BTCS. “With the opportunity in the burgeoning blockchain space is still in its infancy, our planned merger with Blockchain Global Ltd. positions us with a diversified business model that sets the stage for market leadership globally, and this financing represents a strong commitment to move forward.”
BTCS Inc (OTCMKTS: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 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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Furtheremore, 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. BTCS intends to acquire digital assets through: open market purchases, participating in initial digital asset offerings (often referred to as initial coin offerings). In addition, BTCS was able to accomplish a positive merger with Blockchain Global Limited out of Australia to stay relevant during any ups and downs.
“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.”
Holding a market cap of $11.26M, BTCS is pulling in trailing 12-month revenues of $360K and does have some debt on the books, but the debt is from coming to market well ahead of the competition. We will update the story again soon as further details emerge. 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.