BTCS Inc (OTCMKTS:BTCS) is up this the month and has seemed to be winning over the market with its new restructuring toward blockchain tech and cryptocurrency solutions. To help with this venture, BTCS added a new team member and the market has reacted favorably today with a 29% bounce for the day.
The company operates a beta ecommerce 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 (OTCMKTS:BTCS) is looking to make hay in this new industry and their restructuring was all about seizing the moment.
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According to company 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.”
Here is a quote from the recent press below:
“Jonathon brings a wealth of public company expertise to our board,” commented Charles Allen, CEO of BTCS. “As we move forward on our plans to build a vertically-integrated operation in the burgeoning blockchain space, Jonathon’s experience should add tremendous value.”
But, here is a juicy quote that really shows you where this company is trying to go:
“we spent much of the past year focused on restructuring liabilities to improve our financial position as we seek out acquisition opportunities and execute on our plan to build a portfolio of digital assets. To this end, we successfully exchanged approximately $3.9 million of convertible notes and liquidated damages for fixed-price Series B preferred stock, entered a leak-out agreement with the former note holders, and raised $1 million to settle liabilities and provide working capital… We have taken these steps because we believe the rise of digital tokens as a new asset class has created a tremendous opportunity for us to leverage our experience in the sector. One of our most significant assets in this regard is our seasoned team of industry leaders who are recognized for their deep relationships with key players in the space. Our team’s value is further enhanced by our ability to bridge the gap between public company experience and blockchain expertise, which we believe fills a major talent void in this burgeoning arena.”
BTCS Inc (OTCMKTS:BTCS) has a market cap of $8.4M but they have no cash to speak of and seeing top-line declines quarter after quarter. There are a lot of players in the cryptocurrency market and BTCS has seem some bearish moves recently. We are watching this company closely and seeing where they will go in the next quarter. For continuing coverage on shares of $BTCS stock, as well as our other breakout stock picks, sign up for our free newsletter today and get our next hot stock pick!
Disclosure: we hold no position in $BTCS, either long or short, and we have not been compensated for this article.