BTCS Inc (OTCMKTS:BTCS) is up 8% in trading today and has seen a powerful surge in volume. The stock has a history of volatility with rips and runs. The cryptocurrency markets have been in flux during recent weeks as well as the price of Bitcoin after China announced a ban on initial coin offerings. The volatility was furthered by a JP Morgan executive doubling-down on cryptos being bunk.
If you are unfamiliar with this stock, which we have written about extensively, 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
BTCS Inc (OTCMKTS:BTCS), to further dive into the company, 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.
BTCS Inc (OTCMKTS:BTCS) describes itself as an early mover in the blockchain and digital currency ecosystems and the first “Pure Play” U.S. public company focused on blockchain technologies. BTCS goal is to enable users to engage in the digital currency ecosystem through one point of access – the Companys universal digital currency platform. As a firm believer in the blockchain technology, we offer various solutions including Bitcoin Shop – our ecommerce store which accepts a variety of digital currencies, BTCS Wallet – our secure storage solution and more. We deliver each solution by leveraging innovative technologies. We also leverage the services offered by our strategic partners. To date we have made investments in and partnered with 4 key digital currency companies including: GoCoin, Gem, Expresscoin, and Coin Outlet.
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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On August 21 BTCS announced it signed a non-binding Letter of Intent to merge with Blockchain Global Limited, an Australian blockchain company, which will be subject to a number of conditions detailed at the end of this press release. The deal sent reverberations through the stock price.
BCG CEO Sam Lee stated “As early movers in a rapidly developing industry, we’ve assembled a talented team with the necessary expertise to excel. In addition to our work with innovative companies, through the Melbourne Blockchain Center, we’ve also positioned ourselves to be a leading consultant in the space, servicing companies that recognize the importance of incorporating blockchain technology into their organizational strategies. By teaming up with BTCS, we’re deepening our pool of talent.”
“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.”
BTCS Inc (OTCMKTS:BTCS) represents an important play in the crypto space and the company is going to hang around through the ups and downs. BTCS has a market cap of $11.91M and 93.79M shares out. The company has decent revenues and no liabilities. It is worth the time to keep an eye on this one. 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.