BTCS Inc (OTCMKTS:BTCS) is looking to have a bounce-back day after some struggles post-Thanksgiving. BTCS is looking to keep investor confidence up as the company works to close the deal with Blockchain Global. Let’s look deeper at what it must work out.
The main obstacle between the payday was BTCS’s debt. However, the company has worked out the details and have dealt with the issue. “We’ve now secured the necessary funds to settle all of our debt, excluding derivative liabilities, a key step in moving forward with our planned merger with BGL. With the filing of Form 10-Q and other key BTCS merger conditions now met from the C-1 financing, we’re well-positioned to execute on what we believe will be a transformational milestone for our companies,” said CEO Allen, from BTCS at the time of the debt announcement. BTCS will use the merger to expand its operations into Asian markets where blockchain technologies are eliciting strong demand. Yet, the merger and the subsequent debt announcement have not really shored up investor confidence. There has still been a lot of volatility for BTCS and it looks like that will continue until this deal gets done.
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 Company’s universal digital currency platform.
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). Additionally, BTCS may acquire digital assets by resuming our transaction verification services business (often referred to as mining) through outsourced data centers and earning rewards in digital assets by securing their respective blockchains. BTCS is also keenly focused on growth through acquisition. The blockchain is a decentralized public ledger and has the ability to fundamentally impact all industries on a global basis that rely on or utilize record keeping and require trust.
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.
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BCG wholly owns and operates ACX.io, an Australian Bitcoin Exchange and liquidity provider. Leveraging BCG’s asset security, exchange IP, and a proprietary liquidity engine, ACX provides a process to buy and sell bitcoin. Further, through ACX, BCG operates a proprietary arbitrage engine which captures a spread across multiple liquidity pools. BCG currently owns approximately 6 petahash (“PH”) of mining capacity in a purpose-built outsourced facility in China. BCG’s China operation has access to electricity at approximately US$0.04/kwh.
At this time, carrying a capital value in the market of $20.77M, BTCS has virtually left after working to close this deal. Financially, BTCS has some less than bright spots, but if this deal goes through then the company will be in a very interesting position for 2018. We will update the story again soon as developments transpire. 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.