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      On What Basis Did BTCS Stock Rise 34%? - Stocks Telegraph

      By ST Staff

      Published on

      May 17, 2021

      1:36 PM UTC

      Last Updated on

      July 15, 2021

      10:02 AM UTC

      On What Basis Did BTCS Stock Rise 34%? - Stocks Telegraph

      Last session, BTCS Inc (OTCQB: BTCS) gained 34.58%, sending its market cap to $42.24M, closing at $0.7550. The BTCS stock has traded between $0.5620 and $0.7599 on Friday. There are 55.96M shares outstanding versus 44.41M float for the pink sheets company. BTCS stock soared after providing quarterly results.

      How BTCS performed?

      BTCS was one of the early players in the U.S. focused on blockchain and the digital currency ecosystem. As a blockchain infrastructure operator, BTCS proactively processes and validates blockchain transactions on Ethereum’s proof-of-stake blockchain and receives reward digital assets. Through this platform, BTCS is establishing a stake and delegation system to facilitate the use of cryptocurrencies and a non-custodial system.

      BTCS’ first-quarter results were announced last week along with other developments.

      Q1 Highlights/Updates:

      • By March 31, 2021, the stockholders’ equity stood at $15.4 million, an increase of $14.3% over the December 31, 2020 period
      • Non-cash charges led BTCS to a net loss of $6.8 million.
      • A non-GAAP financial measure of adjusted EBITDA of $2.4 million was reported.
      • As of March 31, 2021, digital assets of BTCS were valued at about $20.1 million, up 411% from December 31, 2020, and 7,516% from March 31, 2020.
      • With operations only fully kicking off in the last month of Q1 2021, the Ethereum 2.0 blockchain staking operation went from a single node to 240 nodes.
      • This generated $72K for BTCS with 100% of revenue coming from ETH.
      • A registered direct offering and equity line raised $11.5 million for an average price of $1.03 per share.
      • BTCS was personally invested by the company’s management and board director for $1.1 million.
      • The cash position at BTCS as of March 31, 2021, was $3.4 million.

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