BTCS Inc.
Business
BTCS Inc. is a Nasdaq-listed blockchain technology company that generates revenue through blockchain infrastructure services and decentralized finance activities primarily on the Ethereum network. The company operates three complementary business lines: Validator Node Operations (earning staking rewards and transaction fees through validator participation), Block Building (operating proprietary block builders that construct optimized transaction blocks), and Imperium (deploying digital assets into decentralized finance protocols as a liquidity provider). BTCS operates across the Ethereum ecosystem with an integrated capital strategy combining decentralized and traditional finance mechanisms to fund operations and scale infrastructure.
Summary from 10-K filed 2026-03-26
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Total revenues | 16 | 4 | 1 | 2 | 1 | |
| Total cost of revenues | 14 | 3 | 359,778 | 426,440 | 268,346 | |
| Gross profit | 2 | 946,009 | 979,850 | 1 | 944,938 | |
| Professional fees | 2 | 645,143 | — | — | — | |
| General and administrative | 2 | 1 | 1 | 2 | 2 | |
| Research and development | 679,434 | 755,813 | 687,288 | 611,758 | 712,736 | |
| Compensation and related expenses | 4 | 7 | 3 | 3 | 16 | |
| Marketing | 602,456 | 80,993 | 12,153 | 78,171 | 180,290 | |
| Realized losses on digital asset transactions | 8 | 767,375 | — | — | — | |
| Unrealized loss (gain) on digital assets | 16 | −8 | — | — | — | |
| Total operating expenses | 32 | 2 | 5 | 19 | 19 | |
| Interest expense | −4 | — | — | — | — | |
| Change in fair value of warrant liabilities | 267,900 | −54,150 | — | 2 | 4 | |
| Impairment loss on non-fungible tokens | −149,566 | — | — | — | — | |
| Loss on settlement of dividend payable | −52,793 | — | — | — | — | |
| Loss on extinguishment of debt | −9,000 | — | — | — | — | |
| Other income | — | 28,000 | — | — | — | |
| Total other income (expenses) | −3 | −26,150 | 12 | 2 | 2 | |
| Net loss | −33 | −1 | 8 | −16 | −16 | |
| Basic net loss per share attributable to common stockholders | −1 | −0.08 | 0.55 | −1.25 | −3.09 | |
| Diluted net loss per share attributable to common stockholders | −1 | −0.08 | 0.45 | −1.25 | — | |
| Basic weighted average number of common shares outstanding | 33 | 16 | 14 | 13 | 7 | |
| Diluted weighted average number of common shares outstanding, basic and diluted | 33 | 16 | 18 | 13 | — |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 2 | 2 | 1 | 2 | 1 | |
| Stablecoins | 2 | 39,545 | 21,044 | — | — | |
| Digital assets - treasury | 2 | 646,539 | — | — | — | |
| Digital assets - DeFi | 178 | — | — | — | — | |
| Digital assets - staked | 31 | 35 | — | — | 623,754 | |
| Non-fungible tokens | 41,690 | — | — | — | — | |
| Prepaid expenses | 146,031 | 63,934 | 62,461 | 123,727 | 324,551 | |
| Total current assets | 214 | 38 | 27 | 4 | 5 | |
| Investments, at value (Cost $600,000) | 600,000 | 100,000 | 100,000 | 100,000 | — | |
| Property and equipment, net | 14,390 | 7,449 | 10,490 | 11,152 | 9,783 | |
| Total other assets | 614,390 | 107,449 | 110,490 | 6 | 9 | |
| Total Assets | 215 | 38 | 27 | 10 | 14 | |
| Accounts payable and accrued expenses | 38,525 | 70,444 | 55,058 | 76,727 | 138,716 | |
| Accrued compensation | 2 | 4 | 712,092 | 295,935 | 7,334 | |
| Accrued interest | 225,115 | — | — | — | — | |
| Loans payable - DeFi protocol | 62 | — | — | — | — | |
| Warrant liabilities | — | 267,900 | 213,750 | 213,750 | 2 | |
| Total current liabilities | 63 | 4 | 980,900 | 586,412 | 2 | |
| Convertible notes payable, net | 12 | — | — | — | — | |
| Total non-current liabilities | 12 | — | — | — | — | |
| Total liabilities | 75 | 4 | — | — | — | |
| Commitments and contingencies (Note 11) | — | — | — | — | — | |
| Common Stock, $0.001 par value per share; 975,000,000 shares authorized; 46,852,737 and 18,717,743 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | 46,853 | 18,718 | 15,322 | 13,108 | 10,529 | |
| Additional paid-in capital | 311 | 171 | 162 | 161 | 148 | |
| Accumulated deficit | −173 | −140 | −139 | −151 | −136 | |
| Total stockholders equity | 139 | 34 | 26 | 14 | 12 | |
| Total Liabilities and Stockholders Equity | 215 | 38 | 27 | 10 | 14 |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Depreciation expense | 4,067 | 5,689 | 5,033 | 4,039 | 939 | |
| Stock-based compensation | 657,076 | 2 | 1 | 3 | 15 | |
| Blockchain infrastructure revenue | −15 | −4 | −1 | — | — | |
| DeFi revenue | −1 | — | — | — | — | |
| Builder payments (non-cash) | 14 | 3 | — | — | — | |
| Blockchain network fees (non-cash) | 12,284 | — | — | — | — | |
| Purchase of non-productive digital assets | −191,256 | — | — | — | — | |
| Amortization on debt discount and issuance costs | 1 | — | — | — | — | |
| Stablecoins | −1 | −18,501 | −21,044 | — | — | |
| Prepaid expenses and other current assets | −82,097 | −1,473 | 61,266 | 200,824 | −292,676 | |
| Receivable for capital shares sold | — | 291,440 | −291,440 | — | — | |
| Accounts payable and accrued expenses | −31,919 | 15,386 | −21,669 | −62,332 | 112,428 | |
| Accrued compensation | 1 | 3 | 416,157 | 288,601 | −343,042 | |
| Accrued interest | 225,115 | — | — | — | — | |
| Net cash used in operating activities | −10 | −4 | −4 | −776,777 | −5 | |
| Purchase of productive digital assets for validating | −201 | −4 | — | — | — | |
| Sale of productive digital assets | 4 | 901,980 | — | — | — | |
| Purchase of investments | −500,000 | — | — | −100,000 | — | |
| Purchase of property and equipment | −12,759 | −2,648 | −5,276 | −5,408 | −10,491 | |
| Sale of property and equipment | 1,750 | — | 904 | — | — | |
| Net cash used in investing activities | −197 | −3 | 185,997 | −9 | −9 | |
| Net proceeds from issuance common stock/ At-the-market offering | 135 | 7 | 3 | 11 | 3 | |
| Dividend distributions | −3 | — | — | — | — | |
| Payments for shares repurchased | −4 | — | — | — | — | |
| Proceeds from issuance of convertible notes, net | 17 | — | — | — | 1 | |
| Proceeds from Defi borrowing | 123 | — | — | — | — | |
| Payments to Defi borrowing | −61 | — | — | — | −2 | |
| Payments of debt issuance costs | −130,989 | — | — | — | — | |
| Proceeds from disgorgement of stockholders short-swing profits | 145,252 | — | — | — | — | |
| Net cash provided by financing activities | 207 | 7 | 3 | 10 | 15 | |
| Net (decrease)/increase in cash | −451,383 | 519,451 | −688,456 | 745,916 | 876,732 | |
| Cash and stablecoins paid for interest | 2 | — | — | — | — | |
| Series V Preferred Stock Distribution | 180,688 | 82,376 | 3 | — | — | |
| Non-cash discount on convertible notes | 1 | — | — | — | — | |
| Extinguishment of USDT-denominated debt via on-chain protocol | 2 | — | — | — | — | |
| Issuance of GHO-denominated debt via on-chain protocol | −2 | — | — | — | — | |
| Issuance of common stock upon non-cash exercise of warrants and stock options | 8 | — | — | — | — | |
| Dividends distributions paid in ETH | 495,927 | — | — | — | — |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is BTCS Inc.'s CIK number?
BTCS Inc.'s SEC CIK number is 0001436229 (1436229). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find BTCS Inc.'s SEC filings?
All of BTCS Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did BTCS Inc. last report earnings?
BTCS Inc. (BTCS) most recently filed an earnings 8-K with the SEC on Mar 11, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001493152-26-009622). This is BTCS Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is BTCS Inc.'s most recent earnings 8-K?
BTCS Inc.'s latest earnings 8-K (Item 2.02) was filed Mar 11, 2026 under accession 0001493152-26-009622. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View BTCS Inc.'s latest earnings 8-K →
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