BTCS (BTCS)
Market Price (12/20/2025): $3.25 | Market Cap: $143.8 MilSector: Financials | Industry: Diversified Capital Markets
BTCS (BTCS)
Market Price (12/20/2025): $3.25Market Cap: $143.8 MilSector: FinancialsIndustry: Diversified Capital Markets
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 39%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 35% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -9.4 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -80% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -49% | Expensive valuation multiplesP/SPrice/Sales ratio is 12x |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 464% | Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 37% |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain, and Digital & Alternative Assets. Themes include Blockchain Enterprise Solutions, and Digital Asset Custody. | Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -61%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -61% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 223% | |
| High stock price volatilityVol 12M is 172% | |
| Key risksBTCS key risks include [1] its significant treasury exposure to volatile ETH prices and [2] challenges in achieving sustained operational profitability. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 39%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 35% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -49% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 464% |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain, and Digital & Alternative Assets. Themes include Blockchain Enterprise Solutions, and Digital Asset Custody. |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -9.4 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -80% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 12x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 37% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -61%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -61% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 223% |
| High stock price volatilityVol 12M is 172% |
| Key risksBTCS key risks include [1] its significant treasury exposure to volatile ETH prices and [2] challenges in achieving sustained operational profitability. |
Valuation, Metrics & Events
BTCS Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
Here are five key points explaining the approximate -23.1% movement in BTCS stock from August 31, 2025, to December 20, 2025: **1. Significant Analyst Price Target Reduction.** On November 14, 2025, BTCS's consensus price target was reportedly decreased by 50% to US$3.00. This substantial reduction in future price expectations from analysts likely contributed to a negative sentiment and downward pressure on the stock. **2. Deteriorating Future Earnings Per Share (EPS) Forecasts.** Despite reporting record revenue, BTCS faced downgrades in its consensus EPS estimates, with a US$0.27 loss projected on November 15, 2025. Furthermore, the company's earnings are forecast to decline at 126.4% per annum over the next three years, indicating significant concerns about long-term profitability. **3. Potential Share Dilution from a Large Equity Offering.** BTCS Inc. filed a Follow-on Equity Offering of $2 billion on August 2, 2025. Large equity offerings can lead to significant dilution for existing shareholders, which often exerts downward pressure on a company's stock price. **4. Increased Short Selling Pressure.** As of December 10, 2025, the short sale ratio for BTCS Inc. increased to 28.04%. This rise in short interest suggests a growing bearish outlook among some investors who anticipate further declines in the stock price. **5. High Exposure to Cryptocurrency Price Volatility.** A significant portion of BTCS's Q3 2025 net income was primarily driven by a $73.72 million increase in the fair value of its crypto assets, particularly Ethereum. While this was positive for Q3, the inherent volatility of cryptocurrency prices means that the company's financial performance and stock valuation are highly susceptible to fluctuations in the crypto market, posing an ongoing risk that could lead to sharp declines.
Show moreStock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BTCS Return | 198% | 1451% | -80% | 159% | 52% | 23% | 4425% |
| Peers Return | � | � | � | � | � | � | � |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 16% | 112% |
Monthly Win Rates [3] | |||||||
| BTCS Win Rate | 25% | 17% | 25% | 25% | 50% | 42% | |
| Peers Win Rate | � | � | � | � | � | 61% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| BTCS Max Drawdown | -21% | 0% | -81% | 0% | -39% | -44% | |
| Peers Max Drawdown | � | � | � | � | � | � | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: COIN, GLXY, HUT, HIVE, RIOT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/19/2025 (YTD)
How Low Can It Go
| Event | BTCS | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -92.9% | -25.4% |
| % Gain to Breakeven | 1316.5% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -66.7% | -33.9% |
| % Gain to Breakeven | 200.0% | 51.3% |
| Time to Breakeven | 46 days | 148 days |
| 2018 Correction | ||
| % Loss | -91.6% | -19.8% |
| % Gain to Breakeven | 1096.7% | 24.7% |
| Time to Breakeven | 631 days | 120 days |
Compare to ABTC, FIGR, GEMI, MIAX, STKE
In The Past
BTCS's stock fell -92.9% during the 2022 Inflation Shock from a high on 9/14/2021. A -92.9% loss requires a 1316.5% gain to breakeven.
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Latest Trefis Analyses
| Title | Topic | |
|---|---|---|
| DASHBOARDS | ||
| BTCS Earnings Notes | ||
| With BTCS Stock Sliding, Have You Assessed The Risk? | Return |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select past ideas related to BTCS. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | WU | Western Union | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 13.5% | 13.5% | -0.4% |
| 11212025 | COIN | Coinbase Global | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 2.0% | 2.0% | -0.5% |
| 11142025 | PYPL | PayPal | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -4.8% | -4.8% | -7.5% |
| 11142025 | V | Visa | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 5.8% | 5.8% | -2.7% |
| 11072025 | WD | Walker & Dunlop | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -12.1% | -12.1% | -12.1% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | WU | Western Union | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 13.5% | 13.5% | -0.4% |
| 11212025 | COIN | Coinbase Global | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 2.0% | 2.0% | -0.5% |
| 11142025 | PYPL | PayPal | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -4.8% | -4.8% | -7.5% |
| 11142025 | V | Visa | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 5.8% | 5.8% | -2.7% |
| 11072025 | WD | Walker & Dunlop | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -12.1% | -12.1% | -12.1% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for BTCS
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 19.25 |
| Mkt Cap | 4.4 |
| Rev LTM | 653 |
| Op Inc LTM | 197 |
| FCF LTM | -203 |
| FCF 3Y Avg | -110 |
| CFO LTM | -7 |
| CFO 3Y Avg | -5 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 96.2% |
| Rev Chg 3Y Avg | 37.8% |
| Rev Chg Q | 249.6% |
| QoQ Delta Rev Chg LTM | 35.8% |
| Op Mgn LTM | -9.1% |
| Op Mgn 3Y Avg | -24.0% |
| QoQ Delta Op Mgn LTM | 18.4% |
| CFO/Rev LTM | -15.5% |
| CFO/Rev 3Y Avg | -20.6% |
| FCF/Rev LTM | -105.2% |
| FCF/Rev 3Y Avg | -73.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 4.4 |
| P/S | 7.4 |
| P/EBIT | 15.0 |
| P/E | 22.2 |
| P/CFO | -8.9 |
| Total Yield | 4.5% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -17.5% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 1.9% |
| 3M Rtn | -26.2% |
| 6M Rtn | 47.0% |
| 12M Rtn | 23.7% |
| 3Y Rtn | 283.3% |
| 1M Excs Rtn | -1.0% |
| 3M Excs Rtn | -28.1% |
| 6M Excs Rtn | 40.6% |
| 12M Excs Rtn | -10.9% |
| 3Y Excs Rtn | 187.6% |
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/2/2025 | 4.3% | 84.1% | 74.3% |
| 3/14/2022 | -3.9% | 13.0% | 13.0% |
| 11/10/2021 | -6.0% | -15.4% | -35.5% |
| SUMMARY STATS | |||
| # Positive | 1 | 2 | 2 |
| # Negative | 2 | 1 | 1 |
| Median Positive | 4.3% | 48.5% | 43.6% |
| Median Negative | -4.9% | -15.4% | -35.5% |
| Max Positive | 4.3% | 84.1% | 74.3% |
| Max Negative | -6.0% | -15.4% | -35.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11132025 | 10-Q 9/30/2025 |
| 6302025 | 8132025 | 10-Q 6/30/2025 |
| 3312025 | 5152025 | 10-Q 3/31/2025 |
| 12312024 | 3202025 | 10-K 12/31/2024 |
| 9302024 | 11132024 | 10-Q 9/30/2024 |
| 6302024 | 8192024 | 10-Q 6/30/2024 |
| 3312024 | 5142024 | 10-Q 3/31/2024 |
| 12312023 | 3212024 | 10-K 12/31/2023 |
| 9302023 | 11092023 | 10-Q 9/30/2023 |
| 6302023 | 8112023 | 10-Q 6/30/2023 |
| 3312023 | 5122023 | 10-Q 3/31/2023 |
| 12312022 | 3312023 | 10-K 12/31/2022 |
| 9302022 | 11102022 | 10-Q 9/30/2022 |
| 6302022 | 8112022 | 10-Q 6/30/2022 |
| 3312022 | 5132022 | 10-Q 3/31/2022 |
| 12312021 | 3112022 | 10-K 12/31/2021 |
Insider Activity
Expand for More| Owner | Title | Filing Date | Action | Price | Shares | TransactedValue | Value ofHeld Shares | Form | |
|---|---|---|---|---|---|---|---|---|---|
| 0 | Allen Charles W | CEO | 11192025 | Buy | 2.90 | 19,499 | 56,547 | 13,337,114 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |