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Here are 1-3 brief analogies to describe BTCS:

• A crypto holding company that also earns revenue by running validator nodes for various blockchain networks.
• A specialized blockchain infrastructure provider that also manages a portfolio of digital assets.
• A digital assets investment firm that actively secures and earns rewards from major proof-of-stake blockchains.

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• Blockchain Staking Services: BTCS operates validator nodes for various Proof-of-Stake blockchains, contributing to network security and earning block rewards.
• Digital Asset Data and Analytics Platform (Vision): BTCS develops and offers a proprietary software platform designed to provide comprehensive tracking and management of digital asset portfolios.
• Digital Asset Treasury Management: BTCS manages a diversified portfolio of cryptocurrencies and other digital assets, aiming for long-term capital appreciation.

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BTCS Inc. (symbol: BTCS) generates its primary revenue from digital asset staking and mining operations. In these activities, revenue is earned through rewards from blockchain protocols for validating transactions, rather than through direct sales to traditional customers (companies or individuals). Therefore, for its largest revenue streams, BTCS does not have traditional "major customers" in the sense of other companies or individuals purchasing goods or services.

However, BTCS also offers a "Managed Validator Node Service," which is a direct business-to-business (B2B) offering. For this service, BTCS sells primarily to other companies, categorized as "institutional clients." While specific customer names are not publicly disclosed by BTCS, these institutional clients typically include:

• Crypto Funds and Hedge Funds: Investment vehicles focused on digital assets that wish to participate in staking without managing the technical infrastructure themselves.
• Asset Managers and Wealth Management Firms: Companies managing portfolios for high-net-worth individuals or other institutions, seeking to generate yield from their clients' digital asset holdings through staking.
• Corporate Treasuries: Companies holding digital assets on their balance sheet that are looking to generate passive income through staking rewards.

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• Canaan Inc. (CAN)
• Bitmain Technologies Ltd.
• MicroBT Semiconductor Technology Co., Ltd.
• WECAN Group Inc.

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Charles Allen, CEO and Chairman of the Board

Charles Allen has been involved in the blockchain industry since its early days, joining BTCS in 2013 and becoming CEO and Chairman of the Board in 2014. Prior to BTCS, he gained extensive experience in investment banking, serving as a Managing Director at boutique investment banks such as RK Equity Capital Markets LLC, TriPoint Global Equities, LLC, and Broadband Capital Management LLC, where he focused on advising and raising capital for small and mid-size companies. His career began as an engineer in the telecom industry, and he later earned an MBA. He has experience in business strategy, investment banking, and capital markets transactions, including financings, initial public offerings, and mergers and acquisitions. Allen previously served as CFO and Secretary for Pantheon China Acquisition Corp. II and III, which were blank check companies typically used as vehicles for mergers and acquisitions.

Michael Prevoznik, CFO

Michael Prevoznik was appointed Chief Financial Officer of BTCS in December 2021. Before joining BTCS, he spent over nine years at PricewaterhouseCoopers LLP (PwC), where he specialized in investment company audits for leading asset managers in the financial services industry. Prevoznik is a Certified Public Accountant (CPA) and holds a Bachelor of Science in Business Administration and a Master of Accountancy from the University of Vermont.

Benjamin Hunter, VP of Engineering

Benjamin Hunter is a results-driven senior engineer, recognized for his leadership in the blockchain space. He previously served as Lead Engineer at bloXroute and has led teams in developing next-generation solutions for how block data is processed, relayed, and leveraged in decentralized environments.

Eldari Gogiashvili, Ethereum Team Lead

Eldari Gogiashvili is an accomplished software engineering lead with a proven track record of building robust and scalable blockchain solutions.

Michal Handerhan, Co-Founder and Director

As a co-founder of BTCS, Michal Handerhan supports both the company's business and research and development strategies, playing a key role in its ability to capitalize on opportunities in the blockchain space. From 2005 to 2014, he was the President and CEO of Meesha Media Group, LLC, a company that provided high-definition video production, Web 2.0 development, database management, and social media solutions.

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Key Risks to BTCS

1. Volatility of the Digital Asset Market and Exposure to Ethereum (ETH) Price: BTCS's financial performance, including revenue and net income, is highly dependent on the volatile prices of digital assets, particularly Ethereum (ETH). A significant portion of the company's treasury is held in ETH, and fluctuations in its value directly impact BTCS's balance sheet and working capital, potentially leading to substantial losses and liquidity concerns. The company's stock also exhibits high market sensitivity due to this correlation.
2. Regulatory Uncertainty in the Blockchain Space: The blockchain and cryptocurrency industry operates within a rapidly evolving and uncertain regulatory environment. Unfavorable regulatory developments, increased scrutiny on staking services, or changes in how crypto assets are classified (e.g., as securities) could materially affect BTCS's business model, operations, and compliance costs.
3. Challenges in Achieving Sustained Operational Profitability: BTCS has a limited operating history in its blockchain infrastructure solutions business and has incurred net losses in prior periods. The company has also reported negative operating margins, indicating that core operational expenses are still significantly higher than the revenue generated. While the company has seen periods of net income driven by unrealized gains on its crypto holdings, consistent profitability from its core operations remains a challenge.

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The emergence and rapid growth of restaking protocols, particularly platforms like EigenLayer, pose a clear emerging threat to BTCS's core staking-as-a-service business model. These protocols allow users to "restake" their already staked Ethereum (ETH) to secure additional decentralized services (Actively Validated Services - AVSs), earning incremental rewards beyond standard staking yields. This development could fundamentally alter the competitive landscape for staking providers in several ways:

• Disintermediation Risk: If restaking becomes the dominant method for maximizing yield on staked assets, individual stakers or institutional clients may increasingly choose to interact directly with restaking platforms or AVSs. This could reduce the demand for traditional staking-as-a-service providers like BTCS, which primarily focus on basic protocol staking.
• Value Chain Shift: The additional yields offered by restaking could make the margins for basic staking less attractive, forcing providers to adapt to the more complex and potentially riskier restaking ecosystem, or risk losing market share to entities that embrace it more effectively.
• Increased Complexity and Competition: While BTCS could potentially offer restaking services, this introduces new layers of operational complexity, technical integration challenges, and increased competition from other providers specializing in restaking. Failure to adapt or compete effectively in this new paradigm could erode BTCS's competitive advantage.

This situation is analogous to how Netflix's streaming model fundamentally disrupted Blockbuster's physical rental business, by offering a new, more convenient, and potentially more cost-effective way for consumers to access content, rather than simply being another video rental store.

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BTCS Inc. (symbol: BTCS) operates within several addressable markets related to blockchain technology and digital assets. Its main products and services, along with their addressable market sizes, are as follows:

• Blockchain Infrastructure and Staking-as-a-Service (NodeOps platform, Builder+ platform): BTCS focuses on operating Ethereum validator nodes, providing staking services, and offering Ethereum block-building services.
  • The global cryptocurrency staking market was valued at $92.73 billion as of September 2023. More recently, the blockchain staking market surged past $300 billion in value as of August 2025. This market is anticipated to continue rising considerably between 2025 and 2032.
  • The global blockchain technology market size was estimated at USD 31.28 billion in 2024 and is projected to reach USD 1,431.54 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 90.1% from 2025 to 2030. North America dominated the global blockchain technology market in 2024, accounting for a 37.4% share of the total revenue. Another estimate for the global blockchain in infrastructure market size projects it to reach $3057.3 million by 2030, with a CAGR of 40.2% from 2024 to 2030.
• Decentralized Finance (DeFi) Integration (DeFi/TradFi flywheel strategy): BTCS utilizes a strategy that integrates traditional capital markets with decentralized finance for strategic Ethereum acquisitions.
  • The global Decentralized Finance (DeFi) market was valued at USD 20.48 billion in 2023 and is projected to grow from USD 30.06 billion in 2024 to USD 648.43 billion by 2032, at a CAGR of 46.8% during the forecast period (2025-2032). Another report states the global DeFi market size was valued at USD 20.76 billion in 2024 and is expected to reach USD 637.73 billion by 2032, growing at a CAGR of 53.56% from 2025-2032. North America held a 36.32% share of the global DeFi market in 2024. The decentralized finance technology market was valued at USD 71.00 billion globally in 2024 and is projected to grow to USD 457.35 billion by 2032, at a CAGR of 26.9%. North America dominated this market with a 55.24% share in 2024.
• AI-powered Blockchain Data and Analytics (ChainQ platform): BTCS has developed ChainQ, an AI-powered blockchain analytics platform.
  • While a specific market size for "AI-powered blockchain data and analytics" was not identified, it falls under the broader categories of digital asset management and blockchain technology.
  • The global digital asset management (DAM) market was estimated at USD 5.3 billion in 2024 and is projected to reach USD 10.3 billion by 2029, with a CAGR of 14.0% from 2024 to 2029. Another source values the global digital asset management market at USD 7.73 billion in 2024, projected to reach USD 31.99 billion by 2033, with a CAGR of 15.26% from 2025-2033. North America currently dominates the DAM market, holding a market share of over 32.8% in 2024.

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Here are 3-5 expected drivers of future revenue growth for BTCS over the next 2-3 years:

1. Expansion and Optimization of Builder+ Operations (Ethereum-First Infrastructure): BTCS has demonstrated significant revenue growth through its Builder+ operations, which are focused on Ethereum-first infrastructure. In Q2 2025, Builder+ revenue dramatically increased, reflecting both higher transaction volumes and infrastructure enhancements. The company's strategic focus is to deepen its presence within the Ethereum ecosystem and continuously enhance its infrastructure to support long-term growth.

2. Increased Market Share and Direct Order Flow: A key strategic objective for BTCS is to increase market share and secure direct order flow. The company's block builder surpassed a 2.7% market share of all Ethereum network transactions in Q2 2025, enabling direct order flow from MetaMask, a prominent Ethereum wallet. This is expected to allow BTCS to capture transactions with higher associated fees, leading to the creation of more profitable blocks.

3. Strategic Investments and Technology Stack Enhancements: BTCS is making strategic investments, such as becoming a Priority Builder through an investment in ETHGas, a low-latency blockspace infrastructure provider. This move positions BTCS to play a significant role in the evolving Ethereum blockspace markets by enabling faster transaction execution and expanding its influence in pre-sold blockspace solutions. Additionally, the company has optimized its technology stack by transitioning its Builder+ platform to Rust and migrating infrastructure to bare-metal servers, leading to improved performance and reduced latency, which supports scalability and growth.

4. Disciplined ETH Accumulation for Balance Sheet Strength and Operational Scaling: While not a direct revenue driver, BTCS's strategy includes disciplined Ethereum (ETH) accumulation to strengthen its balance sheet. This accumulation provides enhanced optionality, capital efficiency, and liquidity, which are crucial for the ongoing scaling of Builder+ operations and other blockchain initiatives, thereby indirectly supporting future revenue growth.

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Share Repurchases

• BTCS Inc. approved a $50 million share repurchase program on September 4, 2025, authorizing the company to buy back its common stock over a three-year period.

Share Issuance

• In July 2025, BTCS sold 271,580 shares through its at-the-market (ATM) program for $1.64 million, increasing common shares outstanding to 47,852,778.
• Year-to-date in 2025 (as of July 14, 2025), BTCS raised $62.4 million in capital, including $39.5 million from ATM sales and $7.4 million from above-market convertible debt.
• In July 2025, the company completed the issuance of approximately $10 million in above-market convertible notes with a $13 per share conversion price.

Inbound Investments

• In May 2025, BTCS entered into an agreement with ATW Partners LLC for the issuance of convertible notes, with an initial tranche of $7.8 million issued and an additional capacity of up to $50 million.
• The capital from this financing is specifically earmarked for purchasing Ethereum tokens (ETH) to support its digital asset and validator node operations strategy.

Capital Expenditures

• For the last 12 months, BTCS reported capital expenditures of approximately -$6.09K.
• The company focuses on expanding its blockchain infrastructure operations, particularly through Ethereum block-building operations via its Builder+ platform and operating cloud-based validator nodes.