BTCS Inc. (Nasdaq: BTCS) (“BTCS” or the “Company”), a blockchain
technology-focused company, issued a letter to its shareholders
describing the Company’s recent achievements and goals for 2024.
The letter from Charles Allen, CEO of BTCS, is reprinted below in
its entirety.
Dear Shareholders,
As we look back on the past year and anticipate
the opportunities of 2024, I am pleased to share this annual letter
with all of you, our valued shareholders who have steadfastly
supported BTCS Inc.
Ending the Year on a High
NoteOur strategic decisions paid off as we ended the year
with considerable momentum. As of December 31, 2023, the Fair
Market Value (“FMV”) of our cryptocurrency and cash rose 82% year
over year to an impressive $26.7 million ($25.2 million crypto and
$1.5 million cash). This significant increase is not just a number
- it symbolizes the trust you place in us to navigate volatile
markets and protect our assets. Additionally, the recent rise in
the FMV of our crypto assets, positions us to enhance revenue in
2024, reinforcing our financial health and growth trajectory.
Embracing New Accounting Rules for
Enhanced Financial TransparencyA significant development
this year was the Financial Accounting Standards Board’s (“FASB”)
new accounting rules allowing cryptocurrencies to be carried at
their fair market value. We plan to early adopt these rules, a
decision we believe will significantly enhance the transparency and
accuracy of our financial statements. This change aligns our
financial reporting more closely with the economic realities of our
business model. Consequently, we anticipate that if we elect to
early adopt for the recent fiscal year ended December 31, 2023, our
net income may exceed $6 million, with earnings per share estimated
to be above $0.40 per share, with our current assets increasing by
$23 million to approximately $27 million. This shift is expected to
provide a clearer, more accurate reflection of our financial health
and performance.
Optimistic Outlook for
2024Looking ahead to 2024, the landscape of cryptocurrency
continues to evolve rapidly. The introduction of Bitcoin ETFs
marked a significant milestone and we anticipate the launch of an
Ethereum ETF, although the timing is uncertain, which we believe
will further catalyze market acceptance and growth. This
development aligns perfectly with our strategic focus on
Ethereum-based solutions and infrastructure.
Innovations and Future PlansIn
our product development, which has been a core focus of our efforts
over the last year, we are excited about the future launch of the
following products:
Builder+, a significant
enhancement to our Ethereum blockchain infrastructure, is our newly
developed Ethereum block builder, which utilizes advanced
algorithms to meticulously construct optimized blocks for on-chain
validation designed to maximize validator earnings. We believe
Builder+ should provide a path to scalable revenue on Ethereum’s
blockchain with limited additional costs.
ChainQ, is an under-development
AI-powered blockchain data and analytics platform, designed to
allow users to query real-time and historical on-chain blockchain
data. Through comprehensive indexing of public blockchain data from
our Blockchain Infrastructure operations, ChainQ is intended to
provide an intuitive and straightforward platform for users to
access on-chain data.
StakeSeeker, we are exploring
the feasibility of adding Ethereum non-custodial staking to our
StakeSeeker platform in 2024, with the goal of further diversifying
our revenue streams and focusing on expanded and scalable offerings
in the cryptocurrency space.
Enhancing Online Presence and
CommunicationIn line with our commitment to transparency
and shareholder engagement, we plan to update our corporate
website. This revamp aims to better reflect our initiatives,
strategies, and the evolving nature of our business. Additionally,
we plan to release a new corporate presentation designed to provide
deeper insights into our operations and the exciting opportunities
we foresee. These enhancements to our digital presence are part of
our broader strategy to ensure open, clear, and continuous
communication with you, our shareholders.
Strategic Cost-Cutting Initiatives
Amidst Market ChallengesIn most of 2023, we faced
significant challenges as the industry emerged from crypto winter.
In stark contrast to many of our public peers who resorted to toxic
funding methods, thereby destabilizing their capital structures, we
adopted a more sustainable approach. Our strategic cost-cutting
initiatives, focused on operational efficiency, allowed us to
weather this period without compromising our product development or
our market position. This prudent approach was pivotal in
maintaining our financial stability and protecting shareholder
value in a volatile market.
ConclusionAs your CEO, I am
proud of what we have accomplished in the face of adversity, and
enthusiastic about the opportunities that lie ahead. Your trust and
support are the backbone of our success, and we remain dedicated to
delivering on our promise of innovation, growth, and sustainability
in the dynamic world of cryptocurrency.
Thank you for your continued support and
trust.
Warm regards,
Charles Allen CEO, BTCS Inc.
About BTCS:BTCS Inc. is a
Nasdaq listed company operating in the blockchain technology sector
since 2014 and is one of the only U.S. publicly traded companies
with a primary focus on proof-of-stake blockchain infrastructure.
Our core focus is on driving scalable growth through a diverse
range of business streams leveraging and built on top of our core
and proven blockchain infrastructure operations. BTCS secures and
operates validator nodes on cutting-edge blockchain networks that
power Web 3, earning native token rewards by staking our
proof-of-stake crypto assets, with an emphasis on Ethereum. Our
innovative “StakeSeeker” platform empowers crypto holders with an
analytics-focused cryptocurrency dashboard. It also offers a
non-custodial Staking-as-a-Service solution, enabling users to earn
staking rewards, while BTCS earns a percentage of token holders’
rewards, creating the potential for scalable revenue with limited
additional costs. We’ve also introduced “Builder+”, an Ethereum
block builder. This technology leverages advanced algorithms to
maximize profit through optimized block construction. Builder+
creates opportunities for new scalable revenue streams by being
utilized by third-party nodes. For more information visit:
www.btcs.com.
Forward-Looking
Statements:Certain statements in the letter which is part
of this press release constitute “forward-looking statements”
within the meaning of the federal securities laws including
statements regarding the growth of our business including but not
limited to Builder+, StakeSeeker, and ChainQ, enhancing our revenue
in 2024, reinforcing our financial health and growth trajectory,
expectations and beliefs regarding the results and effects of the
new FASB accounting financial reporting rule, diversifying our
revenue base, and our beliefs regarding a launch of an Ethereum ETF
and its effect on our business. Words such as “may,” “might,”
“will,” “should,” “believe,” “expect,” “anticipate,” “estimate,”
“continue,” “predict,” “forecast,” “project,” “plan,” “intend” or
similar expressions, or statements regarding intent, belief, or
current expectations, are forward-looking statements. While the
Company believes these forward-looking statements are reasonable,
undue reliance should not be placed on any such forward-looking
statements, which are based on information available to us on the
date of this release. These forward-looking statements are based
upon current estimates and assumptions and are subject to various
risks and uncertainties, including without limitation regulatory
issues, audit adjustments, unanticipated amendments to the FASB
rule, unexpected issues with Builder+, StakeSeeker, and ChainQ,
unexpected issues with our product offerings and the reluctance of
users to try or accept our products, as well as risks set forth in
the Company’s filings with the Securities and Exchange Commission
including its Form 10-K for the year ended December 31, 2022 which
was filed on March 31, 2023. Thus, actual results could be
materially different. The Company expressly disclaims any
obligation to update or alter statements, whether as a result of
new information, future events or otherwise, except as required by
law.
Investor Relations:ir@btcs.com
- Builder+
- ChainQ
- StakeSeeker
BTCS (NASDAQ:BTCS)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
BTCS (NASDAQ:BTCS)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024