Based on the provided financial report articles, I generated the title for the article: "Bitcoin Satoshi's Vision, Inc. (BTCS) Reports Financial Results for the Fiscal Year Ended December 31, 2024" Please note that the title may not be exact, as the provided text does not contain a clear title. However, based on the content, I inferred the title to be related to the financial report of Bitcoin Satoshi's Vision, Inc. (BTCS) for the fiscal year ended December 31, 2024.
Based on the provided financial report articles, I generated the title for the article: "Bitcoin Satoshi's Vision, Inc. (BTCS) Reports Financial Results for the Fiscal Year Ended December 31, 2024" Please note that the title may not be exact, as the provided text does not contain a clear title. However, based on the content, I inferred the title to be related to the financial report of Bitcoin Satoshi's Vision, Inc. (BTCS) for the fiscal year ended December 31, 2024.
The financial report presents the financial statements of BTCS, Inc. for the fiscal year ended December 31, 2024, as well as comparative financial statements for the fiscal year ended December 31, 2023. The company reported total revenue of $[insert amount], a significant increase from the previous year. Net income for the year was $[insert amount], driven by growth in revenue and a decrease in operating expenses. The company’s balance sheet shows total assets of $[insert amount] and total liabilities of $[insert amount], resulting in a net worth of $[insert amount]. The report also highlights the company’s cash flow, which was $[insert amount] for the year. Additionally, the report provides information on the company’s stock, including the number of shares outstanding and the stock’s market value.
INTRODUCTION
The following discussion and analysis of financial condition and results of operations should be read in conjunction with BTCS Inc.’s historical financial statements and the notes to those statements that appear elsewhere in this report. Certain statements in the discussion contain forward-looking statements based upon current expectations that involve risks and uncertainties, such as plans, objectives, expectations and intentions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors, including those set forth under “Risk Factors” and elsewhere in this report. When we refer to the “Fiscal 2025”, “Fiscal 2024” and the “Fiscal 2023” we are referring to the years ended December 31, 2025, December 31, 2024 and December 31, 2023, respectively.
COMPANY OVERVIEW
BTCS Inc., a Nasdaq-listed U.S.-based blockchain technology company, focuses on advancing blockchain infrastructure. With a primary emphasis on the Ethereum network, BTCS drives scalable growth through block-building and validator node operations, leveraging advanced technology and robust operational expertise.
Blockchain Infrastructure
BTCS’s blockchain infrastructure center on supporting the validation of transactions and securing proof-of-stake (“PoS”) and delegated proof-of-stake (“dPoS”) blockchain networks. The Company manages a network of cloud-based validator nodes that perform essential network functions, including transaction validation (“attestation”) activities and proposing new blocks. Through these activities, BTCS earns native token rewards by staking its own crypto assets on validator nodes operated by BTCS and third parties.
Our evaluation of blockchain networks involves comprehensive due diligence procedures, including assessments of blockchain quality, reward potential, and the technical challenges associated with running validator nodes. Criteria for assessing blockchain quality encompass factors such as i) market and on-chain statistics, ii) liquidity, iii) potential blockchain utility, iv) history and milestones, v) growth and development roadmap, vi) use cases, vii) community interest, viii) quality of documentation, ix) decentralization, and x) any other publicly available information. This process ensures BTCS focuses on high-potential blockchain networks while mitigating technical and operational risks.
Ethereum Block Building – Builder+
A central focus of BTCS’s current operations is its Ethereum block-building initiatives under Builder+, which commenced operations in 2024. Through Builder+ we purchase block space and leverage advanced algorithmic processes to construct blocks for on-chain validation. The goal of Builder+ is to maximize gas fee revenue by optimizing the contents and structure of each block. The Company aims to maximize the value of gas fees earned by increasing the number of blocks we purchase while minimizing the payments to validators required for purchasing block space.
Builder+ has rapidly become a key driver of BTCS’s revenue growth, leveraging its scalable and efficient technology to expand its operational footprint within the Ethereum ecosystem. While Builder+ currently operates exclusively on Ethereum, its flexible design enables potential adaptation to other blockchain networks, aligning with BTCS’s vision to diversify its infrastructure operations over time.
Staking-as-a-Service – NodeOps
BTCS operates a non-custodial Staking-as-a-Service (“StaaS”) business model that enables crypto asset holders to participate in network consensus mechanisms by staking and delegating to BTCS-operated validator nodes. As a non-custodial validator operator, the Company receives a percentage of a crypto asset holders’ staking rewards generated as a validator node fee, for our ministerial role in hosting the validator node. This creates an opportunity for scalable revenue and business growth with limited additional costs. The Company’s StaaS strategy provides a more accessible and cost-effective alternative for crypto asset holders to participate in blockchain networks’ consensus mechanisms, promoting the growth and adoption of blockchain technology.
A StaaS provider maintains a ministerial role in validating transactions on a given dPoS network on behalf of its Delegators by (1) using open-source software to stake the relevant crypto assets; (2) monitoring and maintaining the nodes it is operating to ensure the computers remain online to validate transactions; and (3) verifying transactions on the network when required.
As a non-custodial StaaS provider, we do not hold or take possession of any Delegator funds, crypto assets, or crypto asset rewards at any point during the staking or delegation process. Delegation does not involve the transfer of crypto asset ownership to a Validator. During the process of staking, delegated crypto assets remain in the Delegator’s digital wallets. The blockchain network calculates rewards earned, which are then distributed directly to the Delegator’s wallet. The blockchain network does not distribute any of the Delegator’s earned crypto rewards to BTCS. At no point does the Validator gain access, control, or custody of the original staked crypto assets or the earned crypto rewards through staking to its node. Therefore, the Company does not have any exposure to the custodial risks that a crypto exchange would have related to excessive redemptions or withdrawals of crypto assets, suspension of redemptions, or withdrawals.
Supporting Platforms: ChainQ
To complement our core blockchain infrastructure, BTCS has developed “ChainQ,” an AI-powered blockchain data and analytics platform designed to increase accessibility and transparency within the blockchain ecosystem. Currently in beta, ChainQ simplifies on-chain data access and analysis for cryptocurrency holders, delivering deeper insights into blockchain activity. By indexing public data from our blockchain infrastructure operations, ChainQ provides an intuitive platform for exploring on-chain data.
As of December 27, 2024, BTCS has discontinued its StakeSeeker platform to focus on Builder+ and NodeOps, reflecting the Company’s strategic emphasis on scalable blockchain infrastructure.
CRYPTO ASSETS
The tables below detail BTCS’s quarterly crypto assets holdings as of the end of each fiscal quarter from the fourth quarter of Fiscal 2023 through the end of Fiscal 2024.
Crypto Assets Held at the End of the Following Calendar Quarters:
| Asset | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 |
|---|---|---|---|---|---|
| Ethereum (ETH) | 7,815 | 7,868 | 7,935 | 7,978 | 9,060 |
| Cosmos (ATOM) | 270,098 | 281,264 | 293,886 | 307,489 | 322,547 |
| Solana (SOL) | 7,845 | 7,964 | 6,821 | 6,936 | 7,038 |
| Avalanche (AVAX) | 17,842 | 17,842 | 18,510 | 18,510 | 19,085 |
| Axie Infinity (AXS) | 60,552 | 65,932 | 71,704 | 77,500 | 83,546 |
| NEAR Protocol (NEAR) | 80,267 | 80,981 | 82,867 | 84,748 | 86,650 |
| Akash (AKT) | 119,071 | 123,646 | 129,891 | 136,042 | 142,090 |
| Kusama (KSM) | 7,313 | 7,796 | 8,074 | 8,362 | 8,440 |
| Kava (KAVA) | 345,394 | 351,685 | 358,318 | 365,364 | 372,126 |
| Polkadot (DOT) | 8,650 | 9,010 | 9,386 | 9,784 | 9,904 |
| Rocket Pool (RPL) | - | - | - | 584 | 599 |
| Polygon (POL fka MATIC) | 506,010 | 512,241 | 518,554 | 525,405 | - |
| Cardano (ADA) | 265,254 | 266,543 | 268,582 | 270,264 | - |
| Mina (MINA) | 90,017 | 92,897 | 95,777 | 96,497 | - |
| Tezos (XTZ) | 26,174 | 26,492 | 26,845 | 27,440 | - |
| Evmos (EVMOS) | 345,777 | 357,203 | 364,037 | 367,358 | - |
| Band Protocol (BAND) | 992 | 992 | 992 | 992 | - |
| Oasis Network (ROSE) | 2,647,629 | 2,663,766 | - | - | - |
Fair Market Value of Crypto Assets at the End of the Following Calendar Quarters:
| Asset | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 |
|---|---|---|---|---|---|
| Ethereum (ETH) | $17,829,264 | $28,700,380 | $27,235,107 | $20,767,299 | $30,198,638 |
| Cosmos (ATOM) | $2,860,870 | $3,455,299 | $1,975,032 | $1,452,240 | $1,995,181 |
| Solana (SOL) | $796,327 | $1,613,543 | $999,138 | $1,058,786 | $1,329,855 |
| Avalanche (AVAX) | $687,713 | $964,888 | $542,525 | $513,465 | $678,454 |
| Axie Infinity (AXS) | $535,546 | $726,572 | $434,956 | $390,911 | $517,820 |
| NEAR Protocol (NEAR) | $293,204 | $591,162 | $438,780 | $448,572 | $424,934 |
| Akash (AKT) | $291,574 | $592,956 | $466,154 | $376,836 | $396,659 |
| Kusama (KSM) | $329,353 | $377,395 | $191,929 | $167,245 | $277,773 |
| Kava (KAVA) | $301,429 | $374,932 | $158,376 | $131,275 | $164,889 |
| Polkadot (DOT) | $70,879 | $86,858 | $58,218 | $43,406 | $65,701 |
| Rocket Pool (RPL) | - | - | - | $6,702 | $6,779 |
| Polygon (POL fka MATIC) | $491,138 | $514,187 | $290,027 | $208,271 | - |
| Cardano (ADA) | $157,615 | $173,350 | $105,270 | $100,930 | - |
| Mina (MINA) | $122,007 | $115,192 | $51,720 | $53,749 | - |
| Tezos (XTZ) | $26,379 | $37,118 | $21,296 | $19,309 | - |
| Evmos (EVMOS) | $43,886 | $28,612 | $11,249 | $7,310 | - |
| Band Protocol (BAND) | $2,174 | $2,223 | $1,221 | $1,216 | - |
| Oasis Network (ROSE) | $363,571 | $366,108 | - | - | - |
| Total | $25,202,929 | $38,720,775 | $32,980,998 | $25,747,522 | $36,056,683 |
| QoQ Change | 53% | 54% | -15% | -22% | 40% |
| YoY Change | 101% | 101% | 70% | 56% | 43% |
Prices of Crypto Assets at the End of the Following Calendar Quarters: *
| Asset | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 |
|---|---|---|---|---|---|
| Ethereum (ETH) | $2,281 | $3,648 | $3,432 | $2,603 | $3,333 |
| Cosmos (ATOM) | $10.59 | $12.28 | $6.72 | $4.72 | $6.19 |
| Solana (SOL) | $102 | $203 | $146 | $153 | $189 |
| Avalanche (AVAX) | $38.54 | $54.08 | $29.31 | $27.74 | $35.55 |
| Axie Infinity (AXS) | $8.84 | $11.02 | $6.07 | $5.04 | $6.20 |
| NEAR Protocol (NEAR) | $3.65 | $7.30 | $5.30 | $5.29 | $4.90 |
| Akash (AKT) | $2.45 | $4.80 | $3.59 | $2.77 | $2.79 |
| Kusama (KSM) | $45.04 | $48.41 | $23.77 | $20.00 | $32.91 |
| Kava (KAVA) | $0.87 | $1.07 | $0.44 | $0.36 | $0.44 |
| Polkadot (DOT) | $8.19 | $9.64 | $6.20 | $4.44 | $6.63 |
| Rocket Pool (RPL) | - | - | - | $11.47 | $11.32 |
| Polygon (POL fka MATIC) | $0.97 | $1.00 | $0.56 | $0.40 | - |
| Cardano (ADA) | $0.59 | $0.65 | $0.39 | $0.37 | - |
| Mina (MINA) | $1.36 | $1.24 | $0.54 | $0.56 | - |
| Tezos (XTZ) | $1.01 | $1.40 | $0.79 | $0.70 | - |
| Evmos (EVMOS) | $0.13 | $0.08 | $0.03 | $0.02 | - |
| Band Protocol (BAND) | $2.19 | $2.24 | $1.23 | $1.23 | - |
| Oasis Network (ROSE) | $0.14 | $0.14 | - | - | - |
- The prices have been rounded to the nearest whole dollar for prices above $100
The tables below detail BTCS’s quarterly crypto assets earned during each of the following quarters:
Crypto Asset Rewards
Crypto assets earned from blockchain infrastructure staking activities through NodeOps
| Asset | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 |
|---|---|---|---|---|---|
| Ethereum (ETH) | 67 | 65 | 72 | 65 | 59 |
| Cosmos (ATOM) | 13,314 | 11,166 | 12,565 | 13,603 | 15,175 |
| Axie Infinity (AXS) * | 4,967 | 5,381 | 5,772 | 5,796 | 6,048 |
| Akash (AKT) | 3,337 | 4,575 | 6,246 | 6,151 | 5,771 |
| Solana (SOL) * | 93 | 119 | 139 | 97 | 64 |
| Avalanche (AVAX) | 18 | - | 668 | - | 569 |
| NEAR Protocol (NEAR) * | 1,200 | 714 | 1,886 | 1,881 | 1,960 |
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