BTCS Inc., a Nevada corporation listed on Nasdaq, focuses on blockchain technology, particularly on the Ethereum network. As of September 30, 2024, the company reported total revenues of $739,157 for the third quarter, a significant increase from $316,242 in the same period of 2023. For the nine months ended September 30, 2024, total revenues reached $1,751,735, up from $1,013,503 in the prior year. This growth is attributed to higher block rewards from Ethereum block-building activities and increased market prices of crypto assets.
Despite the revenue growth, BTCS experienced a net loss of $(9,039,787) for the third quarter of 2024, compared to a net loss of $(3,283,557) in the same quarter of 2023. For the nine-month period, the net loss was $(3,511,070), a decline from a net income of $503,863 in the previous year. The basic and diluted net loss per share for the third quarter of 2024 was $(0.56), compared to $(0.23) in the same quarter of 2023.
Operating expenses surged to $1,920,693 for the third quarter of 2024, up from $887,670 in the same period of 2023. The increase was primarily driven by a rise in proxy service fees and marketing expenses related to the Builder+ initiative, which aims to optimize gas fee revenue from Ethereum block-building operations. The total operating expenses for the nine months ended September 30, 2024, were $4,376,909, compared to $4,107,627 in the same period of 2023.
As of September 30, 2024, BTCS held approximately $254,466 in cash and cash equivalents, a decrease from $1,458,327 at the end of 2023. The company’s total assets were valued at $26,533,148, down from $27,146,691 at the end of the previous fiscal year. The accumulated deficit increased to $(142,188,173) from $(138,677,103) as of December 31, 2023.
In terms of strategic developments, BTCS launched its Builder+ operations in 2024, which utilizes advanced algorithms for block space acquisition and block construction optimization. The company also adopted ASU No. 2023-08, changing the accounting treatment of crypto assets to fair market value, which significantly impacted its financial statements. Additionally, the company reported realized losses on crypto assets of approximately $(122,000) for Q3 2024, compared to $(44,000) in Q3 2023.
Overall, BTCS continues to navigate a challenging market environment while focusing on expanding its blockchain infrastructure operations and enhancing its technology solutions.
About BTCS Inc.
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