BTCS Reports Record 2024 Results
BTCS Inc. (NASDAQ: BTCS) reported strong financial results for 2024, with revenue reaching $4.1 million, a 204% increase from 2023's $1.3 million. Q4 2024 revenue surged to $2.3 million, showing a 612% year-over-year increase and 214% quarter-over-quarter growth.
The company's Ethereum block-building operations, Builder+, drove significant growth, achieving over 1.5% peak daily market share of all Ethereum network transactions. However, gross margin decreased to 23% due to the scaling of Builder+ compared to their higher-margin staking operations.
BTCS reported a net loss of $1.3 million ($0.08 per share) in 2024, compared to net income of $7.8 million in 2023. Cash and cryptocurrency holdings increased 43% to $38.1 million. Key developments included transitioning to Rust, implementing a data lake, partnering with ETHGas, and launching the Staking Protection Plan with WonderFi and Figment.
BTCS Inc. (NASDAQ: BTCS) ha riportato risultati finanziari solidi per il 2024, con un fatturato che ha raggiunto 4,1 milioni di dollari, un aumento del 204% rispetto ai 1,3 milioni di dollari del 2023. Il fatturato del quarto trimestre 2024 è salito a 2,3 milioni di dollari, mostrando un incremento del 612% rispetto all'anno precedente e una crescita del 214% rispetto al trimestre precedente.
Le operazioni di costruzione di blocchi Ethereum dell'azienda, Builder+, hanno guidato una crescita significativa, raggiungendo oltre l'1,5% di quota di mercato giornaliera picco di tutte le transazioni della rete Ethereum. Tuttavia, il margine lordo è diminuito al 23% a causa della scalabilità di Builder+ rispetto alle loro operazioni di staking a margine più elevato.
BTCS ha riportato una perdita netta di 1,3 milioni di dollari (0,08 dollari per azione) nel 2024, rispetto a un reddito netto di 7,8 milioni di dollari nel 2023. Le disponibilità liquide e le criptovalute detenute sono aumentate del 43% a 38,1 milioni di dollari. Sviluppi chiave hanno incluso la transizione a Rust, l'implementazione di un data lake, la partnership con ETHGas e il lancio del Piano di Protezione dello Staking con WonderFi e Figment.
BTCS Inc. (NASDAQ: BTCS) reportó resultados financieros sólidos para 2024, con ingresos alcanzando 4.1 millones de dólares, un aumento del 204% en comparación con los 1.3 millones de dólares de 2023. Los ingresos del cuarto trimestre de 2024 se dispararon a 2.3 millones de dólares, mostrando un aumento del 612% interanual y un crecimiento del 214% en comparación con el trimestre anterior.
Las operaciones de construcción de bloques de Ethereum de la compañía, Builder+, impulsaron un crecimiento significativo, alcanzando más del 1.5% de participación de mercado diaria máxima de todas las transacciones de la red Ethereum. Sin embargo, el margen bruto disminuyó al 23% debido a la escalabilidad de Builder+ en comparación con sus operaciones de staking de mayor margen.
BTCS reportó una pérdida neta de 1.3 millones de dólares (0.08 dólares por acción) en 2024, en comparación con un ingreso neto de 7.8 millones de dólares en 2023. Las reservas de efectivo y criptomonedas aumentaron un 43% a 38.1 millones de dólares. Los desarrollos clave incluyeron la transición a Rust, la implementación de un data lake, la asociación con ETHGas y el lanzamiento del Plan de Protección de Staking con WonderFi y Figment.
BTCS Inc. (NASDAQ: BTCS)는 2024년 강력한 재무 결과를 보고했으며, 수익은 410만 달러에 달해 2023년의 130만 달러에서 204% 증가했습니다. 2024년 4분기 수익은 230만 달러로 급증하여 전년 대비 612% 증가하고 전 분기 대비 214% 성장했습니다.
회사의 이더리움 블록 빌딩 운영인 Builder+는 상당한 성장을 이끌어내며 모든 이더리움 네트워크 거래의 1.5% 이상의 최대 일일 시장 점유율을 달성했습니다. 그러나 Builder+의 확장으로 인해 총 마진은 23%로 감소했습니다.
BTCS는 2024년에 130만 달러의 순손실(주당 0.08달러)을 기록했으며, 2023년에는 780만 달러의 순이익을 기록했습니다. 현금 및 암호화폐 보유액은 43% 증가하여 3810만 달러에 달했습니다. 주요 개발 사항으로는 Rust로의 전환, 데이터 레이크 구현, ETHGas와의 파트너십 및 WonderFi 및 Figment와의 스테이킹 보호 계획 출시가 포함되었습니다.
BTCS Inc. (NASDAQ: BTCS) a annoncé de solides résultats financiers pour 2024, avec des revenus atteignant 4,1 millions de dollars, soit une augmentation de 204 % par rapport aux 1,3 million de dollars de 2023. Les revenus du quatrième trimestre 2024 ont explosé à 2,3 millions de dollars, affichant une augmentation de 612 % d'une année sur l'autre et une croissance de 214 % par rapport au trimestre précédent.
Les opérations de construction de blocs Ethereum de l'entreprise, Builder+, ont entraîné une croissance significative, atteignant plus de 1,5 % de part de marché quotidienne maximale de toutes les transactions du réseau Ethereum. Cependant, la marge brute a diminué à 23 % en raison de l'expansion de Builder+ par rapport à leurs opérations de staking à marge plus élevée.
BTCS a enregistré une perte nette de 1,3 million de dollars (0,08 dollar par action) en 2024, contre un bénéfice net de 7,8 millions de dollars en 2023. Les liquidités et les avoirs en cryptomonnaies ont augmenté de 43 % pour atteindre 38,1 millions de dollars. Les développements clés comprenaient la transition vers Rust, la mise en œuvre d'un lac de données, le partenariat avec ETHGas et le lancement du Plan de Protection de Staking avec WonderFi et Figment.
BTCS Inc. (NASDAQ: BTCS) hat für 2024 starke Finanzzahlen gemeldet, mit einem Umsatz von 4,1 Millionen Dollar, was einem Anstieg von 204% im Vergleich zu 1,3 Millionen Dollar im Jahr 2023 entspricht. Der Umsatz im vierten Quartal 2024 stieg auf 2,3 Millionen Dollar, was einem Anstieg von 612% im Jahresvergleich und 214% im Quartalsvergleich entspricht.
Die Ethereum-Block-Bauoperationen des Unternehmens, Builder+, trugen erheblich zum Wachstum bei und erreichten über 1,5% Spitzenmarktanteil aller Transaktionen im Ethereum-Netzwerk. Der Bruttomargen sank jedoch auf 23%, was auf die Skalierung von Builder+ im Vergleich zu ihren margenstärkeren Staking-Operationen zurückzuführen ist.
BTCS meldete für 2024 einen Nettoverlust von 1,3 Millionen Dollar (0,08 Dollar pro Aktie), verglichen mit einem Nettogewinn von 7,8 Millionen Dollar im Jahr 2023. Die Bargeld- und Kryptowährungsbestände stiegen um 43% auf 38,1 Millionen Dollar. Zu den wichtigsten Entwicklungen gehörten der Übergang zu Rust, die Implementierung eines Data Lakes, die Partnerschaft mit ETHGas und die Einführung des Staking-Schutzplans mit WonderFi und Figment.
- Record revenue of $4.1M, up 204% YoY
- Q4 2024 revenue surge of 612% YoY to $2.3M
- Cash and crypto holdings increased 43% to $38.1M
- Achieved 1.5% peak market share in Ethereum network transactions
- Net loss of $1.3M in 2024 vs $7.8M profit in 2023
- Gross margin declined to 23% due to Builder+ scaling
Insights
BTCS's 2024 results showcase extraordinary revenue growth of
The transition to Builder+ operations explains the
Particularly noteworthy is the
BTCS's three-pronged strategy (tech stack enhancement, increased order flow, and block space control) provides a clear roadmap for continued growth. Their achievement of
The regulatory tailwinds, upcoming Ethereum network improvements, and institutional adoption trends create a favorable macro environment for BTCS's continued expansion in 2025. With the current market cap essentially valuing the company at less than its cash and crypto holdings, the market appears to be significantly undervaluing BTCS's operational business and growth trajectory.
Silver Spring, Maryland--(Newsfile Corp. - March 20, 2025) - BTCS Inc. (NASDAQ: BTCS) ("BTCS" or the "Company"), a leader in blockchain infrastructure and technology, announced its financial results for the year ended December 31, 2024 ("2024").
2024 Financial Highlights
- 2024 Revenue:
$4.1 million , representing a 204% increase from$1.3 million in 2023. - Quarterly Revenue Growth:
$2.3 million Q4 2024 revenue, a612% increase over Q4 2023, and a214% quarterly increase from Q3 2024. - Gross Margin:
23% , reflecting the scaling of Builder+, BTCS's Ethereum block-building operations, compared to NodeOps, our ultra high-margin staking operations. - Net Income/Loss: Reported net loss of
$1.3 million , or$0.08 per share, compared to net income of$7.8 million , or$0.55 per share, in 2023, primarily driven by non-cash charges. - Cash and Cryptocurrency Holdings:
$38.1 million as of December 31, 2024, up43% from$26.7 million at year-end 2023.
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Management Commentary
In 2024, BTCS solidified its position as the leading publicly traded Ethereum infrastructure company, pioneering block-building operations at scale. The success of Builder+, which optimizes block construction to maximize transaction fee (gas) revenue, drove record growth, underscoring the strength of both our strategic direction and execution.
Our goal is simple: drive shareholder value by growing revenue and improving margins. We aim to achieve this goal in three ways: 1) enhance our tech stack, 2) increase order flow, and 3) control block space. The following table outlines our 2025 progress towards these initiatives.
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In 2024, we were fully focused on building our operations, which culminated in several key developments-including the transition to Rust, the adoption of bare-metal servers, the implementation of a data lake, a partnership with and investment in ETHGas, the introduction of rebates, multiple new sources of private order flow, the launch of the Staking Protection Plan ("SPP") with WonderFi and Figment, and our scaled validator implementation with Rocket Pool.
As a result, our peak daily block-building market share accounted for over
With a strong foundation in place, BTCS is well-positioned to execute our strategy and maximize shareholder value.
Industry & Market Commentary
The cryptocurrency market experienced significant developments in late 2024 and early 2025, including:
- Regulatory Tailwinds: The new administration's pro-crypto policies have fostered a constructive regulatory environment not seen in the last 10 years. With regulatory clarity and sensible oversight being the new norm, the stage is set for innovation and renewed confidence and growth across the industry. The change is marked by the SEC's recent dismissal of several high-profile cases, including Coinbase, Robinhood, Uniswap, Gemini, Consensys, and Cumberland.
- Ethereum's Network Growth: The upcoming Pectra upgrade in 2025 is set to be a game-changer for Ethereum, enhancing speed, reducing costs, and simplifying transactions. Key features include the ability to pay transaction fees with tokens like USDC instead of just ETH, an increase in staking limits from 32 ETH to 2,048 ETH to improve efficiency, and expanded transaction capacity through blob technology. With these advancements, Ethereum is strengthening its competitive edge against Solana, positioning itself to remain the go-to blockchain for DeFi, NFTs, and beyond.
- Institutional Adoption: Ethereum ETF approvals were officially granted in 2024, marking a major milestone for institutional investment in digital assets. This development has significantly increased accessibility for traditional investors and is expected to drive long-term capital inflows into Ethereum, reinforcing its position as the foundation of a growing global digital economy.
These transformational developments far outweigh any short-term price fluctuations in the crypto market. Enhanced scalability, improved regulatory clarity, and increasing institutional participation create a strong foundation for long-term growth. As blockchain adoption accelerates, Ethereum's ongoing advancements position it as the premier network for decentralized applications, reinforcing the bullish outlook for the sector.
About BTCS:
BTCS Inc. (NASDAQ: BTCS) is a U.S.-based blockchain infrastructure technology company currently focused on driving scalable revenue growth through its blockchain infrastructure operations. BTCS has honed its expertise in blockchain network operations, particularly in block building and validator node management. Its branded block-building operation, Builder+, leverages advanced algorithms to optimize block construction for on-chain validation, thus maximizing gas fee revenues. BTCS also supports other blockchain networks by operating validator nodes and staking its crypto assets across multiple proof-of-stake networks, allowing crypto holders to delegate assets to BTCS-managed nodes. In addition, the Company has developed ChainQ, an AI-powered blockchain data analytics platform, which enhances user access and engagement within the blockchain ecosystem. Committed to innovation and adaptability, BTCS is strategically positioned to expand its blockchain operations and infrastructure beyond Ethereum as the ecosystem evolves. Explore how BTCS is revolutionizing blockchain infrastructure in the public markets by visiting www.btcs.com.
For more information follow us on:
Twitter: https://x.com/NasdaqBTCS
LinkedIn: https://www.linkedin.com/company/nasdaq-btcs
Facebook: https://www.facebook.com/NasdaqBTCS
Forward-Looking Statements:
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws, including statements regarding growing revenue, improving margins, increasing order flow, expected results from the upcoming Pectra upgrade, expectations from the Ethereum ETF approval. 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 assumptions and are subject to various risks and uncertainties, including without limitation regulatory issues, unexpected issues with Builder+ and ChainQ, 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, 2024 which was filed on March 20, 2025. 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:
Charles Allen - CEO
X (formerly Twitter): @Charles_BTCS
Email: ir@btcs.com
Financials
The tables below are derived from the Company's financial statements included in its Form 10-K filed on March 20, 2025, with the Securities and Exchange Commission. Please refer to the Form 10-K for complete financial statements and further information regarding the Company's results of operations and financial condition relating to the fiscal quarter and fiscal year ended December 31, 2024 and 2023. The Company's Form 10-K also includes a discussion of risk factors applicable to the Company and its business.
BTCS Inc.
Balance Sheets
| December 31, | December 31, | |||||
| 2024 | 2023 | |||||
| Assets: | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 1,977,778 | $ | 1,458,327 | ||
| Stablecoins | 39,545 | 21,044 | ||||
| Crypto assets | 646,539 | 302,783 | ||||
| Staked crypto assets | 35,410,144 | 24,900,146 | ||||
| Prepaid expenses | 63,934 | 62,461 | ||||
| Receivable for capital shares sold | - | 291,440 | ||||
| Total current assets | 38,137,940 | 27,036,201 | ||||
| Other assets: | ||||||
| Investments, at value (Cost | 100,000 | 100,000 | ||||
| Property and equipment, net | 7,449 | 10,490 | ||||
| Total other assets | 107,449 | 110,490 | ||||
| Total Assets | $ | 38,245,389 | $ | 27,146,691 | ||
| Liabilities and Stockholders' Equity: | ||||||
| Accounts payable and accrued expenses | $ | 70,444 | $ | 55,058 | ||
| Accrued compensation | 3,907,091 | 712,092 | ||||
| Warrant liabilities | 267,900 | 213,750 | ||||
| Total current liabilities | 4,245,435 | 980,900 | ||||
| Stockholders' equity: | ||||||
| Preferred stock: 20,000,000 shares authorized at | ||||||
| Series V preferred stock: 15,033,231 and 14,567,829 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively | 2,646,314 | 2,563,938 | ||||
| Common stock, 975,000,000 shares authorized at | 18,718 | 15,322 | ||||
| Additional paid-in capital | 171,283,199 | 162,263,634 | ||||
| Accumulated deficit | (139,948,277) | (138,677,103) | ||||
| Total stockholders' equity | 33,999,954 | 26,165,791 | ||||
| Total Liabilities and Stockholders' Equity | $ | 38,245,389 | $ | 27,146,691 | ||
BTCS Inc.
Statements of Operations
| For the Year Ended | ||||||
| December 31, | ||||||
| 2024 | 2023 | |||||
| Revenues | ||||||
| Blockchain infrastructure revenues (net of fees) | $ | 4,073,518 | $ | 1,339,628 | ||
| Total revenues | 4,073,518 | 1,339,628 | ||||
| Cost of revenues | ||||||
| Blockchain infrastructure costs | 3,127,509 | 359,778 | ||||
| Gross profit | 946,009 | 979,850 | ||||
| Operating expenses: | ||||||
| General and administrative | 1,672,276 | 1,450,724 | ||||
| Research and development | 755,813 | 687,288 | ||||
| Compensation and related expenses | 6,598,348 | 2,542,336 | ||||
| Marketing | 80,993 | 12,153 | ||||
| Realized losses on crypto asset transactions | 767,375 | 604,269 | ||||
| Total operating expenses | 9,874,805 | 5,296,770 | ||||
| Other income (expenses): | ||||||
| Change in unrealized appreciation on crypto assets | 7,683,772 | 12,135,648 | ||||
| Change in fair value of warrant liabilities | (54,150) | - | ||||
| Other income | 28,000 | - | ||||
| Total other income (expenses) | 7,657,622 | 12,135,648 | ||||
| Net income (loss) | $ | (1,271,174) | $ | 7,818,728 | ||
| Basic net income (loss) per share attributable to common stockholders | $ | (0.08) | $ | 0.55 | ||
| Diluted net income (loss) per share attributable to common stockholders | $ | (0.08) | $ | 0.45 | ||
| Basic weighted average number of common shares outstanding | 16,263,702 | 14,092,233 | ||||
| Diluted weighted average number of common shares outstanding, basic and diluted | 16,263,702 | 17,546,339 | ||||
BTCS Inc.
Statements of Cash Flows
| For the Year Ended | ||||||
| December 31, | ||||||
| 2024 | 2023 | |||||
| Net cash flows used from operating activities: | ||||||
| Net income (loss) | $ | (1,271,174) | $ | 7,818,728 | ||
| Adjustments to reconcile net income to net cash used in operating activities: | ||||||
| Depreciation expense | 5,689 | 5,033 | ||||
| Stock-based compensation | 2,423,560 | 1,341,729 | ||||
| Blockchain infrastructure revenue | (4,073,518) | (1,339,628) | ||||
| Builder payments (non-cash) | 2,765,731 | - | ||||
| Change in fair value of warrant liabilities | 54,150 | - | ||||
| Realized losses on crypto assets transactions | 767,375 | 604,269 | ||||
| Change in unrealized appreciation on crypto assets | (7,683,772) | (12,135,648) | ||||
| Changes in operating assets and liabilities: | ||||||
| Stablecoins | (18,501) | (21,044) | ||||
| Prepaid expenses and other current assets | (1,473) | 61,266 | ||||
| Receivable for capital shares sold | 291,440 | (291,440) | ||||
| Accounts payable and accrued expenses | 15,386 | (21,669) | ||||
| Accrued compensation | 3,194,999 | 416,157 | ||||
| Net cash used in operating activities | (3,530,108) | (3,562,247) | ||||
| Cash flows from investing activities: | ||||||
| Purchase of productive crypto assets for validating | (3,531,550) | (1,804,482) | ||||
| Sale of productive crypto assets | 901,980 | 1,994,851 | ||||
| Purchase of property and equipment | (2,648) | (5,276) | ||||
| Sale of property and equipment | - | 904 | ||||
| Net cash provided by (used in) investing activities | (2,632,218) | 185,997 | ||||
| Cash flow from financing activities: | ||||||
| Net proceeds from issuance common stock/ At-the-market offering | 6,681,777 | 2,687,794 | ||||
| Net cash provided by financing activities | 6,681,777 | 2,687,794 | ||||
| Net (decrease)/increase in cash | 519,451 | (688,456) | ||||
| Cash, beginning of period | 1,458,327 | 2,146,783 | ||||
| Cash, end of period | $ | 1,977,778 | $ | 1,458,327 | ||
| Supplemental disclosure of non-cash financing and investing activities: | ||||||
| Series V Preferred Stock Distribution | $ | 82,376 | $ | 2,559,533 | ||
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FAQ
What was BTCS's revenue growth in Q4 2024 compared to Q4 2023?
How much are BTCS's total cash and cryptocurrency holdings as of December 2024?
What percentage of Ethereum network transactions does BTCS's Builder+ platform process?
What caused BTCS's net loss in 2024 despite revenue growth?
