BTCS Preannounces Record Revenue for 2025 and Issues Annual Shareholder Letter

Rhea-AI Summary

BTCS (Nasdaq: BTCS) preannounced preliminary, unaudited full-year 2025 results and issued an annual shareholder letter dated January 7, 2026. The company reported approximately $16 million in full-year revenue, a ~290% increase versus 2024, and Q4 revenue of ~$6.6 million (sequential +34%). BTCS said it grew total assets by ~600% YoY and held more than 70,500 ETH as of December 31, 2025. Key strategic items include the 2025 launch of Imperium, integration of Aave for on-chain liquidity, a reintroduced Ethereum-paid "Bividend," and an updated long-term incentive program disclosed in a Form 8-K filed January 5, 2026.

Positive

• Revenue increased ~290% to ~$16M in 2025
• Q4 revenue rose sequentially ~34% to ~$6.6M
• Total assets grew ~600% year‑over‑year
• Ethereum holdings exceeded 70,500 ETH as of 12/31/2025

Negative

• Results are preliminary and unaudited, subject to adjustment
• High operational concentration in Ethereum could increase market exposure

Key Figures

2025 revenue $16 million Preliminary full-year 2025 unaudited revenue

Revenue growth 290% Increase in 2025 revenue vs. 2024

2024 revenue $4 million Approximate full-year 2024 revenue baseline

Q4 2025 revenue $6.6 million Preliminary unaudited fourth-quarter 2025 revenue

Sequential growth 34% Q4 2025 revenue increase vs. prior quarter

Asset growth 600% Year-over-year increase in total assets during 2025

ETH holdings 70,500 ETH Ethereum holdings as of December 31, 2025

Market Reality Check

$2.88 Last Close

Volume Volume 982,709 is below the 20-day average of 1,196,481, suggesting no outsized pre-news positioning. normal

Technical Shares at $3.04 were trading below the 200-day MA of $3.38, despite the record revenue preannouncement.

Peers on Argus

BTCS was up 1% pre-announcement, while peers showed mixed moves: FRGE (+0.58%), NCTY (+1.83%) versus BTM (-6.52%), FLD (-9.56%), MATH (-4.4%). This points to a more stock-specific setup.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 08	Investor fireside chat	Neutral	+2.1%	Virtual fireside chat to update investors post-Q3 earnings and Imperium launch.
Nov 14	Earnings release	Positive	+3.7%	Record Q3 2025 revenue and large crypto asset-driven net income uplift.
Nov 03	Conference participation	Neutral	-8.8%	Announcement of participation in multiple November crypto and staking conferences.
Oct 08	Investor fireside chat	Neutral	+2.8%	Water Tower fireside chat focused on Ethereum and BTCS differentiation.
Aug 21	Crypto dividend	Positive	-3.4%	Launch of Ethereum-based Bividend and one-time loyalty payment to shareholders.

Pattern Detected

Recent news with positive financial or shareholder angles (record Q3 results, Bividend) has often coincided with modest gains, though the Bividend announcement saw a short-term decline.

Recent Company History

Over the past six months, BTCS has highlighted an Ethereum-first growth strategy, record Q3 2025 revenue of $4.94M, and a significant expansion of ETH-backed assets. It also launched the Imperium DeFi unit and initiated an innovative Ethereum-based “Bividend” program alongside a share repurchase authorization. Conference and fireside events in late 2025 supported investor outreach. Today’s preannounced 2025 record revenue and expanded ETH holdings build directly on this scaling and DeFi-focused trajectory.

Regulatory & Risk Context

Active S-3 Shelf Registration 2025-07-29

BTCS has an active S-3 shelf registration filed on 2025-07-29, currently noted as not effective, with at least one usage via a 424B5 filing on 2025-08-01.

Market Pulse Summary

The stock moved -5.9% in the session following this news. A negative reaction despite record $16 million 2025 revenue and 290% growth would contrast with prior modest gains following strong updates, though the earlier Ethereum “Bividend” announcement saw selling pressure. Large ETH holdings of about 70,500 and >600% asset growth tie the story closely to crypto markets and balance-sheet perceptions. An active S-3 shelf and past capital formation tools may also weigh on risk assessments.

Key Terms

defi financial

"Imperium expands our addressable market by enabling participation in decentralized finance protocols"

DeFi, short for decentralized finance, is a system of financial services built on blockchain technology that operates without traditional banks or intermediaries. It allows people to borrow, lend, trade, and earn interest directly with each other through digital platforms, much like using a peer-to-peer marketplace. For investors, DeFi offers the potential for greater access, transparency, and control over their financial activities.

aave financial

"we became the first public company to integrate Aave into our operations"

Aave is a decentralized finance platform that lets people lend and borrow cryptocurrencies through automated computer programs instead of a traditional bank. Think of it as a digital peer-to-peer lending marketplace where users earn interest by supplying assets or take loans by posting collateral; the platform’s native token often influences governance and fee distribution. Investors watch Aave because its usage, token value and technical or regulatory risks can affect returns and exposure to the broader crypto market.

validator technical

"Our Ethereum holdings support validator operations, block building, DeFi and other strategies"

A validator is a person or system that checks and confirms the accuracy and legitimacy of information, transactions, or data before they are accepted and recorded. In the context of digital assets or currencies, validators ensure that transactions follow the rules and are genuine, helping maintain trust and security in the system. For investors, validators are important because they help prevent errors or fraud, ensuring the integrity of the financial network.

at-the-market equity financial

"utilizing a mix of at-the-market equity, non-toxic convertible notes, and decentralized finance"

An at-the-market equity program lets a company sell new shares directly into the open market at whatever the current trading price is, using a broker to place the sales over time rather than all at once. Investors care because it provides quick, flexible funding but can gradually increase the number of shares available and put downward pressure on the stock price, similar to a store quietly adding more items to the shelves while customers are buying.

convertible notes financial

"utilizing a mix of at-the-market equity, non-toxic convertible notes, and decentralized finance"

Convertible notes are a type of short-term loan that a company receives from investors, which can later be turned into company shares instead of being paid back in cash. They matter to investors because they offer a way to support a company early on while giving the potential to own a stake in its success if the company grows and later raises more funding.

liquidity financial

"integrate Aave into our operations, enabling on-chain liquidity generation and scalable growth"

Liquidity is how easily and quickly an asset or investment can be converted into cash without losing value. It matters to investors because higher liquidity means they can access their money quickly if needed, while lower liquidity can make it harder to sell assets promptly or at a fair price, potentially creating financial challenges. Think of it like trying to sell a common item versus a rare collectible—it's much easier to sell the common item fast.

AI-generated analysis. Not financial advice.

Delivered record full-year unaudited revenue of approximately $16 million, a 290% increase

Grew total assets by approximately 600% year over year and increased Ethereum holdings to more than 70,500 ETH as of December 31, 2025

WAYNE, Pa., Jan. 07, 2026 (GLOBE NEWSWIRE) -- BTCS Inc. (Nasdaq: BTCS) (“BTCS” or the “Company”), a blockchain technology-focused company, short for Blockchain Technology Consensus Solutions, today announced preliminary financial results for the full year ending December 31, 2025 and issued a letter to its shareholders describing the Company’s 2025 record breaking achievements and goals for 2026. Based on a preliminary (unaudited) review, the Company anticipates full-year 2025 revenue of approximately $16 million, representing a 290% increase compared to 2024.

As the Company enters the new year, BTCS remains focused on the continued internal development of Imperium, leveraging its crypto-native team and infrastructure expertise. The Company is also prioritizing increased market awareness of BTCS as a scalable business built within the Ethereum economy and broader ecosystem, leveraging infrastructure operations as a foundation, rather than being viewed solely as an Ethereum-focused infrastructure operator or a pure digital asset price proxy. BTCS remains committed to disciplined execution across its operations and to delivering consistent financial performance in support of long-term shareholder value.

The letter from Charles Allen, CEO of BTCS, is reprinted below in its entirety.

Dear Shareholders,

Reflecting on 2025, I am pleased to report another year of strong financial performance and continued strategic progress. The past year reaffirmed our conviction that building a crypto-native, revenue-generating infrastructure company centered on Ethereum is not only the right strategy, but one that has differentiated BTCS, in my opinion, in the public markets.

In 2025, we delivered record full-year unaudited revenue in excess of $16 million, representing an over 290% increase compared to approximately $4 million in 2024, driven by growth across our Builder+, Node Ops, and Imperium operating segments. Sequentially, our unaudited revenue increased by more than 34% to approximately $6.6 million in the fourth quarter, demonstrating the continued strong momentum in our business. These financial results are preliminary and unaudited, and may be subject to adjustment.

Importantly, our revenue growth was diversified across our block building and DeFi-driven strategies, rather than traditional staking alone, underscoring the risk-managed scalability of our model. During the year we also grew our portfolio of total assets by more than 600% and increased our Ethereum holdings to more than 70,500 ETH as of December 31, 2025.

We are often asked, “Why Ethereum?” and the answer is straightforward. Ethereum combines security, decentralization, and unmatched utility. It is where institutions are building, developers are innovating, and the digital economy is actively settling significant value. While other blockchains may emphasize speed, Ethereum prioritizes decentralization and security-qualities we believe are essential for long-term adoption and institutional trust. This conviction continues to guide our business as we further expand into the Ethereum-based economy.

To that end, we have worked to strengthen our relationships and integrations, enhancing both our operational capabilities and market reach. This included expanded relationships with ecosystem participants such as Figment, WonderFi, Angstrom, and MetaMask, increasing access to builder order flow and improving infrastructure scale. We also have prioritized increased market awareness of BTCS as a scalable business built within the Ethereum economy and broader ecosystem, leveraging infrastructure operations as a foundation, rather than being viewed solely as an Ethereum-focused infrastructure operator or a pure digital asset price proxy.

Uniquely, we became the first public company to integrate Aave into our operations, enabling on-chain liquidity generation and scalable growth without incremental shareholder dilution. This integration complements our Imperium platform and reflects a disciplined approach to incorporating decentralized finance into our operating model.

The launch of Imperium in 2025 marked another important step in our evolution. Imperium expands our addressable market by enabling participation in decentralized finance protocols and the broader Ethereum ecosystem designed to generate scalable, high-margin revenue. Early contributions from Imperium, both financially and strategically, reinforce the rationale for broadening our business beyond infrastructure operations.

We also reintroduced the Bividend, a first-of-its-kind dividend and shareholder loyalty program paid in Ethereum. The Bividend reflects our belief in aligning shareholder participation with value generated on chain and providing differentiated shareholder returns. Together with our share repurchase program, this initiative underscores our commitment to disciplined capital allocation and long-term shareholder value creation.

It is important to note that, unlike many of our peers, we are not simply a digital asset treasury company, we are an operating company. Our revenue-to-asset profile reflects this reality and separates us from peers whose performance depends primarily on asset price appreciation. Our Ethereum holdings support validator operations, block building, DeFi and other strategies that generate revenue and reinforce one another across our platform.

Capital formation is one of the most critical-and often overlooked-determinants of long-term shareholder value. We have been deliberate in building a flexible, low-cost, and shareholder-aligned capital strategy, utilizing a mix of at-the-market equity, non-toxic convertible notes, and decentralized finance.

Our ability to access capital through DeFi platforms using Ethereum as collateral represents an innovative approach in the public markets. It allows us to deploy capital quickly and efficiently, without the friction or dilution typically associated with traditional financing structures.

This approach reflects our broader philosophy: protect common shareholders while ensuring we have the resources to rapidly scale.

As we start the new year, our focus remains clear:

• Continuing to build Imperium internally, leveraging our crypto-native team;
• Expanding awareness of BTCS as an Ethereum-focused infrastructure company, not simply a proxy for ETH prices; and
• Delivering consistent operational execution and financial performance.
  
  

To continue to demonstrate our commitment to our shareholders, we recently updated BTCS’s long-term incentive program. The revised structure includes performance-based vesting tied to stock price and market capitalization milestones, alongside time-based vesting designed to support leadership continuity. This framework is intended to reinforce accountability, transparency, and sustained execution. Additional details are provided in the Form 8-K filed on January 5, 2026.

Looking ahead, BTCS enters 2026 with momentum supported by record growth, expanding ecosystem relationships, and a more diversified set of revenue-generating operations. We appreciate the continued confidence of our shareholders and remain focused on executing our strategy with discipline and long-term vision.

Thank you for your continued support.

Sincerely,
Charles Allen
CEO, BTCS Inc.

About BTCS:
BTCS Inc. (“BTCS” or the “Company”), short for Blockchain Technology Consensus Solutions, is a U.S.-based Ethereum-first blockchain technology company committed to driving scalable revenue and ETH accumulation through its hallmark strategy, the DeFi/TradFi Accretion Flywheel, an integrated approach to capital formation and blockchain infrastructure. By combining decentralized finance (“DeFi”) and traditional finance (“TradFi”) mechanisms with its blockchain infrastructure operations, comprising NodeOps (staking), Builder+ (block building), and Imperium (DeFi activity), BTCS offers one of the most sophisticated opportunities for leveraged ETH exposure, driven by recurring on-chain revenue generation and a focused ETH accumulation strategy. Discover how BTCS offers operational and financial leveraged exposure to Ethereum through the public markets at www.btcs.com.

Forward-Looking Statements:
Certain statements in this shareholder letter constitute “forward-looking statements” within the meaning of the federal securities laws, including statements regarding providing value to our shareholders, growth (including revenue growth), long-term value creation, expected results from Imperium, improving margins, the Bividend program, and our capital formation strategy. 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, volatility in the market price for ETH and other digital assets, competition, unexpected issues with Builder+, and other technological implementations, cybersecurity risks, smart contract vulnerabilities, counterparty risks in DeFi protocols and potential loss of collateralized Digital Assets, liquidation risks associated with collateralized borrowing, risks associated with unaudited financial information, 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.

For more information, follow us on:
X: https://x.com/NasdaqBTCS
LinkedIn: https://www.linkedin.com/company/nasdaq-btcs
Facebook: https://www.facebook.com/NasdaqBTCS

Investor Relations:
Charles Allen - CEO
X: @Charles_BTCS
Email: ir@btcs.com

KCSA Strategic Communications
Valter Pinto - Managing Director
Email: BTCS@KCSA.com
Tel: (212) 896-1254

FAQ

What did BTCS (BTCS) preannounce for full-year 2025 revenue on January 7, 2026?

BTCS preannounced approximately $16 million in unaudited full-year 2025 revenue, a ~290% increase versus 2024.

How much Ethereum did BTCS hold as of December 31, 2025 (BTCS)?

BTCS reported holding more than 70,500 ETH as of December 31, 2025.

What was BTCS’s Q4 2025 revenue trend reported on January 7, 2026?

BTCS reported unaudited Q4 2025 revenue of about $6.6 million, a sequential increase of ~34%.

What strategic initiatives did BTCS highlight for 2026 (BTCS)?

BTCS said it will continue building Imperium, expand market awareness within the Ethereum economy, and focus on disciplined operational execution.

What is the Bividend and how does BTCS plan to use it (BTCS)?

The Bividend is a shareholder loyalty dividend program paid in Ethereum intended to align on‑chain value generation with shareholder returns.

Did BTCS disclose any governance or compensation changes in early January 2026 (BTCS)?

Yes; BTCS updated its long‑term incentive program with performance and time‑based vesting, detailed in a Form 8-K filed January 5, 2026.