BTCS meets $6M 2026 gross profit target in nine months
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
BTCS Inc. reported Q3 2026 revenue of $4.1 million, up 67% from Q2 but below $4.9 million in Q3 2025. Gross profit reached $3.5 million at an 86% margin, up 222% year over year; nine-month gross profit was $6.0 million, meeting its $6.0 million full-year target in the first nine months.
Net income was $54.5 million, compared with $65.6 million in Q3 2025, and included $58.3 million of non-cash unrealized digital-asset gains, $3.6 million of realized gains and a $5.7 million impairment loss. BTCS said future results may vary significantly with digital-asset prices. DeFi protocol loans were $63.0 million as of September 30, 2026, collateralized by digital assets and potentially subject to liquidation if collateral values decline; digital assets in liquidity-pool positions were $40.9 million. BTCS expanded Imperium to Base in September and received approximately $1.5 million in net ATM proceeds during Q3.
BTCS expects Imperium to remain the primary driver of revenue and gross profit through the rest of 2026. The company completed preparatory compliance steps for tokenized-equity liquidity provisioning under the SEC’s Covered Firm exemption, but has not commenced the activity or committed capital.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointQ3 gross profit reached $3.5 million, up 222% from Q3 2025.
- Minor pointNine-month gross profit reached $6.0 million, meeting the 2026 full-year target.
Negative
- Major point. Forward-looking: it has not happened yet and may not happen.DeFi protocol loans were $63.0 million; collateral may be liquidated if values decline. 1.3× market cap
- Moderate pointQ3 revenue was $4.1 million, versus $4.9 million in Q3 2025.
- Moderate pointQ3 net income was $54.5 million, compared with $65.6 million in Q3 2025.
Filing Explained
At September 30, 2026, BTCS had $463,250 of cash against $79,963,194 in current liabilities, including $63,007,700 in DeFi loans.
This Form 8-K furnishes BTCS’s Q3 2026 results release and updated investor materials; common shares issued and outstanding were 53,110,329 on
For a holder whose share count did not change, that increase means a lower percentage ownership, absent offsetting changes.
At
8-K Event Classification
Key Figures
Key Terms
paired liquidity pool positions technical
automated market maker pools technical
unrealized gains on digital assets financial
Covered Firm exemption regulatory
tokenized-equity liquidity provisioning technical
Earnings Snapshot
BTCS expects Imperium to remain the primary driver of revenue and gross profit through the remainder of 2026.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much gross profit did BTCS report in Q3 2026?
What drove BTCS's $54.5 million net income in Q3 2026?
Has BTCS started tokenized-equity liquidity provisioning?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
(Address of Principal Executive Offices, and Zip Code)
Registrant’s Telephone Number, Including Area Code
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| (The Nasdaq Capital Market) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging
growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On November 12, 2026, BTCS Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.
On November 12, 2026, the Company made available on its website (www.btcs.com) an updated investor presentation and an updated company primer, copies of which are furnished as Exhibits 99.2 and 99.3, respectively, to this Current Report on Form 8-K. The Company has also launched an updated corporate website at www.btcs.com. The information contained on, or that may be accessed through, the Company’s website is not incorporated by reference into, and is not a part of, this Current Report on Form 8-K.
The information in Items 2.02 and 7.01 of this Current Report on Form 8-K, including Exhibits 99.1, 99.2 and 99.3, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, regardless of any general incorporation language in such filing, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
| (d) | Exhibits |
| 99.1 | Press Release dated November 12, 2026+ |
| 99.2 | Investor Presentation – November 12, 2026+ |
| 99.3 | Company Primer – November 12, 2026+ |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
+ Furnished herewith.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BTCS INC. | ||
| Date: November 12, 2026 | By: | /s/ Charles W. Allen |
| Name: | Charles W. Allen | |
| Title: | Chief Executive Officer | |
Exhibit 99.1
BTCS
Reports Record Gross Profit of $3.5 Million and 86% Gross Margin for Third Quarter 2026
Surpasses $6 million full-year gross profit target in nine months as Imperium liquidity pool positions grow to approximately $41 million
Wayne, PA – (GlobeNewswire – November 12, 2026) – BTCS Inc. (Nasdaq: BTCS) (“BTCS” or the “Company”), short for Blockchain Technology Consensus Solutions, a company focused on decentralized finance operations and blockchain infrastructure, today announced its financial results for the quarter ended September 30, 2026 (“Q3 2026”). The Company also launched its updated corporate website at www.btcs.com and released an updated investor presentation and a new company primer available at www.btcs.com/investors/.
“The third quarter was a breakout quarter for BTCS and Imperium,” said Charles Allen, Chief Executive Officer. “BTCS delivered a record $3.5 million in gross profit at an 86% gross margin, surpassing our full-year gross profit target of $6 million with a full quarter remaining in 2026. That performance was driven by Imperium, where we grew our paired liquidity pool positions from approximately $8 million to approximately $41 million and expanded into a multi-chain strategy with the integration of Base. Looking to the fourth quarter, we intend to keep scaling Imperium, and we expect it to remain the leading driver of our business.”
Financial Highlights
Third Quarter 2026 Financial Summary
| ● | Total revenues increased 67% to $4.1 million for Q3 2026, compared to $2.4 million in Q2 2026, driven by growth in Imperium’s DeFi revenues. | |
| ● | Gross profit grew to $3.5 million (86% margin) for Q3 2026, a record for the Company and a 134% increase from Q2 2026 gross profit of $1.5 million (61% margin). Gross profit also increased 222% compared to $1.1 million in Q3 2025. The improvement reflects the expansion of Imperium’s paired liquidity pool positions and the growing contribution of its higher-margin DeFi revenues. | |
| ● | Year-to-date gross profit reached $6.0 million for the nine months ended September 30, 2026, compared to $1.1 million for the same period in 2025, achieving the Company’s full-year 2026 gross profit target of $6 million in the first nine months of the year. | |
| ● | DeFi revenues (Imperium) increased 133% quarter-over-quarter to $3.5 million for Q3 2026 from $1.5 million in Q2 2026, representing approximately 86% of total revenues for Q3 2026, compared to approximately 61% of total revenues in Q2 2026. | |
| ● | Blockchain infrastructure revenues, comprising NodeOps and Builder+, decreased to $0.6 million for Q3 2026, compared to $0.9 million in Q2 2026, reflecting variability in block-building and the Company’s continued prioritization of capital and resource deployment toward Imperium. | |
| ● | Net income for Q3 2026 was $54.5 million, compared to a net loss of $34.9 million in Q2 2026. Net income was primarily driven by $58.3 million of non-cash unrealized gains on digital assets resulting from ETH price appreciation during the quarter and $3.6 million of realized gains on digital asset transactions, partially offset by a $5.7 million impairment loss on intangible digital assets. Results excluding these items would have been materially lower, and future results may vary significantly with digital asset prices. |
Balance Sheet Overview
| ● | Total assets were $176.1 million as of September 30, 2026, compared to $89.3 million as of June 30, 2026, primarily reflecting increases in the fair value of digital asset holdings due to ETH price appreciation and the deployment of $27.0 million of new DeFi protocol borrowings. | |
| ● | Digital assets held in liquidity pool positions grew to $40.9 million as of September 30, 2026, from $7.6 million as of June 30, 2026, as Imperium scaled its paired liquidity pool strategy across Ethereum mainnet and Base. | |
| ● | Total liabilities increased to $80.0 million as of September 30, 2026, compared to $50.4 million as of June 30, 2026, presented net of unamortized debt discounts of $3.4 million and $4.3 million, respectively. Loans payable to DeFi protocols were $63.0 million as of September 30, 2026, compared to $36.0 million as of June 30, 2026, reflecting $27.0 million of new DeFi protocol borrowings during the quarter to support the expansion of Imperium’s paired liquidity pool positions. These borrowings are collateralized by digital assets and may be subject to liquidation if collateral values decline. The Company continues to actively monitor collateral levels across its DeFi positions. | |
| ● | Common shares outstanding (including unvested restricted common stock) were 53.1 million as of September 30, 2026. During Q3 2026, the Company received net proceeds of approximately $1.5 million from sales under its At-The-Market (“ATM”) Agreement. |
Michael Prevoznik, Chief Financial Officer, stated, “This quarter showed what Imperium can do at scale. Gross profit more than doubled quarter-over-quarter and our gross margin expanded to 86%, as DeFi revenues grew to represent the large majority of our total revenue. Reaching our $6 million gross profit target in nine months is a meaningful milestone, and we remain focused on scaling revenue and gross profit while managing our balance sheet with discipline.”
Company Commentary and Outlook
Imperium remains BTCS’s core strategic focus for 2026. During the third quarter, the Company significantly scaled Imperium’s paired liquidity pool positions and, in September, expanded Imperium onto Base, an Ethereum Layer-2 network created by Coinbase, marking the business line’s first expansion beyond Ethereum mainnet. Operating across multiple networks allows Imperium to dynamically allocate liquidity where volume and demand shift, and management views Base as one step in a broader multi-chain roadmap.
“Integrating Base was a major milestone for our engineering team this quarter,” said Ben Hunter, Chief Technology Officer. “Expanding Imperium beyond Ethereum mainnet gave us access to another deep pool of on-chain activity, and our team built and deployed the strategies needed to operate there. We are continuing to refine our existing strategies while evaluating additional networks and opportunities that we believe could further scale Imperium.”
Having surpassed its full-year gross profit target of $6 million through the first nine months of 2026, the Company expects Imperium to remain the primary driver of revenue and gross profit through the remainder of the year. The Company continues to evaluate additional strategies and networks for Imperium that it believes may further scale the business.
As previously announced, in September Imperium completed the preparatory compliance steps for tokenized-equity liquidity provisioning under the SEC’s Covered Firm exemption. Management views tokenized equities as a natural extension of Imperium, which already operates in automated market maker pools. BTCS has not yet commenced or committed capital to tokenized-equity liquidity provisioning, and there can be no assurance that it will do so.
Management believes that institutional adoption of digital assets and the tokenization of real-world assets could increase demand for on-chain liquidity and create additional revenue opportunities for the Company.
“Hitting our gross profit target a quarter early reflects the strategy we have been building toward and the hard work from our team,” said Mr. Allen. “We believe Imperium gives BTCS a differentiated way to generate revenue from Ethereum’s on-chain economy, and with a multi-chain approach, we believe we have substantial room to grow. Looking ahead, I remain optimistic about continued institutional adoption of digital assets and see two major drivers shaping the future of on-chain finance: the tokenization of real-world assets and the rise of agentic AI. Tokenization has the potential to bring a broader range of financial assets on-chain, while AI agents could increasingly use these same rails to transact and make payments autonomously. We believe both trends could expand the scale and scope of activity on-chain, creating greater demand for accessible liquidity. Through Imperium, we are building the capabilities to help meet that demand and position BTCS for these emerging opportunities.”
About BTCS:
BTCS Inc. (“BTCS” or the “Company”), short for Blockchain Technology Consensus Solutions, is a Nasdaq-listed operating company that offers public-market access to the blockchain economy. Imperium, the Company’s decentralized finance (“DeFi”) business, deploys capital into on-chain liquidity markets, including automated market maker pools on Ethereum and Layer-2 networks, to generate recurring, high-margin revenue. Imperium draws on the protocol-level expertise of BTCS’s Ethereum infrastructure operations, Builder+ (block building) and NodeOps (staking). BTCS funds its growth through the DeFi/TradFi Accretion Flywheel, an integrated approach to raising capital, accumulating digital assets and deploying them on chain. Learn more at www.btcs.com.
Forward-Looking Statements:
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding the Company’s growth prospects, revenue expectations (including from Imperium), profitability and margin targets (including the Company’s gross profit target for 2026), the expansion of Imperium onto Base and additional networks, the potential expansion of Imperium into tokenized-equity liquidity provisioning and the Company’s ability to rely on the SEC’s Covered Firm exemption, the Company’s ability to scale its liquidity pool positions, the tokenization of real-world assets and the adoption of agentic AI, market positioning, business strategy, regulatory developments (including the CLARITY Act), and expectations for digital asset markets. Words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “predict,” “intend,” “target,” “seek,” “positioned” or similar expressions identify forward-looking statements. These statements are based on current expectations and assumptions and are subject to risks and uncertainties, including volatility in digital asset markets, including the market price of ETH and other digital assets, and concentration risk from the Company’s Ethereum-first strategy; the significant contribution of unrealized gains on digital assets to the Company’s net income, which may reverse in future periods; regulatory developments affecting digital assets and blockchain technology, including the uncertain outcome of pending legislation such as the CLARITY Act and the regulation of DeFi protocols and Layer-2 networks; competition in block-building, staking, and DeFi markets; operational risks associated with Builder+, Imperium, and NodeOps, including smart contract vulnerabilities, DeFi protocol failures, counterparty risks, impermanent loss and liquidity risks associated with DeFi lending, borrowing, and liquidity provision activities, and the Company’s reliance on third-party DeFi protocols; risks related to the Company’s use of leverage and collateralization requirements, including increased DeFi protocol borrowings and the risk of liquidation of collateral; the risk that results achieved in prior periods, including the Company’s third quarter 2026 gross profit, may not be indicative of future results; risks that a qualifying Tokenized Securities Venue may not become operational, that the SEC’s exemptive relief may be modified, withdrawn or expire, or that tokenized-equity markets may not develop as anticipated; risks that the Company’s multi-chain expansion strategy may not produce the anticipated benefits; technological implementation challenges, cybersecurity risks, and potential loss or theft of digital assets; risks related to the Ethereum network and Layer-2 networks such as Base, including fluctuations in transaction volumes and blockspace demand, and changes in network protocols, consensus mechanisms, or gas fee structures; general economic and market conditions; and other risks set forth in the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2025. Undue reliance should not be placed on forward-looking statements, which speak only as of the date of this release. The Company expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws.
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
Financials
The tables below are derived from the Company’s unaudited condensed financial statements included in its Quarterly Report on Form 10-Q filed on November 12, 2026, with the Securities and Exchange Commission. Please refer to the Form 10-Q for complete financial statements, accompanying notes, and further information regarding the Company’s results of operations and financial condition for the fiscal quarters ended September 30, 2026 and 2025. Please also refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for a discussion of risk factors applicable to the Company and its business.
BTCS Inc.
Condensed Balance Sheets
(Unaudited)
| September 30, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Assets: | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 463,250 | $ | 1,526,395 | ||||
| Stablecoins | 859,577 | 1,539,064 | ||||||
| Digital assets - treasury | 225,384 | 2,388,607 | ||||||
| Digital assets - DeFi | 125,097,651 | 177,718,244 | ||||||
| Digital assets - staked | 7,730,236 | 30,657,401 | ||||||
| Digital assets – liquidity pool positions | 40,947,203 | - | ||||||
| Digital assets – non-fungible tokens | 20,867 | 41,690 | ||||||
| Prepaid expenses | 147,031 | 146,031 | ||||||
| Total current assets | 175,491,199 | 214,017,432 | ||||||
| Investments (Cost $600,000) | 600,000 | 600,000 | ||||||
| Property and equipment, net | 11,834 | 14,390 | ||||||
| Total Assets | $ | 176,103,033 | $ | 214,631,822 | ||||
| Liabilities and Stockholders’ Equity: | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued expenses | $ | 60,763 | $ | 38,525 | ||||
| Accrued compensation | 1,623,092 | 1,609,208 | ||||||
| Accrued interest | 766,468 | 225,115 | ||||||
| Loans payable - DeFi protocol | 63,007,700 | 61,500,000 | ||||||
| Convertible notes payable, net - current portion | 14,505,171 | - | ||||||
| Warrant liabilities | - | - | ||||||
| Total current liabilities | 79,963,194 | 63,372,848 | ||||||
| Convertible notes payable, net - non-current portion | - | 11,842,195 | ||||||
| Total liabilities | 79,963,194 | 75,215,043 | ||||||
| Commitments and contingencies (Note 11) | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred Stock, $0.001 par value per share; 20,000,000 shares authorized, of which: | ||||||||
| Series V Preferred Stock; 15,671,405 and 15,671,405 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively | 1,975,701 | 1,975,701 | ||||||
| Common Stock, $0.001 par value per share; 975,000,000 shares authorized; 53,110,329 and 46,852,737 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively | 53,110 | 46,853 | ||||||
| Additional paid-in capital | 316,947,516 | 310,695,935 | ||||||
| Accumulated deficit | (222,836,488 | ) | (173,301,710 | ) | ||||
| Total stockholders’ equity | 96,139,839 | 139,416,779 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 176,103,033 | $ | 214,631,822 | ||||
BTCS Inc.
Condensed Statements of Operations
(Unaudited)
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenues | ||||||||||||||||
| Blockchain infrastructure revenues | $ | 587,025 | $ | 4,215,224 | $ | 2,667,025 | $ | 8,676,357 | ||||||||
| DeFi revenues | 3,505,656 | 723,279 | 6,019,472 | 726,843 | ||||||||||||
| Total revenues | 4,092,681 | 4,938,503 | 8,686,497 | 9,403,200 | ||||||||||||
| Cost of revenues | ||||||||||||||||
| Blockchain infrastructure costs | 571,388 | 3,843,634 | 2,638,576 | 8,265,426 | ||||||||||||
| DeFi costs | 20,850 | 6,916 | 39,000 | 6,916 | ||||||||||||
| Total cost of revenues | 592,238 | 3,850,550 | 2,677,576 | 8,272,342 | ||||||||||||
| Gross profit | 3,500,443 | 1,087,953 | 6,008,921 | 1,130,858 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Professional fees | 140,176 | 887,200 | 818,115 | 1,461,026 | ||||||||||||
| General and administrative | 226,522 | 610,568 | 799,399 | 1,254,770 | ||||||||||||
| Research and development | 86,156 | 145,592 | 248,655 | 548,386 | ||||||||||||
| Compensation and related expenses | 2,820,513 | 763,804 | 8,007,276 | 2,245,406 | ||||||||||||
| Marketing | 190,193 | 256,165 | 275,804 | 524,198 | ||||||||||||
| Impairment loss on intangible digital assets | 5,710,662 | - | 11,162,156 | - | ||||||||||||
| Realized (gains) losses on digital asset transactions | (3,576,215 | ) | 4,407,773 | 30,608,647 | 8,567,681 | |||||||||||
| Unrealized gain on digital assets | (58,345,378 | ) | (73,724,881 | ) | (1,240,388 | ) | (67,987,220 | ) | ||||||||
| Loss on extinguishment of debt | - | 8,731 | - | 8,731 | ||||||||||||
| Total operating expenses | (52,747,371 | ) | (66,645,048 | ) | 50,679,664 | (53,377,022 | ) | |||||||||
| Other income (expenses): | ||||||||||||||||
| Interest expense | (1,715,043 | ) | (1,496,529 | ) | (4,864,035 | ) | (1,718,423 | ) | ||||||||
| Change in fair value of warrant liabilities | - | (647,663 | ) | - | (587,813 | ) | ||||||||||
| Total other income (expenses) | (1,715,043 | ) | (2,144,192 | ) | (4,864,035 | ) | (2,306,236 | ) | ||||||||
| Net income (loss) | $ | 54,532,771 | $ | 65,588,809 | $ | (49,534,778 | ) | $ | 52,201,644 | |||||||
| Basic net income (loss) per share attributable to common stockholders | $ | 1.15 | $ | 1.48 | $ | (1.06 | ) | $ | 1.83 | |||||||
| Diluted net income (loss) per share attributable to common stockholders | $ | 1.10 | $ | 1.30 | $ | (1.06 | ) | $ | 1.48 | |||||||
| Basic weighted average number of common shares outstanding | 47,420,927 | 44,233,030 | 46,940,068 | 28,575,472 | ||||||||||||
| Diluted weighted average number of common shares outstanding | 50,675,409 | 50,298,201 | 46,940,068 | 35,223,608 | ||||||||||||
BTCS Inc.
Condensed Statements of Cash Flows
(Unaudited)
| For the Nine Months Ended | ||||||||
| September 30, | ||||||||
| 2026 | 2025 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | (49,534,778 | ) | $ | 52,201,644 | |||
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
| Depreciation expense | 4,676 | 2,693 | ||||||
| Stock-based compensation | 4,631,620 | 3,850,662 | ||||||
| Blockchain infrastructure revenue settled in digital assets | (2,667,025 | ) | (8,676,357 | ) | ||||
| DeFi revenue settled in digital assets | (6,019,472 | ) | (726,843 | ) | ||||
| Blockchain-based payments settled in digital assets | 2,564,815 | 8,115,551 | ||||||
| DeFi interest expense settled in digital assets | 855,983 | 1,453 | ||||||
| Blockchain network fees settled in digital assets | 2,290 | 10,050 | ||||||
| Change in fair value of warrant liabilities | - | 587,813 | ||||||
| Amortization on debt discount and issuance costs | 2,662,976 | 754,394 | ||||||
| Realized losses on digital asset transactions | 30,608,647 | 8,567,681 | ||||||
| Unrealized gains on digital assets | (1,240,388 | ) | (67,987,220 | ) | ||||
| Impairment loss on intangible digital assets | 11,162,156 | - | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Stablecoins | 2,981,564 | (292,088 | ) | |||||
| Prepaid expenses and other current assets | (1,000 | ) | (90,768 | ) | ||||
| Accounts payable and accrued expenses | 22,238 | 16,391 | ||||||
| Accrued compensation | 865,978 | (2,855,467 | ) | |||||
| Accrued interest | 541,353 | 681,173 | ||||||
| Net cash used in operating activities | (2,558,367 | ) | (5,839,238 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchase of productive digital assets | - | (143,359,741 | ) | |||||
| Proceeds from the sale of productive digital assets | - | 3,240,171 | ||||||
| Purchase of investments | - | (400,000 | ) | |||||
| Purchase of property and equipment | (2,120 | ) | (8,022 | ) | ||||
| Sale of property and equipment | - | 1,750 | ||||||
| Net cash used in investing activities | (2,120 | ) | (140,525,842 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Net proceeds from issuance common stock/ At-the-market offering | 1,497,342 | 135,160,842 | ||||||
| Payments for shares repurchased | - | (3,000,000 | ) | |||||
| Proceeds from issuance of convertible notes, net | - | 16,843,500 | ||||||
| Payments of debt issuance costs | - | (130,989 | ) | |||||
| Net cash provided by financing activities | 1,497,342 | 148,873,353 | ||||||
| Net increase (decrease) in cash | (1,063,145 | ) | 2,508,273 | |||||
| Cash, beginning of period | 1,526,395 | 1,977,778 | ||||||
| Cash, end of period | $ | 463,250 | $ | 4,486,051 | ||||
| Supplemental disclosure of cash flow information: | ||||||||
| Cash paid for interest | $ | 803,724 | $ | 298,567 | ||||
| Supplemental disclosure of non-cash investing, financing and other activities: | ||||||||
| Series V Preferred Stock Distribution | $ | - | $ | 180,688 | ||||
| Non-cash discount on convertible notes | - | 1,017,026 | ||||||
| Dividends distributions paid in ETH | (723,218 | ) | - | |||||
| Issuance of common stock upon non-cash exercise of warrants and stock options | - | 8,134,516 | ||||||
| DeFi borrowing activity: | ||||||||
| Stablecoins received against ETH collateral from new DeFi borrowing | 28,000,000 | 57,947,000 | ||||||
| ETH swapped to stablecoins to fund settlement of DeFi borrowing principal | 26,492,300 | 1,447,000 | ||||||
| ETH swapped to stablecoins to fund settlement of DeFi interest | 855,983 | 1,453 | ||||||
| Extinguishment of USDT-denominated debt via on-chain protocol debt swap | - | 1,500,000 | ||||||
| Issuance of GHO-denominated debt via on-chain protocol debt swap | - | (1,500,000 | ) | |||||
| Liquidity pool activity: | ||||||||
| ETH swapped into stablecoins for liquidity pool deployment | 23,814,365 | - | ||||||
| Stablecoins swapped into ETH for liquidity pool deployment | (62,830,517 | ) | - | |||||
| LP fee rewards (ETH) swapped into stablecoins, pending redeployment | 1,427,606 | - | ||||||
| Deployments of digital assets into liquidity pool positions | (287,305,499 | ) | - | |||||
| Withdrawals of digital assets from liquidity pool positions | 242,362,060 | - | ||||||
| Other digital asset activity: | ||||||||
| Digital assets swapped for stablecoins | 117,247 | - | ||||||
| Digital assets swapped to acquire NFTs | - | 191,256 | ||||||
Exhibit 99.2
Exhibit 99.3
Filing Exhibits & Attachments
65 documentsPress Releases
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