DeFi jumps to 61% of BTCS (BTCS) revenue as report delayed

Rhea-AI Filing Summary

BTCS Inc. notified that it will file its Form 10-Q for the quarter ended June 30, 2026 after the due date under a short Rule 12b-25 extension. A new independent registered public accounting firm, engaged approximately five months earlier, raised questions about the accounting treatment of certain non-cash items that require more time to evaluate and resolve. BTCS states it is working with the auditors and expects to file within the permitted extension period. For the June 30, 2026 quarter, total revenues declined versus the June 30, 2025 quarter as blockchain infrastructure and staking rewards decreased, while DeFi activities under its Imperium operations increased. DeFi revenues represented about 61% of total revenues, including decentralized lending at about 22% and liquidity pool strategies at about 39%, categories that were not present in the comparable 2025 quarter.

Key Figures

Quarter end date current period: June 30, 2026 Quarter end date prior period: June 30, 2025 Auditor engagement timing: approximately five months +4 more

7 metrics

Quarter end date current period June 30, 2026 Quarter for the delayed Form 10-Q

Quarter end date prior period June 30, 2025 Comparison quarter referenced for revenues

Auditor engagement timing approximately five months Time since engagement of new independent registered public accounting firm

DeFi share of revenues 61% Portion of total revenues for the June 30, 2026 quarter from DeFi activities

Decentralized lending share of revenues 22% Portion of total revenues for the June 30, 2026 quarter from decentralized lending

Liquidity pool strategies share of revenues 39% Portion of total revenues for the June 30, 2026 quarter from liquidity pool strategies

Notification signature date August 14, 2026 Date the notification was signed by the Chief Executive Officer

Key Terms

Rule 12b-25, non-cash items, blockchain infrastructure revenues, staking rewards, +2 more

6 terms

Rule 12b-25 regulatory

"expects to file the Form 10-Q within the extension period provided by Rule 12b-25"

Rule 12b-25 is an SEC filing provision that lets a company notify regulators and the public that it cannot file a required periodic report (like a quarterly or annual report) on time and explains the reason for the delay. For investors, the notice is a formal heads-up that financial information will arrive late—similar to a company calling to say it will be late turning in homework—so it signals increased uncertainty and may affect trading and risk assessments until the filing is available.

non-cash items financial

"raised certain questions regarding the Company’s accounting treatment of non-cash items"

Non-cash items are accounting entries that change reported profit or loss without moving actual cash, such as depreciation, amortization, stock-based pay charges, impairments or certain unrealized gains and losses. They matter to investors because they can make a company’s earnings look better or worse than the cash it actually generates; like writing down the value of an old car on paper versus the cash you have in your wallet, investors adjust for non-cash items to judge real cash flow and valuation.

blockchain infrastructure revenues financial

"primarily due to the decrease of Blockchain infrastructure revenues partially offset"

staking rewards financial

"Staking rewards under NodeOps also decreased, primarily reflecting the redeployment"

Staking rewards are incentives given to individuals who commit their cryptocurrency holdings to support a blockchain network's operations, such as confirming transactions and maintaining security. Think of it like earning interest or dividends for locking up your savings or investments, encouraging people to keep their assets engaged in keeping the system running smoothly. For investors, staking rewards provide a way to earn passive income while helping to secure the network.

decentralized finance activities financial

"reflect the Company’s expanded participation in decentralized finance activities"

liquidity pool strategies financial

"including decentralized lending (approximately 22% of revenues) and liquidity pool strategies"

Liquidity pool strategies are plans for creating, managing or using a shared reserve of cash or tradable assets that can be converted quickly into buying or selling power. Think of it like a community water tank that keeps supply on hand so users aren’t left dry when demand spikes. For investors, these strategies matter because they reduce the chance of being unable to trade, help stabilize prices, and can affect returns and risk by changing how easily assets can be bought or sold.

FAQ

Why did BTCS (BTCS) file a late notification for its June 30, 2026 Form 10-Q?

BTCS filed a late notification because its new auditor raised questions about the accounting treatment of certain non-cash items. The company says these issues require additional evaluation time and that it expects to file the Form 10-Q within the Rule 12b-25 extension period.

When does BTCS (BTCS) expect to file its delayed June 30, 2026 Form 10-Q?

BTCS expects to file its June 30, 2026 Form 10-Q within the Rule 12b-25 extension period. For a quarterly report, this extension allows filing up to the fifth calendar day following the original due date, assuming the conditions of the rule are satisfied.

How did BTCS (BTCS) revenues change in the quarter ended June 30, 2026 versus 2025?

BTCS states that total revenues for the June 30, 2026 quarter decreased compared with the June 30, 2025 quarter. The decline was driven mainly by lower blockchain infrastructure revenues and reduced staking rewards, partially offset by increased revenues from DeFi activities.

What portion of BTCS (BTCS) revenue came from DeFi in the June 30, 2026 quarter?

In the June 30, 2026 quarter, DeFi revenues represented approximately 61% of BTCS’s total revenues. This included about 22% from decentralized lending and about 39% from liquidity pool strategies, which were not present in the June 30, 2025 quarter.

How has BTCS (BTCS) shifted between blockchain infrastructure and DeFi activities?

BTCS reports decreased blockchain infrastructure and staking rewards revenues, partly because digital assets were redeployed from staking into DeFi. The company highlights expanded participation in decentralized finance, with DeFi contributing about 61% of June 30, 2026 quarter revenues.

What factors affected BTCS (BTCS) blockchain infrastructure revenues in the June 30, 2026 quarter?

Blockchain infrastructure revenues decreased due to variability in block-building activity and execution-layer rewards. These are influenced by factors such as transaction flow, validator participation, and broader network conditions during the June 30, 2026 period.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/17/2026 - 06:04 AM Accepted by SEC EDGAR 08/14/2026 - 06:36 PM Learn about SEC filing dates

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 12b-25

NOTIFICATION OF LATE FILING

SEC FILE NUMBER 001-40792

CUSIP NUMBER 05581M 404

(Check one):		☐ Form 10-K ☐ Form 20-F ☐ Form 11-K ☒ Form 10-Q ☐ Form 10-D ☐ Form N-SAR ☐ Form N-CSR
		For Period Ended: June 30, 2026
		☐ Transition Report on Form 10-K
		☐ Transition Report on Form 20-F
		☐ Transition Report on Form 11-K
		☐ Transition Report on Form 10-Q
		☐ Transition Report on Form N-SAR
		For the Transition Period Ended:

Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.

If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:

PART I — REGISTRANT INFORMATION

BTCS Inc.

Full Name of Registrant

303 W. Lancaster Ave. #336

Address of Principal Executive Office (Street and Number)

Wayne, PA 19087

City, State and Zip Code

PART II — RULES 12b-25(b) AND (c)

If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)

	(a)	The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;
☒	(b)	The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and
	(c)	The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.

PART III — NARRATIVE

State below in reasonable detail the reasons why Form 10-K, 11-K, 20-F, 10-Q, N-SAR or the transition report portion thereof could not be filed within the prescribed time period.

The Company is unable to file its Form 10-Q for the quarter ended June 30, 2026 within the prescribed time period because the Company’s independent registered public accounting firm, which was engaged approximately five months ago, has raised certain questions regarding the Company’s accounting treatment of non-cash items that require additional time to evaluate and resolve. The Company is working diligently with its auditors to complete this evaluation and expects to file the Form 10-Q within the extension period provided by Rule 12b-25.

Part IV - Other Information

1. Name and telephone number of person to contact in regard to this notification

	Michael Prevoznik		(202)		430-6576
	(Name)		(Area Code)		(Telephone Number)

2. Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s).

Yes ☒ No ☐

3. Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?

Yes ☒ No ☐

If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.

Total revenues for the June 30, 2026 Quarter decreased compared to the June 30, 2025 Quarter, primarily due to the decrease of Blockchain infrastructure revenues partially offset by an increase in DeFi activities generated through the Company’s Imperium operations. Blockchain infrastructure revenues decreased compared to the prior period, primarily due to variability in block-building activity and execution-layer rewards, which are influenced by transaction flow, validator participation, and network conditions. Staking rewards under NodeOps also decreased, primarily reflecting the redeployment of digital assets from staking to DeFi activities during the June 30, 2026 Period. DeFi revenues accounted for approximately 61% of total revenues for the June 30, 2026 Quarter and reflect the Company’s expanded participation in decentralized finance activities, including decentralized lending (approximately 22% of revenues) and liquidity pool strategies (approximately 39% of revenues), which were not present in the June 30, 2025 Quarter.

BTCS Inc.

(Name of Registrant as Specified in Charter)

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 14, 2026	/s/ Charles W. Allen
	Charles W. Allen
	Chief Executive Officer