BTCS Inc 8-K, filed Mar 11, 2021
BTCS Inc. (BTCS)
About this 8-K
BTCS Inc filed this 8-K on March 11, 2021.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 11, 2021
BTCS Inc.
(Exact Name of Registrant as Specified in Charter)
| Nevada | 000-55141 | 90-1096644 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
9466 Georgia Avenue #124 Silver Spring, MD |
20910 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (202) 430-6576
(Former name or former address, if changed since last report)
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 DFR 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: None
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| None | NA | NA |
ITEM 7.01 Regulation FD Disclosure.
On March 11, 2021, BTCS Inc. a Nevada corporation, issued a press release providing an update on its transaction verification services business.
A copy of the press release is furnished as Exhibit 99.1 to this report. The information contained in the press release attached as Exhibit 99.1 to this report shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. Furthermore, the information contained in the press release attached as Exhibit 99.1 to this report shall not be deemed to be incorporated by reference in the filings of the Company under the Securities Act of 1933.
ITEM 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number | Description | |
| 99.1 | BTCS Inc. Press Release |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BTCS INC. | ||
| Dated: March 11, 2021 | By: | /s/ Charles W. Allen |
| Charles W. Allen | ||
| Chief Executive Officer | ||
Exhibit 99.1
BTCS Expands its Ethereum 2.0 Staking Operation to 200 Nodes
100 more nodes launched for a total of 6,400 ETH valued at approx. $11M now staked
Silver Spring, MD – (Globe Newswire – March 11, 2021) – BTCS Inc. (OTCQB: BTCS) (“BTCS” or the “Company”), a digital asset and blockchain technology focused company, today announced it further expanded its transaction verification services operation on ethereum 2.0 to 200 nodes. The Company expects the additional 100 nodes will begin generating revenue by the end of the first quarter of 2021.
“With a significantly strengthened balance sheet from the recent $9.5 million capital raise, we are well-positioned to accelerate revenue growth from our transaction verification services business and have already doubled our ethereum 2.0 staking operation to 200 nodes,” stated Charles Allen, Chief Executive Officer of BTCS. “With financial returns superior to traditional bitcoin mining, our staking operation strategy will drive strong near-term revenue growth while being more profitable than resource intensive proof-of-work mining and opening the door to other revenue generating operations such as staking as a service.”
On December 1, 2020, ethereum began transitioning to a “proof-of-stake” protocol, ethereum 2.0. Under the “proof-of-stake” consensus algorithm, ETH holders have the exclusive right to operate validator nodes on the network and verify transactions, thereby earning transaction fees for their work. In early March 2021, ethereum blockchain developers approved EIP 1559, one of the biggest changes to the network since its 2015 inception, that will reduce the supply of the Ether cryptocurrency when effective in August 2021, a move likely to prompt price increases as user demand grows. BTCS is the first U.S. public company to run validator nodes on ethereum 2.0.
Allen continued “With more than $8 million in cash and approximately $14.5 million in crypto currencies, we have a solid financial foundation to accelerate the execution of our vision.”
About BTCS:
BTCS is an early entrant in the digital asset market and one of the first U.S. publicly traded companies focused on digital assets and blockchain technologies. The Company through its transaction verification services business actively verifies and validates blockchain transactions and is rewarded with digital assets for its work. The Company is also developing a proprietary digital asset data analytics platform that allows users to consolidate their crypto trades from multiple exchanges onto a single platform, enabling users to view and analyze their performance, risk metrics, and potential tax implications. The Company employs a digital asset treasury strategy with a primary focus on disruptive non-security protocol layer assets such as bitcoin and ethereum. For more information visit: www.btcs.com.
Forward-Looking Statements:
Certain statements in this press release, constitute “forward-looking statements” within the meaning of the federal securities laws including statements regarding our expected timing of revenue for the additional nodes, accelerated revenue growth and profitability. 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 current estimates and assumptions and are subject to various risks and uncertainties, including without limitation the rewards and costs associated with validating transactions on proof-of-stake blockchains, significant decrease in value of ETH and rewards while locked up, loss or theft of the private withdrawal keys resulting in the complete loss of ETH and reward, 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, 2020 and the Prospectus Supplement filed March 4, 2021. 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:
Dave Gentry
RedChip Companies, Inc.
Phone: (407) 491-4498
dave@redchip.com