BTCS Inc 8-K, filed Mar 18, 2021
BTCS Inc. (BTCS)
About this 8-K
BTCS Inc filed this 8-K on March 18, 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 18, 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 18, 2021, BTCS Inc. 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 18, 2021 | By: | /s/ Charles W. Allen |
| Charles W. Allen | ||
| Chief Executive Officer | ||
Exhibit 99.1
BTCS Ethereum 2.0 Staking Operation Producing Revenues From All 200 Nodes
Launching additional 40 nodes, increasing total staked to 7,680 ETH valued at approx. $13.8M
Silver Spring, MD – (Globe Newswire – March 18, 2021) – BTCS Inc. (OTCQB: BTCS) (“BTCS” or the “Company”), a digital asset and blockchain technology focused company, today announced its recently expanded transaction verification services operation on ethereum 2.0 is fully operational with all 200 nodes generating revenue. The Company expects to launch an additional 40 nodes, expanding its staking operation to 240 nodes, with the additional nodes anticipated to commence revenue generation before the end of March 2021.
$1.1 Million Revenue Potential from Current Staking Operation
The Company has staked a total of 7,680 ETH in its ethereum 2.0 transaction verification services operation, which has the potential to generate $1.1 million in annual revenue with gross margins exceeding 95%, according to a third-party calculator (https://beaconscan.com/staking-calculator).
“We originally set a goal of actively generating revenue from 100 nodes by the end of March 2021. I am excited to report that this goal has been exceeded as BTCS is now actively generating revenue from 200 nodes, and has another 40 expected to come online shortly” stated Charles Allen, Chief Executive Officer of BTCS.
Expanding Transaction Verification Services Business
Allen continued, “We plan to scale up our transaction verification services business line to operate nodes and secure and validate transactions on other disruptive blockchains that we believe allow for greater revenue potential than ethereum.”
Staking-as-a-Service Platform Development
BTCS is actively exploring development of a proprietary staking-as-a-service platform that would enable clients to stake and delegate supported cryptocurrencies through the Company’s platform.
“In addition to the ongoing development of our proprietary data analytics platform, we plan to develop a unique staking-as-a-service platform that will provide additional revenue growth opportunities as “proof-of-stake” verification protocols become increasingly widespread,” added Allen.
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. BTCS is the first public company in the US to run validator nodes on ethereum 2.0.
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 belief regarding the potential revenue and gross margins from our transaction verification services business, our plans for our transaction verification services business, revenue potential and growth, and plans for a staking-as-a-service platform. 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, the third-party calculators failure to be accurate in its formulas, 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. 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