BTCS Inc 8-K, filed Mar 1, 2021
BTCS Inc. (BTCS)
About this 8-K
BTCS Inc filed this 8-K on March 1, 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 1, 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 1, 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. The following exhibits are filed with this Report:
| 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 1, 2021 | By: | /s/ Charles W. Allen |
| Charles W. Allen | ||
| Chief Executive Officer | ||
Exhibit 99.1
BTCS Drives Near-Term Revenue Growth by Expanding its Ethereum 2.0 Staking Operation to 100 Nodes
With BTCS staking 3,200 ETH valued at near $5 Million, 2Q21 revenues will benefit.
Silver Spring, MD – (Globe Newswire – March 1, 2021) – BTCS Inc. (OTCQB: BTCS) (“BTCS” or the “Company”), a digital asset and blockchain technology focused company, today announced the expansion of its transaction verification services operation on ethereum 2.0 to 100 nodes.
An early pioneer in blockchain technology, BTCS in 2014 was the first U.S. public company to mine bitcoin. Then, in 2017, BTCS created a first of its kind digital asset treasury strategy which is now being widely employed by companies such as Tesla, Square, and MicroStrategy. Now, BTCS is the first U.S. public company to run validator nodes on ethereum 2.0. We see this strategy as driving strong near-term revenue growth with the added benefit of being more profitable than traditional bitcoin mining while also enabling additional future revenue-generating services.
“Over seven years as a public company, BTCS has been on the cutting edge of the blockchain technology sector,” said Charles Allen, Chief Executive Officer of BTCS. “Now we have a balance sheet with over $2.8 million in cash and approximately $9 million in crypto-currencies to execute on our vision.”
“Our transaction verification services operation should drive strong near-term revenue growth,” continued Allen. “We believe in the future of ‘smart-crypto’ and see ethereum, which is transitioning to a proof-of-stake consensus algorithm, as the flagship of smart-crypto blockchains. Less resource intensive than proof-of-work verification services, proof-of-stake validation provides attractive economics. Our goal is to build a growing network of BTCS actively operated validators, ultimately positioning us to offer additional services in the future.”
To facilitate its transaction verification services operation BTCS has entered into a service agreement with Launchnodes, a leading provider of beacon and validator nodes for ethereum 2.0. As part of the agreement Launchnodes has agreed to not offer services to certain competitors. Jaydeep Korde, Launchnodes’ founder and CEO, said, “We are excited to work with BTCS on their first 100 validators and to be a valuable partner in their ongoing growth.”
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 deposited 3,200 ETH and is currently running 100 validators, three of which are currently generating revenue and the remaining 97 are expected to start generating revenue prior to the end of March 2021.
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 our transaction verification services business, revenue growth, the future of ‘smart-crypto’, and offering additional services in the future. 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. 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