BTCS – USA Publicly Traded Company Bitcoin Blockchain Technology?
BTCS claims to be the first “pure play” US public company focused on blockchain technologies. Find out everything you need to know about BTCS today in our review.
What Is BTCS?
BTCS is an Arlington, Virginia-based company also called Bitcoin Shop, Inc. The company is publicly traded as OTCQB: BTCS. BTCS was founded in 2013 with the goal of developing applications related to blockchain databases and digital currencies.
At launch, the company announced plans to create a low-cost bitcoin mining service business as well as an e-commerce marketplace that accepted bitcoin and other popular cryptocurrencies. BTCS also planned to launch a bitcoin wallet with multi-signature support.
BTCS has led an interesting trajectory over the years. in April 2015, the company’s shares were valued at $0.30. By July 2016, the price had dropped to $0.001 USD. In November 2016, BTCS filed a report to investors stating “substantial doubt” about the company’s future “because of recurring operating losses, net operating cash flow deficits, and an accumulated deficit.”
Things looked bleak for BTCS in late 2016, but the sudden surge in the price of bitcoin turned things around. The company recently issued a letter to shareholders explaining the direction of the company.
As of July 2017, the company’s shares were valued at $0.01 USD.
What Is BTCS Doing Now?
The latest BTCS shareholder letter explained the future planned trajectory of the company. The company’s plans are “subject to the completion of additional financing”.
Overall, the company plans to create a portfolio of digital assets by participating in initial coin offerings and strategic market purchases. They also plan to resume their transaction verification service business (mining operations) using outsourced data centers.
As the shareholder letter explains, “We are also keenly focused on the potential acquisition of target opportunities across the blockchain space.”
As a testament to the company’s past success, the shareholder letter explained that,
“We believe our track record of identifying opportunities within blockchain technologies speaks for itself. With your continued support, and the right forward-thinking financial partners, we hope to capitalize on these opportunities while the industry is still in its early days, maximizing the potential for long-term shareholder value improvement.”
It’s unclear if there will be a future for the company’s BTC Shop. The shop’s page is currently unlisted on BTCS.com, and it returns an error when you try to visit.
BTCS is led by Charles Allen, CEO and Chairman of the Board. Charles has extensive experience in business strategy and investments, and started his career as a telecommunications engineer. The other key member of BTCS is Michael Handerhan (COO, Co-Founder, and Director), who previously worked as an independent IT and web consultant to NASA.
The company’s Wikipedia page claims that BTCS is headquartered in Arlington, Virginia, although news articles on BTCS mention a headquarters in Nevada.
Over the years, BTCS claims to have invested in several digital currency companies, including GoCoin LLC, BitVault, Inc., and Spondoolies Tech Ltd. As mentioned above, the company had originally planned to launch a multi-signature wallet, an online store, and a bitcoin mining operation. However, only the bitcoin mining operation appears to be a planned part of BTCS’s future.
BTCS is a publicly-traded company that operates in several segments of the cryptocurrency industry. The company launched in 2013 with the goal of creating a profitable bitcoin mining operation and online store. After facing financial troubles in 2016, the company has since refocused its efforts.
Earlier in 2017, they issued a letter to shareholders explaining that they will continue to monitor opportunities within the cryptocurrency industry to deliver profits for shareholders.
Stay tuned for more information about BTCS as the company continues to grow and survive over 2017.