BTCS Inc. (OTCQB: BTCS) a blockchain technology focused company, today announced its results for the first quarter ended March 31, 2021 and subsequent developments. April and May Highlights - As of May 11, 2021 cash and digital asset fair market value was approximately $41.7 million (including $4 million of cash), up +77% from the quarter ended March 31, 2021 - Revenue for the first six weeks of Q2 2021 over $192,000, more than 2 times Q1 2021 revenue - Plan to commence securing Cardano’s blockchain in May - CFO search well underway First Quarter Highlights - Stockholders’ equity was $15.4 million at March 31, 2021, up +$14.3 million from December 31, 2020 - Net loss was $6.8 triggered by non-cash charges - $2.4 million in adjusted EBITDA, a non-GAAP financial measure (please refer to the reconciliation toward the end of this press release) - Digital asset fair market value was approximately $20.1 million as of March 31, 2021, up +411% from December 31, 2020 and up +7,516% versus March 31, 2020 - Launched and rapidly expanded ethereum 2.0 blockchain staking operation to 240 nodes; generated $72K revenue with operations only fully commencing in the last month of Q1 2021 - Raised $11.5 million at an average price of $1.03 per share via registered direct offering and equity line - Management and independent director personally invested $1.1 million into BTCS - Cash balance of $3.4 million at March 31, 2021 Expanding Blockchain Infrastructure Operations: Scalable ESG Operations to Secure Disruptive Blockchains Commenced Internal Staking Operations BTCS launched its ethereum 2.0 blockchain staking operation in Q1 2021 and expanded to 240 nodes actively generating revenue by quarter end, +140% above original goal of 100 nodes active by the end of March 2021. Securing proof-of-stake blockchains through our blockchain infrastructure operations represents a very scalable and high profit margin component of the Company’s business model. BTCS plans to continue to expand its proof-of-stake operations by actively operating additional nodes on ethereum’s beacon chain and other disruptive blockchains.
Management and independent director personally invested $1.1 million into BTCS and Cash balance of $3.4 million at March 31, 2021. Both are very imporant facilities for us so will try to join very soon.