Tue, May 14, 8:56 PM (305 days ago)
BTCS Inc.'s Form 10-Q for the quarter ended March 31, 2024, reveals a significant improvement in financial performance. The company reported a net income of $12.3 million, up from $5.0 million in the same period last year, driven primarily by a $13.1 million gain from the appreciation of its crypto assets. Revenues increased by 24% to $386,000, mainly due to higher blockchain infrastructure revenues, although this was partially offset by a negative revenue impact from Ethereum block building activities. Operating expenses decreased by 11% to $1.1 million, with notable reductions in general and administrative costs and research and development expenses. Cash and cash equivalents stood at $671,000, with liquid crypto assets valued at $30.3 million as of May 10, 2024. The company has no outstanding debt and believes its current liquidity is sufficient to meet its operational needs for the next 12 months.