Why is BTCS Inc’s stock rocketing? E-commerce firm adds this crypto

January 13, 2022 10:11 AM PST | By Versha Jain

Why is BTCS Inc’s stock rocketing? E-commerce firm adds this crypto — Image source: Dilok Klaisataporn,Shutterstock

What does BTCS do?

A Silver Spring, Maryland-based company, BTCS Incprovides an online e-commerce marketplaceThe marketplace offers merchandise, and consumers can purchase them using digital assets, including Bitcoin.

The company is focused on digital assets and the blockchain ecosystemIt has also designed a BTCS wallet, a beta secure digital currency storage solution.

The company is developing a staking-as-a-service platform for clients to stake supported cryptocurrencies through a non-custodial platformBesides this, it is also creating a data analytics platform for digital assets to provide users with a single platform where they can view their aggregate holdings in various wallets and exchanges, analyze performance, associated risks, and tax implications.

BTCS earns revenue by getting additional tokens in rewardsIt also uses a proprietary script to compound its rewards daily.

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BTCS Inc(BTCS) jumped on adding Algorand (ALGO) to its operation

Also Read: Top 5 US e-commerce stocks to explore in Q1 2022

Financials:

BTCS had a net loss of US$15.47 million for the nine months ended September 30, 2021, on revenue of US$0.776 million in the same periodIt earned no revenue for the nine months ended September 30, 2020, and the net loss incurred was US$1.8 million in that duration.

The loss per share diluted for the nine months ended September 30, 2021 and 2020 was US$3.63 and US$0.66, respectively.

Its revenue increased, but losses grew because the company spent significantly more on operating expenses, including research and development, marketing, general and administrative costs, and compensation.

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Its current market capitalization is US$68.84 million, and its dividend yield is 0.75%The company went public in September 2008Its stock fell 56.12% in one year.

The stock moved in the price range of US$32.40 to US$2.91 in one year and closed at US$6.7 on January 12.

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Bottom line

Digital assets are making their way into the mainstream slowly but steadilyHowever, these are risky investments in the absence of proper regulations, so one must be careful while dealing with digital assets.

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