Btcs Inc. is a US-listed company in the internet services & infrastructure industry. Its financial year ends in December.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $17m, up 120.9% on a year earlier, slower than the 219.1% growth a quarter earlier. That growth ranks 2 of 27 among the internet services & infrastructure companies we cover. The diluted share count is up 135.1% on a year earlier, which dilutes existing holders.
Our models give no value for Btcs at present, so past values are not shown.
Source: 10-Q filed August 19, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Btcs Inc.'s trailing-twelve-month revenue grew 120.9% year on year, with a free-cash-flow margin of -47.0%. Where it stands out: revenue growth of 120.9% ranks 3 of 34 internet services & infrastructure companies we cover. Where it lags: change in growth rate of -98.3pp ranks 33 of 34 internet services & infrastructure companies we cover.
Current signal Revenue growth decelerating: TTM revenue growth slowed to 120.9% (-98.3pp vs the prior quarter), the 3rd consecutive quarterly slowdown.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
Reported holdings, with the date attached
Balance date: 2026-06-30
This measures the reported treasury after the equity-bridge claims. It excludes the operating business, mining equipment and other assets, and is not updated for crypto price moves or purchases since the filing. A treasury deficit does not mean the whole company has negative equity value.
Debt and other claims exceed the crypto holdings and cash.
Source filing ↗No model value for Btcs Inc. at the moment. Current status: reported crypto treasury NAV excludes the operating business. Available reported financials are shown below.
We value Btcs Inc. as a crypto treasury or miner, with every model that fits that kind of business. Cost of equity 12.3%: the 10-year Treasury yield (4.9%) plus a beta of 1.64 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Reported crypto treasury NAV Reported crypto holdings at fair value plus cash and short-term investments, less debt, preferred stock and other claims, per listed share. Dated to the filing; excludes the operating business and future token purchases. Not a live crypto NAV. | — | Does not apply: Debt and other claims exceed the crypto holdings and cash. |
| Combined value Reported crypto treasury NAV only, not a valuation of the operating business. No growth, price premium or future crypto purchases are assumed. | — | No model applies: the filings don’t yet support a value. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Btcs Inc. with crypto treasuries and miners in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Weak moat
How hard Btcs's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median -147.5% of total assets over 10 years.
Gross margin has been a median 60.2%, moving by 29.9 percentage points (standard deviation) across 8 years.
Net margin has been a median -859.9%; its worst year was -1945033.0%.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (37 before it).
No analyst estimates are published for Btcs Inc.: too few analysts cover it.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Mar 2026 | $0.00 | −$0.08 | 0.0% |
| Dec 2025 | $0.01 | −$2.83 | −28400.0% |
| Sept 2025 | −$0.02 | $1.30 | +6600.0% |
| Jun 2025 | −$0.07 | $0.55 | +881.7% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| BTCS | +65% | −80% | +159% | +52% | +8% | −63% |
| Industry peers (median) | +12% | −81% | +44% | −17% | −12% | −30% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| BTCS | 33% | 25% | 25% | 50% | 42% | 27% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| BTCS | −90% | −91% | −60% | −55% | −61% | −68% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 100% from November 3, 2015 to January 30, 2020. Getting back needed a 499885% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| March 11, 2026 | −4.9% | −1.6% | −7.1% | −14.8% |
| January 7, 2026 | −4.6% | −0.3% | −1.0% | −43.1% |
| July 2, 2025 | +7.7% | +1.2% | +84.1% | +74.3% |
| March 14, 2022 | +6.0% | +1.5% | +17.5% | +13.3% |
| November 10, 2021 | −2.2% | −0.8% | −15.1% | −36.4% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $1.3M |
| FY23 Q4 | $1.3M |
| FY24 Q1 | $1.5M |
| FY24 Q2 | $1.7M |
| FY24 Q3 | $2.1M |
| FY24 Q4 | $4.1M |
| FY25 Q1 | $5.3M |
| FY25 Q2 | $7.5M |
| FY25 Q3 | $11.7M |
| FY25 Q4 | $16.5M |
| FY26 Q1 | $17M |
| FY26 Q2 | $16.6M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | -30.9% |
| FY23 Q4 | -20.8% |
| FY24 Q1 | 2.7% |
| FY24 Q2 | 26.1% |
| FY24 Q3 | 61.8% |
| FY24 Q4 | 204.1% |
| FY25 Q1 | 259.0% |
| FY25 Q2 | 354.7% |
| FY25 Q3 | 464.3% |
| FY25 Q4 | 304.8% |
| FY26 Q1 | 219.1% |
| FY26 Q2 | 120.9% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY15 Q1 | -22131.2% |
| FY15 Q2 | -6763.6% |
| FY15 Q3 | -4129.9% |
| FY15 Q4 | -1615.1% |
| FY16 Q1 | -1037.9% |
| FY16 Q2 | -834.7% |
| FY16 Q3 | -325.0% |
| FY16 Q4 | -410.0% |
| FY17 Q1 | -825.5% |
| FY17 Q2 | -5250.2% |
| FY17 Q3 | -29144.5% |
| FY17 Q4 | -35039.6% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY16 Q1 | -206.6% |
| FY16 Q2 | -169.5% |
| FY16 Q3 | -195.0% |
| FY16 Q4 | -237.3% |
| FY21 Q4 | -401.6% |
| FY22 Q1 | 270.4% |
| FY22 Q2 | -50.6% |
| FY22 Q3 | -59.1% |
| FY22 Q4 | -46.2% |
| FY25 Q4 | -59.4% |
| FY26 Q1 | -53.8% |
| FY26 Q2 | -47.0% |
| Fiscal year | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||
| Revenue | 0 | 1 | 0 | 0 | 1 | 2 | 1 | 4 | 16 | 17 |
| Gross profit | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 2 | 4 |
| EBITDA | −15 | −8 | −1 | −2 | — | — | — | — | — | — |
| Operating income | −15 | −8 | −1 | −2 | — | — | — | — | — | — |
| Net income | −15 | −10 | −44 | −45 | −16 | −16 | 8 | −1 | −33 | −124 |
| Diluted EPS | −$99.00 | −$0.90 | −$73.35 | −$5.55 | −$1.54 | −$0.63 | $0.23 | −$0.04 | −$1.00 | −$2.71 |
| Growth (year on year) | ||||||||||
| Revenue | — | +>999% | −29.8% | −98.7% | +>999% | +39.5% | −20.8% | +204.1% | +304.8% | +120.9% |
| Net income | — | — | — | — | — | — | — | −116.3% | — | — |
| Diluted EPS | — | — | — | — | — | — | — | −117.8% | — | — |
| Margins | ||||||||||
| Gross margin | 82.3% | 42.7% | 25.7% | 96.4% | 77.9% | 74.8% | 73.1% | 23.2% | 12.2% | 26.9% |
| EBITDA margin | <−999% | <−999% | −358.7% | <−999% | — | — | — | — | — | — |
| Operating margin | <−999% | <−999% | −410.0% | <−999% | — | — | — | — | — | — |
| Net margin | <−999% | <−999% | <−999% | <−999% | <−999% | −939.0% | 583.6% | −31.2% | −202.2% | −746.3% |
| Free-cash-flow margin | <−999% | −266.6% | −237.3% | <−999% | −401.6% | −46.2% | −266.3% | −86.7% | −59.4% | −47.0% |
| Cash flow | ||||||||||
| Cash from operations | −1 | −1 | −1 | −1 | −5 | −1 | −4 | −4 | −10 | −8 |
| Capital spending | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | −1 | −1 | −1 | −1 | −5 | −1 | −4 | −4 | −10 | −8 |
| Stock-based pay | 13 | 6 | — | — | 15 | 3 | 1 | 2 | 1 | 0 |
| Free cash flow after stock pay | −15 | −8 | — | — | −20 | −3 | −5 | −6 | −10 | −8 |
| Balance sheet | ||||||||||
| Cash | 0 | 0 | 0 | 0 | 1 | 2 | 1 | 2 | 2 | 0 |
| Total debt | 0 | 2 | 3 | 0 | 0 | 0 | 0 | 0 | 12 | 14 |
| Net debt (negative = net cash) | −0 | 2 | 3 | −0 | −1 | −2 | −1 | −2 | 10 | 13 |
| Diluted shares | — | — | — | 8m | 14m | 25m | 35m | 33m | 33m | 46m |
| Returned to shareholders | ||||||||||
| Dividends | — | — | — | — | 0 | 1 | 0 | — | 3 | — |
| Buybacks | 0 | 0 | — | — | — | — | — | — | 4 | — |
| Total returned | 0 | 0 | — | — | 0 | 1 | 0 | — | 7 | — |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 1 | 2 | 2 | 3 | 5 | 7 | 2 | 2 |
| Gross profit | 0 | 0 | 0 | −0 | 1 | 1 | 1 | 1 |
| Net income | −9 | 2 | −17 | 4 | 66 | −86 | −69 | −35 |
| Diluted EPS | −$0.56 | $0.14 | −$0.86 | $0.14 | $1.30 | −$2.48 | −$1.43 | −$0.70 |
| Growth (year on year) | ||||||||
| Revenue | +133.7% | +611.9% | +274.2% | +394.6% | +568.1% | +205.3% | +27.1% | −11.9% |
| Net income | — | −69.4% | −240.9% | — | — | <−999% | — | −999.2% |
| Diluted EPS | — | −66.7% | −236.5% | — | — | <−999% | — | −600.0% |
| Margins | ||||||||
| Gross margin | 26.5% | 2.9% | 7.1% | −2.8% | 22.0% | 12.4% | 47.2% | 61.1% |
| Net margin | <−999% | 96.5% | <−999% | 139.8% | >999% | <−999% | <−999% | <−999% |
| Free-cash-flow margin | — | — | −112.7% | −48.0% | −56.7% | −53.0% | — | −0.9% |
| Cash flow | ||||||||
| Cash from operations | −1 | −1 | −2 | −1 | −3 | −4 | −1 | −0 |
| Capital spending | — | — | 0 | 0 | 0 | 0 | — | 0 |
| Free cash flow | — | — | −2 | −1 | −3 | −4 | — | −0 |
| Stock-based pay | 0 | 1 | 4 | 0 | 0 | −3 | 2 | 2 |
| Free cash flow after stock pay | — | — | −6 | −2 | −3 | −1 | — | −2 |
| Last 12 months unless stated | BTCS | BTCT | OPNW | ORBS | BGDE | DRK | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $17m | $14m | $11m | $25m | $27m | $10m | $242m |
| Revenue growth, last 12 months | 120.9% | 20.3% | −49.7% | −42.7% | −46.0% | −10.3% | 8.3% |
| Revenue growth, 3-year average | 133.1% | — | −24.6% | −24.0% | −24.4% | −4.8% | 7.6% |
| Revenue growth, latest quarter | −11.9% | 338.2% | −57.8% | −72.7% | −35.5% | −18.8% | 5.5% |
| Gross margin | 26.9% | −22.5% | 47.0% | −4.8% | 36.9% | 18.2% | 49.5% |
| Operating margin | <−999% | −62.7% | −49.3% | −306.2% | −101.3% | −330.8% | −56.0% |
| Operating margin, 3-year average | <−999% | — | −25.3% | −112.8% | −75.2% | −215.7% | −25.3% |
| Net margin | −746.3% | −64.5% | −47.1% | <−999% | −80.7% | −332.5% | −55.8% |
| Cash from operations / revenue | −47.0% | −37.4% | −6.3% | −83.6% | −90.5% | −156.6% | −10.4% |
| Free-cash-flow margin | −47.0% | −98.1% | −6.3% | −83.6% | −90.9% | −221.2% | −25.9% |
| Free-cash-flow margin, 3-year average | −114.5% | −55.6% | 0.5% | — | −30.5% | −149.9% | −17.4% |
| Stock pay / revenue | 1.1% | 13.0% | 0.2% | 62.7% | 25.6% | 17.1% | 11.9% |
| Change in share count | 135.1% | 172.0% | 13.0% | — | 0.0% | −96.9% | 5.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 120.9% | 10.1% | 3 of 34 |
| Change in growth rate Growth | -98.3pp | -0.6pp | 33 of 34 |
| Net margin Profitability | -746.3% | -47.1% | 32 of 34 |
| Stock pay as % of revenue Cash generation | 1.1% | 12.4% | 4 of 32 |
| Long-term debt as % of assets Balance sheet | 8.2% | 20.2% | 8 of 25 |
| Change in share count Balance sheet | 135.1% | 5.2% | 24 of 26 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | YoY |
|---|---|---|
| Blockchain Infrastructure Revenues | $15.2M | ▲ 272.6% |
| Builder Plus | $13.1M | ▲ 434.8% |
| Node Ops | $2.1M | ▲ 27.1% |
| De Fi Revenues | $1.3M | — |
| Imperium | $1.3M | — |
These categories overlap or exclude eliminations, so shares aren't shown.
From Btcs Inc.'s 10-K filed March 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Vanguard Capital Management LLC | $1.5M | 1.4M | 16.6% | ▼ 23.4% |
| Millennium Management LLC | $1.3M | 1.1M | 13.8% | ▲ 142.8% |
| Renaissance Technologies LLC | $1.2M | 1.1M | 12.9% | ▲ 0.1% |
| Blackrock, Inc. | $858,086 | 773K | 9.4% | ▲ 2.1% |
| Mirae Asset Global Etfs Holdings Ltd. | $695,011 | 626K | 7.6% | ▲ 23.8% |
| Jane Street Group, LLC | $580,144 | 523K | 6.4% | ▲ 84.8% |
| Geode Capital Management, LLC | $480,239 | 432K | 5.3% | ▼ 60.4% |
| UBS Group AG | $387,163 | 349K | 4.3% | ▼ 2.5% |
| HRT Financial LP | $290,000 | 262K | 3.2% | New |
| Vanguard Fiduciary Trust Co | $289,800 | 261K | 3.2% | ▲ 21.2% |
| State Street Corp | $177,600 | 160K | 2.0% | ▼ 93.7% |
| Invesco Ltd. | $154,632 | 139K | 1.7% | ▲ 54.1% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Btcs Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Allen Charles W CEO | June 15, 2026 | Sell pre-set plan | 168,000 | $1.22 | $204,960 |
| Allen Charles W CEO | June 12, 2026 | Sell pre-set plan | 87,000 | $1.15 | $100,050 |
| Allen Charles W CEO | June 11, 2026 | Sell pre-set plan | 165,000 | $1.11 | $183,150 |
| Allen Charles W CEO | June 10, 2026 | Sell pre-set plan | 150,000 | $1.19 | $178,500 |
| Hunter Benjamin Henry CTO | June 10, 2026 | Sell | 10,000 | $1.21 | $12,100 |
| Allen Charles W CEO | June 9, 2026 | Sell pre-set plan | 105,000 | $1.27 | $133,350 |
| Allen Charles W CEO | November 19, 2025 | Buy | 67,501 | $2.89 | $195,078 |
| Allen Charles W CEO | November 19, 2025 | Buy | 3,500 | $2.80 | $9,800 |
| Allen Charles W CEO | November 18, 2025 | Buy | 19,499 | $2.90 | $56,547 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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