BTCS Inc
btcs.comWhat Do They Do?
Builds transaction blocks for Ethereum validators, validates blockchain transactions, and deploys digital assets in decentralized finance protocols.
10-K for FY2025, filed Mar 26, 2026Through its Builder+ operations, BTCS participates in the blockspace value chain by operating proprietary block builders (“Builders”) that…View ↗
BTCS operates validator nodes on the Ethereum network as a validator (“Validator”). Validator nodes perform validation and…View ↗
In 2025, BTCS launched Imperium, a business line focused on deploying digital assets into decentralized finance protocols as a liquidity…View ↗
How Do They Make Money?
BTCS earns fees and tips when a Builder+ block is proposed by a validator and finalized; it earns staking rewards after the network confirms validation, and protocol rewards from Imperium's DeFi participation.
10-K for FY2025, filed Mar 26, 2026The satisfaction of the performance obligation occurs at a point in time when the constructed block is both proposed by a Validator and…View ↗
The provision of validating blockchain transactions is an output of the Company’s ordinary activities. Each separate block creation or…View ↗
The Company’s revenues are generated from blockchain-based operations and comprise three primary sources: (i) staking rewards earned from…View ↗
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10-K for FY2025, filed Mar 26, 2026
FY2025 revenue by product or service ↗
$16.5M
-
10-K for FY2025, filed Mar 26, 2026
$16.5M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
NodeOps
Sold outright
10-K for FY2025, filed Mar 26, 2026 |
12% |
NodeOps, FY2025
$2.1M Sources
|
Sold outright |
|
Builder+
Sold outright
10-K for FY2025, filed Mar 26, 2026 |
80% |
Builder+, FY2025
$13.1M Sources
|
Sold outright |
|
Imperium
|
8.0% |
Imperium, FY2025
$1.3M Sources
|
Do Revenues Turn Into Profits?
No. It lost $33.4M in FY2025.
10-K for FY2025, filed Mar 26, 2026
−$29.9MView ↗
10-K for FY2025, filed Mar 26, 2026
−$33.4MView ↗
10-K for FY2025, filed Mar 26, 2026
−$9.8MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 19, 2026
−$34.9MView ↗
- ▼ Now a loss
- vs $3.9M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 19, 2026
Open tableView ↗
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May 15, 2026
Set a $6 million gross profit target
Management said the target covers 2026.
Sources
8-K, filed May 15, 2026
BTCS’s 2026 gross profit target of $6 million reflects management’s conviction in the Company’s ability to generate high-margin revenue.…View ↗
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Mar 31, 2026
Changed its independent auditor
The company dismissed RBSM and appointed Forvis Mazars for fiscal 2026.
Sources
8-K, filed Mar 31, 2026
On March 30, 2026, the Board of Directors of BTCS Inc. (the “Company”), on the recommendation of the Audit Committee, approved the…View ↗
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Mar 27, 2026
Set a $6 million gross profit target
Management described the target as approximately three times 2025 levels.
Sources
8-K, filed Mar 27, 2026
BTCS entered 2026 focused on scaling Imperium, its higher-margin decentralized finance business line. In support of this objective, the…View ↗
Growing. Revenue grew 13.6x in 4 years, from $1.2M in FY2021 to $16.5M in FY2025, about 92% a year.
Ethereum-centered operations
The older report describes validator operations across several blockchain networks; the latest centers on Ethereum and says BTCS discontinued its non-Ethereum validator operations.
10-K for FY2022, filed Mar 31, 2023 10-K for FY2025, filed Mar 26, 2026BTCS is committed to operating blockchain infrastructure as a Validator that is secure, efficient, and scalable. We specialize in operating…View ↗
During 2025, BTCS completed a strategic repositioning to concentrate its operations and capital allocation on Ethereum focused activities.…View ↗
New block-building and DeFi activities
The older report focuses on validator operations and StakeSeeker; the latest adds block building and DeFi operations and says it discontinued StakeSeeker.
10-K for FY2022, filed Mar 31, 2023 10-K for FY2025, filed Mar 26, 2026Through its Builder+ operations, BTCS participates in the blockspace value chain by operating proprietary block builders (“Builders”) that…View ↗
In 2025, BTCS launched Imperium, a business line focused on deploying digital assets into decentralized finance protocols as a liquidity…View ↗
During 2025, BTCS completed a strategic repositioning to concentrate its operations and capital allocation on Ethereum focused activities.…View ↗
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