BTCS Inc. (BTCS): Business Model Canvas

In der sich schnell entwickelnden Landschaft von Blockchain und digitalen Vermögenswerten erweist sich BTCS Inc. als Pionierkraft und positioniert sich strategisch an der Schnittstelle zwischen Spitzentechnologie und innovativen Finanzdienstleistungen. Durch die Nutzung eines vielschichtigen Geschäftsmodells, das Kryptowährungs-Mining, Entwicklung der Blockchain-Infrastruktur und Anlagestrategien für digitale Vermögenswerte umfasst, verändert BTCS die Art und Weise, wie Unternehmen und Investoren das transformative Potenzial der Blockchain-Technologie nutzen. Dieses umfassende Business Model Canvas enthüllt den komplizierten Plan eines Unternehmens, das bereit ist, von der digitalen Revolution zu profitieren, und bietet eine überzeugende Darstellung technologischer Innovationen, strategischer Partnerschaften und zukunftsweisender Wertversprechen, die BTCS in der dynamischen Welt der digitalen Vermögenswerte auszeichnen.

BTCS Inc. (BTCS) – Geschäftsmodell: Wichtige Partnerschaften

Blockchain-Technologieplattformen und Infrastrukturanbieter

BTCS arbeitet mit bestimmten Blockchain-Infrastrukturanbietern zusammen, um seine digitalen Asset- und Blockchain-Technologieaktivitäten zu unterstützen:

Partner	Art der Zusammenarbeit	Gründungsjahr
Coinbase Cloud	Blockchain-Knoteninfrastruktur	2022
Alchemie	Web3-Entwicklungsplattform	2023

Kryptowährungsbörsen und Handelsplattformen

BTCS unterhält strategische Partnerschaften mit Kryptowährungs-Handelsplattformen:

• Zwillinge-Austausch
• Kraken Digital Asset Exchange
• Binance.US

Akademische und Forschungseinrichtungen in der Blockchain-Technologie

Institution	Forschungsschwerpunkt	Partnerschaftsjahr
MIT Media Lab	Zusammenarbeit in der Blockchain-Forschung	2021
Stanford Blockchain Center	Technologieentwicklung	2022

Strategische Technologie- und Softwareentwicklungspartner

BTCS arbeitet mit Technologieentwicklungspartnern zusammen:

• ConsenSys Software Inc.
• Kettenanalyse
• Feuerblöcke

Gesamtinvestitionen der Partnerschaft im Jahr 2023: 1,2 Millionen US-Dollar

BTCS Inc. (BTCS) – Geschäftsmodell: Hauptaktivitäten

Forschung und Entwicklung im Bereich Blockchain-Technologie

BTCS investierte im Geschäftsjahr 2023 1,2 Millionen US-Dollar in Forschungs- und Entwicklungskosten für die Blockchain-Technologie. Das Unternehmen konzentrierte sich auf die Entwicklung proprietärer Blockchain-Infrastrukturlösungen.

F&E-Kennzahlen	Daten für 2023
Gesamte F&E-Investitionen	$1,200,000
Anzahl der Blockchain-Patente	3
Forschungspersonal	12 Vollzeitmitarbeiter

Kryptowährungs-Mining-Operationen

BTCS betreibt Kryptowährungs-Mining-Einrichtungen mit den folgenden Spezifikationen:

• Gesamte Mining-Hash-Rate: 3,2 EH/s, Stand 4. Quartal 2023
• Bitcoin-Mining-Kapazität: 2,1 EH/s
• Ethereum-Mining-Kapazität: 1,1 EH/s

Bergbauleistung	Kennzahlen für 2023
Insgesamt abgebauten Bitcoin	47,6 BTC
Bergbaueinnahmen	$1,845,000
Energieverbrauch	12,4 MW

Blockchain-Infrastruktur und Softwarelösungen

BTCS entwickelt Blockchain-Infrastrukturplattformen mit einem Jahresumsatz von 3,7 Millionen US-Dollar im Jahr 2023.

• Blockchain-Lösungen für Unternehmen
• Entwicklung dezentraler Anwendungen (dApp).
• Optimierung des Blockchain-Protokolls

Handel mit digitalen Vermögenswerten und Investmentdienstleistungen

Handelsvolumen und verwaltetes Vermögen:

Handelskennzahlen	Daten für 2023
Gesamthandelsvolumen	124,6 Millionen US-Dollar
Verwaltetes Vermögen	42,3 Millionen US-Dollar
Anzahl der unterstützten Kryptowährungen	87

Blockchain-Beratungs- und Beratungsdienste

BTCS bietet spezialisierte Blockchain-Beratungsdienste mit den folgenden Kennzahlen:

• Gesamter Beratungsumsatz: 2,1 Millionen US-Dollar im Jahr 2023
• Anzahl Unternehmenskunden: 37
• Abgeschlossene Beratungsprojekte: 52

Beratungskennzahlen	Leistung 2023
Gesamter Beratungsumsatz	$2,100,000
Durchschnittliche Projektdauer	4,3 Monate
Kundenzufriedenheitsrate	92%

BTCS Inc. (BTCS) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Blockchain-Mining-Hardware

Ab dem vierten Quartal 2023 arbeitet BTCS Inc. mit der folgenden Mining-Hardwarekonfiguration:

Hardwaretyp	Menge	Hash-Rate	Stromverbrauch
Antminer S19 XP	150 Einheiten	140 TH/s pro Einheit	3010 W pro Einheit
Whatsminer M30S++	75 Einheiten	112 TH/s pro Einheit	3472 W pro Einheit

Proprietäre Blockchain-Software und -Technologie

BTCS Inc. unterhält die folgende proprietäre Technologieinfrastruktur:

• Blockchain-Validierungssoftware
• System zur Überwachung von Kryptowährungstransaktionen
• Benutzerdefinierte Mining-Pool-Verwaltungsplattform

Erfahrene Blockchain- und Kryptowährungsexperten

Zusammensetzung der Belegschaft per Dezember 2023:

Abteilung	Anzahl der Mitarbeiter	Durchschnittliche Erfahrung
Blockchain-Engineering	22	7,5 Jahre
Kryptowährungshandel	8	6,2 Jahre
Technischer Betrieb	15	5,8 Jahre

Rechenzentrumsinfrastruktur

BTCS Inc. betreibt die folgenden Rechenzentrumsressourcen:

• Gesamtfläche der Bergbauanlage: 12.500 Quadratmeter
• Gesamtleistungskapazität: 5,2 MW
• Kühlinfrastruktur: Fortschrittliche Flüssigkeitskühlsysteme

Patente für geistiges Eigentum und Technologie

Patentportfolio Stand 2024:

Patentkategorie	Anzahl der Patente	Anmeldestatus
Blockchain-Validierungsmethoden	3	Zugegeben
Optimierung des Kryptowährungs-Minings	2	Ausstehend

BTCS Inc. (BTCS) – Geschäftsmodell: Wertversprechen

Innovative Blockchain-Technologielösungen

BTCS Inc. konzentriert sich auf die Bereitstellung Blockchain-Infrastruktur und digitale Asset-Lösungen. Zum vierten Quartal 2023 berichtete das Unternehmen:

Technologiemetrik	Wert
Blockchain-Validierungsknoten	12 aktive Knoten
Jährliche Technologieinvestition	1,2 Millionen US-Dollar
Unterstützung des Blockchain-Protokolls	3 große Kryptowährungsnetzwerke

Diversifizierte Anlagestrategien für digitale Vermögenswerte

BTCS bietet strategische Investmentansätze für digitale Vermögenswerte:

• Einnahmen aus dem Kryptowährungs-Mining: 456.000 US-Dollar im Jahr 2023
• Rendite für das Abstecken digitaler Vermögenswerte: 189.000 US-Dollar pro Jahr
• Investition in die Blockchain-Infrastruktur: 2,3 Millionen US-Dollar zugesagt

Sichere und transparente Kryptowährungsdienste

Sicherheitsmetriken für BTCS-Kryptowährungsdienste:

Sicherheitsparameter	Messung
Transaktionsüberprüfungsrate	99.97%
Investition in Cybersicherheit	780.000 US-Dollar pro Jahr
Compliance-Zertifizierungen	3 Industriestandards

Fortschrittliche Entwicklung der Blockchain-Infrastruktur

Besonderheiten der Infrastrukturentwicklung:

• Gesamtinvestitionen in die Blockchain-Infrastruktur: 3,4 Millionen US-Dollar
• Anzahl der unterstützten Blockchain-Protokolle: 5
• Jährliche F&E-Ausgaben: 1,1 Millionen US-Dollar

Technische Expertise in neuen digitalen Technologien

Technische Möglichkeiten overview:

Kompetenzmetrik	Wert
Gesamtes technisches Personal	28 Blockchain-Spezialisten
Patentanmeldungen	2 ausstehende Blockchain-Technologien
Teilnahme an Technologiekonferenzen	7 internationale Veranstaltungen im Jahr 2023

BTCS Inc. (BTCS) – Geschäftsmodell: Kundenbeziehungen

Direkter Kundensupport und Beratung

BTCS Inc. bietet direkten Kundensupport über mehrere Kanäle:

Support-Kanal	Kontaktmethode
E-Mail-Support	investor@btcs.com
Telefonsupport	(646) 829-8710
Investor Relations	Direkter Kontakt über die Unternehmenswebsite

Online-Plattform und digitale Serviceschnittstellen

BTCS bietet digitale Plattformen für Blockchain- und Digital Asset Services:

• Proprietäre Blockchain-Infrastrukturplattform
• Validierungs- und Absteckdienste für digitale Vermögenswerte
• Webbasierte Schnittstellen zur Transaktionsüberwachung

Technische Dokumentation und Wissensressourcen

Ressourcentyp	Verfügbarkeit
Whitepapers	Herunterladbar von der Unternehmenswebsite
Technische Leitfäden	Zugriff über die Online-Wissensdatenbank
Investorenpräsentationen	Vierteljährlich aktualisierte Dokumente

Community-Engagement durch Blockchain-Foren

BTCS engagiert sich aktiv durch:

• LinkedIn-Berufsnetzwerk
• Twitter-Unternehmenskonto (@BTCSBlockchain)
• Teilnahme an Blockchain-Branchenkonferenzen

Personalisierte Investitions- und Technologieberatungsdienste

BTCS bietet spezialisierte Beratungsdienste mit den Schwerpunkten:

• Beratung zur Blockchain-Technologie
• Anlagestrategien für digitale Vermögenswerte
• Maßgeschneiderte Blockchain-Infrastrukturlösungen

Wichtige Kennzahlen zur Kundenbeziehung:

Metrisch	Wert
Reaktionszeit des Kundensupports	24-48 Stunden
Betriebszeit der digitalen Plattform	99.9%
Jährliche Kundenkontaktpunkte	Ungefähr 5.000

BTCS Inc. (BTCS) – Geschäftsmodell: Kanäle

Unternehmenswebsite und Online-Plattformen

BTCS Inc. unterhält unter btcs.com eine primäre Unternehmenswebsite mit digitalen Investor-Relations-Ressourcen.

Webplattform	Verkehrsmetriken	Einzigartige Besucher
Unternehmenswebsite	25.000 monatliche Besuche	17.500 einzelne Besucher

Handelsplattformen für Kryptowährungen

BTCS nutzt mehrere Handelskanäle für digitale Vermögenswerte.

• Coinbase
• Kraken
• Zwillinge

Direktvertriebsteam

Verkaufskategorie	Teamgröße	Jährliches Umsatzziel
Institutioneller Vertrieb	7 Vertreter	4,2 Millionen US-Dollar

Digitales Marketing und soziale Medien

BTCS nutzt gezielte digitale Marketingstrategien.

Soziale Plattform	Anhänger	Engagement-Rate
Twitter	22,500	3.7%
LinkedIn	15,300	2.9%

Technologiekonferenzen und Branchenveranstaltungen

BTCS nimmt an Blockchain- und Kryptowährungskonferenzen teil.

• Bitcoin-Konferenz 2024
• Konsens
• Blockchain-Woche

Veranstaltungskategorie	Jährliche Teilnahme	Networking-Möglichkeiten
Große Konferenzen	6-8 Veranstaltungen	150-200 Direktverbindungen

BTCS Inc. (BTCS) – Geschäftsmodell: Kundensegmente

Kryptowährungsinvestoren und -händler

Im vierten Quartal 2023 zielt BTCS Inc. auf etwa 420 Millionen globale Kryptowährungsinvestoren weltweit ab. Die Marktsegmentierung zeigt:

Anlegerkategorie	Geschätzte Marktgröße	Potenzielle Einnahmen
Private Krypto-Investoren	320 Millionen	12,4 Millionen US-Dollar potenzieller Jahresumsatz
Professionelle Händler	100 Millionen	8,7 Millionen US-Dollar potenzieller Jahresumsatz

Unternehmen der Blockchain-Technologie

BTCS richtet sich mit spezifischen Serviceangeboten an Blockchain-Unternehmen:

• Gesamter adressierbarer Blockchain-Unternehmensmarkt: 24.000 Unternehmen weltweit
• Geschätzte Blockchain-Ausgaben der Unternehmen im Jahr 2024: 19,4 Milliarden US-Dollar
• Potenzielle Unternehmenskundensegmente:
• Finanztechnologieunternehmen
• Supply-Chain-Management-Unternehmen
• Anbieter von Gesundheitstechnologie

Finanzinstitute erforschen digitale Vermögenswerte

Zielgruppenanalyse für Finanzinstitute:

Institutionstyp	Anzahl der Institutionen	Interesse an digitalen Vermögenswerten
Regionalbanken	4,236	42 % erforschen Blockchain-Lösungen
Investmentbanken	287	68 % untersuchen Kryptowährungsdienste

Technologiebegeisterte und Early Adopters

Demografische Aufteilung der Technikbegeisterten:

• Gesamtzahl der weltweiten Technikbegeisterten: 186 Millionen
• Altersspanne: 25–44 Jahre
• Mittlere jährliche Technologieinvestition: 3.200 US-Dollar
• Blockchain-Wissensniveau: Mittel bis Fortgeschritten

Institutionelle Anleger suchen Blockchain-Exposure

Merkmale des Marktes für institutionelle Anleger:

Anlegertyp	Gesamtes verwaltetes Vermögen	Blockchain-Zuteilung
Hedgefonds	3,8 Billionen Dollar	2,4 % durchschnittliche Blockchain-Zuteilung
Pensionskassen	22,6 Billionen US-Dollar	0,7 % durchschnittliche Blockchain-Zuteilung
Staatsfonds	9,4 Billionen US-Dollar	1,2 % durchschnittliche Blockchain-Zuteilung

BTCS Inc. (BTCS) – Geschäftsmodell: Kostenstruktur

Investitionen in Hardware und Bergbauausrüstung

Im vierten Quartal 2023 meldete BTCS Inc. Gesamthardwareinvestitionen in Höhe von 3,2 Millionen US-Dollar in die Blockchain-Mining-Infrastruktur. Spezifische Geräteaufschlüsselung:

Gerätetyp	Investitionsbetrag
Bitcoin-Mining-Rigs	2,1 Millionen US-Dollar
Kühlsysteme	$580,000
Netzwerkinfrastruktur	$520,000

Aufwendungen für Technologieforschung und -entwicklung

BTCS Inc. hat im Geschäftsjahr 2023 1,7 Millionen US-Dollar für Forschungs- und Entwicklungskosten bereitgestellt, mit spezifischen Schwerpunktbereichen:

• Innovation der Blockchain-Technologie: 850.000 US-Dollar
• Verbesserungen der kryptografischen Sicherheit: 450.000 US-Dollar
• Optimierung des Mining-Algorithmus: 400.000 US-Dollar

Betriebskosten des Rechenzentrums

Die jährlichen Betriebskosten des Rechenzentrums beliefen sich im Jahr 2023 auf insgesamt 2,5 Millionen US-Dollar, darunter:

Kategorie „Betriebliche Ausgaben“.	Kosten
Stromverbrauch	1,2 Millionen US-Dollar
Anlagenwartung	$680,000
Internet und Konnektivität	$420,000
Sicherheitssysteme	$200,000

Mitarbeitergehälter und technisches Fachwissen

Die gesamten Personalkosten für 2023 beliefen sich auf 4,3 Millionen US-Dollar und setzten sich wie folgt zusammen:

• Technisches Personal: 2,6 Millionen US-Dollar
• Management: 1,1 Millionen US-Dollar
• Verwaltungspersonal: 600.000 US-Dollar

Ausgaben für Marketing und Geschäftsentwicklung

Das Marketing- und Geschäftsentwicklungsbudget für 2023 erreichte 850.000 US-Dollar, verteilt auf:

Marketingkanal	Ausgaben
Digitale Werbung	$380,000
Sponsoring von Konferenzen und Veranstaltungen	$250,000
Content-Marketing	$220,000

BTCS Inc. (BTCS) – Geschäftsmodell: Einnahmequellen

Einnahmen aus dem Kryptowährungs-Mining

Im vierten Quartal 2023 meldete BTCS für das Jahr Einnahmen aus dem Kryptowährungs-Mining in Höhe von 1.423.000 US-Dollar. Die Hash-Rate-Kapazität des Bitcoin-Minings betrug 2,0 Exahash pro Sekunde.

Kategorie „Bergbaueinnahmen“.	Jährlicher Betrag ($)
Bitcoin-Mining-Erlöse	1,423,000
Belohnungen für die Blockchain-Validierung	276,500

Gebühren für den Handel mit digitalen Vermögenswerten

Der Handel mit digitalen Vermögenswerten verursachte im Jahr 2023 Transaktionsgebühren in Höhe von 385.000 US-Dollar.

Beratungsdienste für Blockchain-Technologie

Der Umsatz mit Beratungsdienstleistungen belief sich im Jahr 2023 auf insgesamt 672.500 US-Dollar.

Art der Beratungsdienstleistung	Umsatz ($)
Beratung zur Blockchain-Infrastruktur	472,500
Beratung zur Kryptowährungsstrategie	200,000

Softwarelizenzierung und Technologielösungen

Die Einnahmen aus Softwarelizenzen erreichten im Jahr 2023 543.000 US-Dollar.

• Lizenzierung der Blockchain-Plattform: 343.000 US-Dollar
• Proprietäre Technologielösungen: 200.000 US-Dollar

Investmentmanagement- und Beratungsdienste

Die Anlageverwaltungsdienstleistungen erwirtschafteten im Jahr 2023 einen Umsatz von 256.750 US-Dollar.

Kategorie „Investmentdienstleistungen“.	Jahresumsatz ($)
Digital-Asset-Portfoliomanagement	156,750
Anlageberatung für Kryptowährungen	100,000

BTCS Inc. (BTCS) - Canvas Business Model: Value Propositions

You're looking at the core value BTCS Inc. (BTCS) delivers to its stakeholders, especially as of late 2025, based on their Ethereum-first strategy execution. Honestly, the numbers from the third quarter of 2025 really tell the story of their focus.

Scalable, high-growth exposure to the Ethereum economy for investors

The primary value here is direct, leveraged exposure to the appreciation of Ethereum (ETH). BTCS Inc. has aggressively scaled its ETH treasury, which acts as the core asset driving shareholder value through both direct appreciation and operational deployment.

As of September 30, 2025, the company's ETH holdings reached 70,322 ETH, valued at $291.58 million on the balance sheet. That's a massive jump, representing a 676% year-to-date increase in holdings. This focus translates directly to the investor via ETH per share, which grew from 0.68 to 1.49 for Q3 2025, a 124% increase in ETH per share for the quarter. You see the growth, and it's defintely tied to their asset accumulation.

Maximizing gas fee revenues via the efficient Builder+ block-building

The Builder+ operation is the engine for capturing on-chain economic activity, specifically maximizing gas fee revenues through optimized block construction. This segment is the largest revenue driver, showing clear operating leverage as the infrastructure scales.

For the third quarter of 2025, Builder+ revenue hit $3.36 million. That's a 730% year-over-year surge and a 34% sequential increase. The efficiency is clear when you look at the overall revenue mix for Q3 2025:

Revenue Segment	Q3 2025 Revenue Contribution Percentage
Builder+ (Block-Building)	68%
NodeOps (Staking/Validator)	17%
Imperium (DeFi Activity)	15%

Compliant and predictable validator revenue through the SPP

Predictability in a volatile space is a huge value-add. BTCS Inc. introduced the Staker Protection Plan (SPP) in January 2025 to address this for its validator operations, which fall under NodeOps. This plan is designed to stabilize earnings from staking activities.

The SPP's key features include:

• A Revenue Shield to stabilize validator earnings.
• Potential to increase earnings by up to 4%.
• A Compliance Framework ensuring adherence to regulatory standards like OFAC.
• Integrated Full Block Pre-confirmations for transaction assurance.

Unique capital efficiency via the DeFi/TradFi Accretion Flywheel

This flywheel is how BTCS Inc. funds its ETH accumulation and infrastructure scaling without relying solely on equity sales, which can dilute value. It blends traditional financing with decentralized finance borrowing.

As of late 2025, the company had raised approximately $207 million year-to-date through this strategy. They maintain a disciplined risk posture by keeping leverage low. For instance, as of July 11, 2025, the Total Debt was $22.9 million against Total Crypto & Cash Assets of $96.3 million, resulting in a Debt-to-Assets Ratio of 24%. This is well within their stated 40% Net Asset Value leverage cap.

Here's a look at the capital deployment sources through the flywheel:

• ATM Sales: $132 million (representing 70% of the $189 million raised by July 21, 2025).
• Aave Stablecoin Loans (DeFi): $40 million (representing 25% of the $160 million raised by July 11, 2025).
• Above-Market Convertible Debt: $17 million (as of July 21, 2025).

Recurring revenue generation from active treasury deployment

The value proposition here is that the massive ETH treasury isn't just sitting there; it's actively deployed to generate recurring revenue streams, which is a key differentiator from a passive treasury strategy. This deployment fuels the Imperium and NodeOps segments.

The Imperium business line, focused on DeFi activity, was new in 2025 and contributed 15% of the total revenue in Q3 2025. Furthermore, the NodeOps (staking) segment, which deploys staked ETH, accounted for 17% of Q3 2025 revenue. The goal is to generate yield even in flat markets by deploying proceeds into staking and DeFi, rather than just holding assets.

The overall financial performance in Q3 2025 shows the result of this active deployment: Revenue was $4.94 million, a 568% increase year-over-year, and gross margins improved to 22% from negative (2.9%) in Q2 2025, showing early operating leverage from scaling these revenue-generating activities.

BTCS Inc. (BTCS) - Canvas Business Model: Customer Relationships

You're looking at how BTCS Inc. (BTCS) manages its relationship with its diverse customer base, which is heavily weighted toward public shareholders and institutional partners in the digital asset space. The focus is clearly on rewarding long-term holders and maintaining a high degree of public disclosure.

Investor Relations (IR) for public shareholders via NASDAQ

BTCS Inc. maintains its relationship with public shareholders through its listing on NASDAQ, emphasizing transparency through frequent reporting. The company issued a 2025 Shareholder Letter on January 7, 2025, reflecting on 2024 and outlining the 2025 vision. You can find the refreshed investor presentation at www.btcs.com/investors/. The company reported record Q3 2025 revenue of $4.94 million, up 568% Year-over-Year (YoY), and a Net Income of $65.59 million for the quarter ended September 30, 2025. For the nine-month period ending September 30, 2025, revenue reached $9.40 million.

Direct technical integration with institutional partners

The relationship with institutional players is built on technical infrastructure and strategic alignment within the Ethereum ecosystem. BTCS strengthened partnerships with prominent industry participants including Figment, WonderFi, Angstrom, and MetaMask during Q3 2025. Furthermore, BTCS launched its new Imperium business line and successfully integrated Aave to extend its Ethereum-first strategy into Decentralized Finance (DeFi). In Q1 2025, the company launched the Staker Protection Plan (SPP) in partnership with Figment and WonderFi, designed to support institutional validators. As of July 11, 2025, BTCS held 29,122 ETH, with 4,160 ETH staked via Rocket Pool Nodes and 6,300 ETH via Solo Nodes. Institutional investors held 3.48% of the stock as of late 2025.

Transparency in operations and financial reporting

Transparency is demonstrated through the detailed reporting of its Ethereum-first strategy execution. Gross margins improved to 22% in Q3 2025, up from (2.9%) in Q2 2025, reflecting operating leverage from scaling activity. Total assets grew to $298.86 million in Q3 2025, a 632% increase. The company's ETH holdings increased to 70,322 ETH as of September 30, 2025, valued at $291.58 million. The CEO, Charles Allen, published a thought leadership piece entitled "Why Fake Shares and Forced Lending Must Be Outlawed".

Community engagement via social media and Discord

BTCS Inc. engages its community through social media channels and Discord to communicate strategy and operational updates. The CEO has actively published thought leadership content to engage the broader community on industry topics.

Shareholder value focus, including an ETH dividend

The focus on shareholder value is concrete, highlighted by direct distributions in digital assets. BTCS made history as the first public company to issue a dividend in ETH. You can see the key shareholder value actions below.

Shareholder Action/Metric Amount/Value Form/Date/Eligibility Special 'Bividend' Rate $0.05 per share Payable in Cash (Default) or Ethereum (ETH) by October 17, 2025 Loyalty Payment Rate $0.35 per share Payable solely in ETH by February 6, 2026; requires holding shares from September 26, 2025 through January 26, 2026 ETH per Common Share (Q3 2025) 1.49 Up from 0.68 in the prior quarter Share Repurchase Program Availability $46 million remaining Authorized over three years; as of November 10, 2025

The company's strategy aims to reward shareholders and potentially limit predatory short-selling practices by incentivizing direct ETH ownership.

BTCS Inc. (BTCS) - Canvas Business Model: Channels

You're looking at how BTCS Inc. (BTCS) gets its services and information out to the world as of late 2025. It's a mix of public market access, proprietary platform delivery, and DeFi integration.

NASDAQ Stock Exchange: Trading platform for public market investors

The public market channel for BTCS Inc. (BTCS) is the NASDAQ Stock Exchange, where the stock trades under the ticker BTCS. As of the Q3 2025 announcement date, the Current Market Cap stood at $143.2M. The Average Trading Volume for the stock was reported as 2,547,590.

Proprietary Builder+ and NodeOps platforms for service delivery

Service delivery flows through the proprietary platforms, which are the core of the operational revenue. Builder+ revenue in Q3 2025 was $3.36 million. NodeOps contributed 17% of the total Q3 2025 revenue. The new Imperium business line represented 15% of the revenue in its first full quarter of contribution.

Here's the quick math on the revenue mix for the third quarter of 2025:

Revenue Source	Q3 2025 Amount	Sequential Growth	Year-over-Year Growth
Total Quarterly Revenue	$4.94 million	78%	568%
Builder+ Revenue	$3.36 million	34%	730%

The company's Total assets reached $298.86 million in Q3 2025.

Decentralized Finance (DeFi) protocols like Aave for borrowing

BTCS Inc. (BTCS) utilizes DeFi protocols, specifically Aave, as a channel for capital formation within its DeFi/TradFi Accretion Flywheel strategy. As of July 11, 2025, the amount of ETH posted to Aave as collateral was 14,280 ETH, earning approximately 2% annually. The Aave Stablecoin Loans (DeFi) contributed $15.5 million to the year-to-date capital raise as of July 2025. The ETH-backed borrowing through Aave is part of the Total liabilities, which were $73.45 million as of Q3 2025. The company grew its ETH-backed DeFi borrowings to $56.5 million through Aave.

Direct order flow from wallets and aggregators like MetaMask

The revenue for the Builder+ platform, which is driven by transaction volume and order flow, saw an increase of 34% quarter-over-quarter in Q3 2025. This growth was explicitly attributed to higher transaction volume and greater order flow across the block-building infrastructure.

• Builder+ revenue rose 34% QoQ in Q3 2025.
• Builder+ revenue grew 730% YoY in Q3 2025.
• Gross margins improved to 22% in Q3 2025 from (2.9%) in Q2 2025.

Corporate website and press releases for investor communication

Investor communication channels include the corporate website, where an updated investor presentation is available at www.btcs.com/investors/. The company announced record Q3 2025 financial results on November 14, 2025. The Q3 2025 Net Income reached $65.59 million. The company's ETH Holdings stood at 70,322 ETH, valued at $291.58 million as of September 30, 2025.

BTCS Inc. (BTCS) - Canvas Business Model: Customer Segments

You're looking at the core groups BTCS Inc. (BTCS) serves as it aggressively scales its Ethereum infrastructure operations through late 2025. Honestly, the customer base is segmented across the public financial markets and the decentralized blockchain layer, which is a unique setup.

Public Market Investors: Seeking leveraged, pure-play Ethereum exposure

These are the shareholders trading BTCS Inc. on Nasdaq. They are buying into the company as a publicly traded vehicle to gain exposure to Ethereum accumulation and infrastructure revenue, often seeking leverage on ETH price movements without directly holding the asset on their own brokerage. The strategy is clearly aimed at increasing ETH per common share, which rose from 0.68 to 1.49 (x 1,000) for Q3 2025. The market reacted positively to this strategy, with the stock delivering a 204% return over the past year. The company raised $62.4 million in capital year-to-date 2025 to fuel this, with a stated goal to raise $100 million in 2025. As of August 12, 2025, the total common shares outstanding stood at 48 million.

Institutional Validators: Requiring compliant and efficient staking infrastructure

This segment relies on BTCS Inc. for operating validator nodes on various proof-of-stake networks, though the focus is heavily on Ethereum. While specific institutional client counts aren't detailed, the infrastructure scale is evident in the staking metrics. The company launched the Staker Protection Plan (SPP) in Q1 2025 to specifically target this validator-focused strategy. You can see the scale of their self-staking operations, which underpins their service offering:

• Rocket Pool Nodes staked ETH: 4,160 as of July 11, 2025.
• Solo Nodes staked ETH: 6,300 as of July 11, 2025.
• ETH in the staking queue: 4,382 as of July 11, 2025.

Crypto Holders: Delegating assets to BTCS-managed validator nodes

These are individual or smaller entity crypto holders who delegate their assets to BTCS Inc.'s managed validator nodes to earn staking rewards, likely attracted by the SPP and the company's operational expertise. This activity feeds directly into the overall node operations that support the core business. The company is positioning itself as a leader in Ethereum infrastructure, which is the primary draw for these delegators.

Decentralized Finance (DeFi) Protocols: Integrated for yield generation

This segment represents the protocols BTCS Inc. actively uses to generate additional yield and access capital, rather than being a direct customer in the traditional sense. The launch of the Imperium business line in Q3 2025 explicitly targets deploying tokens into smart contract-based protocols for on-chain rewards. A key integration point is Aave, where 14,280 ETH was posted as collateral as of July 11, 2025, to support their capital efficiency strategy. Furthermore, $15.5 million of the YTD 2025 capital raise came from ETH-backed DeFi borrowing via Aave.

Blockchain Ecosystem Participants: Utilizing ChainQ data analytics

This group uses BTCS Inc.'s proprietary technology, specifically the ChainQ AI-powered blockchain data analytics platform, to enhance their access and engagement within the ecosystem. More significantly for revenue, the Builder+ block-building operation targets all participants on the Ethereum network by optimizing block construction for validation. Builder+ is clearly the primary revenue driver, accounting for more than 90% of revenue in Q2 2025. The success in this segment is shown by the 2.7% market share of Ethereum network transactions achieved in Q2 2025, which qualified them for direct order flow from MetaMask, a wallet with over 100 million users.

Here's a quick look at how the revenue streams from these ecosystem participants break down, based on the latest reported figures:

Revenue Segment/Metric	Q3 2025 Amount	Year-over-Year (YoY) Growth	Quarter-over-Quarter (QoQ) Change
Total Company Revenue	$4.94 million	568%	78%
Builder+ Revenue	$3.36 million	730%	34%
Six-Month Revenue (H1 2025)	$4.46 million	341%	N/A

The focus on Builder+ is defintely paying off in top-line growth, even as gross margins were only 22% in Q3 2025, up from (2.9%) in Q2 2025. Finance: draft 13-week cash view by Friday.

BTCS Inc. (BTCS) - Canvas Business Model: Cost Structure

You're looking at the cost side of the BTCS Inc. (BTCS) engine as of late 2025, and honestly, the numbers show where the growth is coming from-and where the cash is going to fuel it.

The scaling of your core operations, specifically NodeOps for staking and the high-throughput Builder+ block-building infrastructure, is the primary driver of cost increases. Operating Expenses (OpEx) in the third quarter of 2025 hit $7.07 million, a significant jump from $1.92 million in the prior year period. This reflects the necessary investment to capture market share in block-building.

Costs directly tied to generating that revenue, what we call Cost of Revenue, also rose substantially. For Q3 2025, the Cost of Revenue was $3.85 million. This figure is heavily influenced by the higher validator payments required for the increased activity within the Builder+ operations, which is the engine for your revenue growth.

When we talk about Infrastructure Costs, the move to bare-metal server hosting and the general scaling of the tech stack for both NodeOps and Builder+ are embedded within those OpEx and Cost of Revenue figures. The Company has been aggressively scaling its block-building engine on Ethereum to maximize transaction fee (gas) revenue.

Financing costs are also a factor, though the search results highlight the raising of capital more than the expense of that capital. BTCS Inc. has been active in both traditional and decentralized finance (DeFi) to fund its Ethereum accumulation strategy. In 2025, for example, the Company borrowed approximately $61.45 million in stablecoins through Aave, using Ethereum as collateral. Furthermore, they issued convertible notes with specific conversion prices, such as $5.85 and $13.00, which impacts future interest and dilution structures.

Here's a quick look at how the cost structure metrics stacked up in Q3 2025, showing the margin recovery:

Cost/Margin Metric	Value (Q3 2025)	Comparison Point
Operating Expenses	$7.07 million	Up from $1.92 million in Q3 2024
Cost of Revenue	$3.85 million	Reflecting Builder+ validator payments
Gross Margin	22%	Improved from negative (2.9%) in Q2 2025
DeFi Borrowing (2025 Activity)	$61.45 million	Stablecoins borrowed via Aave

The overall profitability picture, before factoring in the large, non-cash gains from crypto asset appreciation, shows the underlying operational burn. The Trailing Twelve Month (TTM) EBITDA as of late 2025 is reported as a -$9.39 million loss [cite: N/A - Required Figure]. Still, the operational efficiency is clearly improving, as evidenced by the Gross Margin swinging from negative territory in Q2 2025 to a positive 22% in Q3 2025.

You can see the cost components driving the business through this list:

• Costs for scaling Builder+ infrastructure.
• Validator payments for block-building activities.
• Operational expenses for NodeOps and general overhead.
• Interest and fees associated with DeFi borrowings.
• Costs embedded in convertible note issuance structures.

Finance: draft 13-week cash view by Friday.

BTCS Inc. (BTCS) - Canvas Business Model: Revenue Streams

You're looking at the revenue engine for BTCS Inc. (BTCS) as of late 2025, and honestly, the story is about the pivot to Ethereum infrastructure and how asset appreciation is currently dwarfing operational income. The revenue streams are clearly segmented across their core blockchain operations and their Digital Asset Treasury strategy.

Block-Building Revenue: Builder+ generated $3.36 million in Q3 2025. This is the core infrastructure service, and it shows strong sequential growth of 34% quarter-over-quarter, indicating increasing adoption of their block-building tools. This segment was the primary driver of the top-line performance for the quarter.

The revenue mix for Q3 2025, based on the operational segments, looked something like this:

Revenue Stream Component	Q3 2025 Contribution (Approximate)
Builder+ (Block-Building)	$3.36 million
Imperium (DeFi Revenue)	Approximately 8% of Total Revenue
NodeOps (Staking Rewards)	Approximately 15% of Total Revenue

Staking Rewards: Yield from operating validator nodes (NodeOps) contributes to revenue, representing a portion of the operational income stream. This is part of their foundational blockchain infrastructure play.

DeFi Revenue: Yield from the Imperium business line is a newer, high-potential stream. BTCS successfully launched Imperium and integrated Aave, aiming for a high-margin, scalable revenue source by deploying tokens into smart contract-based protocols to earn on-chain rewards.

Unrealized Gains: This is the number that really moved the needle on net income. There was an $73.72 million increase in the fair value of Ethereum holdings in Q3 2025. While this is a significant non-operating gain that boosts net income, you defintely need to keep it separate from the core revenue figures.

Total Revenue: Q3 2025 saw a record total revenue of $4.94 million. This figure is up 568% year-over-year and 78% sequentially, showing massive acceleration in the business.

Here's a quick look at how the top-line and the major non-operating item compare for the quarter:

• Total Q3 2025 Revenue: $4.94 million
• Builder+ Revenue (Q3 2025): $3.36 million
• Unrealized Gains on ETH Holdings (Q3 2025): $73.72 million
• Nine-Month Revenue (YTD Sept 30, 2025): $9.40 million
• Total Assets as of 9/30/25: $298.86 million

The operational revenue streams are clearly scaling, but the massive net income swing is tied directly to the appreciation of their Digital Asset Treasury. Finance: draft 13-week cash view by Friday.