BTCS Inc. (BTCS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución de blockchain y activos digitales, BTCS Inc. emerge como una fuerza pionera, posicionándose estratégicamente en la intersección de la tecnología de vanguardia y los servicios financieros innovadores. Al aprovechar un modelo de negocio multifacético que abarca la minería de criptomonedas, el desarrollo de infraestructura de blockchain y las estrategias de inversión de activos digitales, BTCS está transformando la forma en que las empresas e inversores se involucran con el potencial transformador de la tecnología de blockchain. Este lienzo de modelo de negocio integral revela el intrincado plan de una compañía listos para capitalizar la revolución digital, ofreciendo una narración convincente de innovación tecnológica, asociaciones estratégicas y propuestas de valor a futuro que distinguen los BTC en el mundo dinámico de los activos digitales.

BTCS Inc. (BTCS) - Modelo de negocio: asociaciones clave

Plataformas de tecnología blockchain y proveedores de infraestructura

BTCS colabora con proveedores específicos de infraestructura de blockchain para admitir sus operaciones de tecnología de activos digitales y blockchain:

Pareja	Tipo de colaboración	Año establecido
Nube de coinbase	Infraestructura de nodo blockchain	2022
Alquimia	Plataforma de desarrollo de Web3	2023

Cambios de criptomonedas y plataformas de comercio

BTCS mantiene asociaciones estratégicas con plataformas de comercio de criptomonedas:

• Intercambio Géminis
• Intercambio de activos digitales de Kraken
• Binance.us

Instituciones académicas e de investigación en tecnología blockchain

Institución	Enfoque de investigación	Año de asociación
Laboratorio de medios MIT	Colaboración de investigación de blockchain	2021
Centro de Blockchain Stanford	Desarrollo tecnológico	2022

Tecnología estratégica y socios de desarrollo de software

BTCS se involucra con socios de desarrollo tecnológico:

• Consensys Software Inc.
• Cade análisis
• Mechones de fuego

Inversiones totales de asociación en 2023: $ 1.2 millones

BTCS Inc. (BTCS) - Modelo de negocio: actividades clave

Investigación y desarrollo de tecnología blockchain

BTCS invirtió $ 1.2 millones en gastos de I + D para la tecnología blockchain en el año fiscal 2023. La compañía se centró en desarrollar soluciones patentadas de infraestructura blockchain.

Métricas de I + D	2023 datos
Inversión total de I + D	$1,200,000
Número de patentes de blockchain	3
Personal de investigación	12 empleados a tiempo completo

Operaciones mineras de criptomonedas

BTCS opera instalaciones de minería de criptomonedas con las siguientes especificaciones:

• Tasa de hash minero total: 3.2 eh/s a partir del cuarto trimestre 2023
• Capacidad minera de Bitcoin: 2.1 Eh/S
• Capacidad minera de Ethereum: 1.1 eh/s

Rendimiento minero	2023 métricas
Bitcoin total minado	47.6 BTC
Ingresos mineros	$1,845,000
Consumo de energía	12.4 MW

Blockchain Infraestructura y soluciones de software

BTCS desarrolla plataformas de infraestructura blockchain con ingresos anuales de $ 3.7 millones en 2023.

• Soluciones empresariales de blockchain
• Desarrollo de la aplicación descentralizada (DAPP)
• Optimización del protocolo de blockchain

Servicios de comercio e inversión de activos digitales

Volumen comercial y activos bajo administración:

Métricas comerciales	2023 datos
Volumen de negociación total	$ 124.6 millones
Activos bajo administración	$ 42.3 millones
Número de criptomonedas compatibles	87

Servicios de consultoría y asesoramiento de blockchain

BTCS ofrece servicios de consultoría de blockchain especializados con las siguientes métricas:

• Ingresos de consultoría total: $ 2.1 millones en 2023
• Número de clientes empresariales: 37
• Proyectos de consultoría completados: 52

Consultoría de métricas	2023 rendimiento
Ingresos de consultoría total	$2,100,000
Duración promedio del proyecto	4.3 meses
Tasa de satisfacción del cliente	92%

BTCS Inc. (BTCS) - Modelo de negocio: recursos clave

Hardware de minería de blockchain avanzado

A partir del cuarto trimestre de 2023, BTCS Inc. funciona con la siguiente configuración de hardware de minería:

Tipo de hardware	Cantidad	Tasa de hash	Consumo de energía
Antminer S19 XP	150 unidades	140 th/s por unidad	3010W por unidad
WhatsMiner M30S ++	75 unidades	112 th/s por unidad	3472W por unidad

Software y tecnología blockchain patentada

BTCS Inc. mantiene la siguiente infraestructura tecnológica patentada:

• Software de validación de blockchain
• Sistema de monitoreo de transacciones de criptomonedas
• Plataforma de gestión de piscinas de minería personalizada

Expertos en blockchain y criptomonedas calificadas

Composición de la fuerza laboral a diciembre de 2023:

Departamento	Número de empleados	Experiencia promedio
Ingeniería de blockchain	22	7.5 años
Comercio de criptomonedas	8	6.2 años
Operaciones técnicas	15	5.8 años

Infraestructura del centro de datos

BTCS Inc. opera los siguientes recursos del centro de datos:

• Espacio total de instalaciones mineras: 12,500 pies cuadrados
• Capacidad de potencia total: 5.2 MW
• Infraestructura de enfriamiento: Sistemas avanzados de enfriamiento de líquidos

Patentes de propiedad y tecnología intelectual

Cartera de patentes a partir de 2024:

Categoría de patente	Número de patentes	Estado de presentación
Métodos de validación de blockchain	3	Otorgada
Optimización de minería de criptomonedas	2	Pendiente

BTCS Inc. (BTCS) - Modelo de negocio: propuestas de valor

Soluciones innovadoras de tecnología blockchain

BTCS Inc. se centra en proporcionar Blockchain Infraestructura y soluciones de activos digitales. A partir del cuarto trimestre de 2023, la compañía informó:

Métrica de tecnología	Valor
Nodos de validación de blockchain	12 nodos activos
Inversión tecnológica anual	$ 1.2 millones
Soporte del protocolo blockchain	3 redes de criptomonedas principales

Estrategias de inversión de activos digitales diversificados

BTCS ofrece enfoques estratégicos de inversión de activos digitales:

• Ingresos mineros de criptomonedas: $ 456,000 en 2023
• Devoluciones de apuestas de activos digitales: $ 189,000 anuales
• Inversión de infraestructura de blockchain: $ 2.3 millones comprometidos

Servicios de criptomonedas seguros y transparentes

Métricas de seguridad para servicios de criptomonedas BTC:

Parámetro de seguridad	Medición
Tasa de verificación de transacción	99.97%
Inversión de ciberseguridad	$ 780,000 anualmente
Certificaciones de cumplimiento	3 estándares de la industria

Desarrollo avanzado de infraestructura de blockchain

Deprevisores de desarrollo de infraestructura:

• Inversiones totales de infraestructura de blockchain: $ 3.4 millones
• Número de protocolos blockchain admitidos: 5
• Gastos anuales de I + D: $ 1.1 millones

Experiencia técnica en tecnologías digitales emergentes

Capacidades técnicas overview:

Métrico de experiencia	Valor
Personal técnico total	28 especialistas en blockchain
Solicitudes de patentes	2 tecnologías de blockchain pendientes
Conferencias tecnológicas a las que asistió	7 Eventos internacionales en 2023

BTCS Inc. (BTCS) - Modelo comercial: relaciones con los clientes

Atención al cliente y consulta directa

BTCS Inc. proporciona atención al cliente directo a través de múltiples canales:

Canal de soporte	Método de contacto
Soporte por correo electrónico	investor@btcs.com
Soporte telefónico	(646) 829-8710
Relaciones con inversores	Contacto directo a través del sitio web corporativo

Plataforma en línea e interfaces de servicio digital

BTCS ofrece plataformas digitales para blockchain y servicios de activos digitales:

• Plataforma de infraestructura blockchain patentada
• Validación de activos digitales y servicios de estancamiento
• Interfaces de monitoreo de transacciones basadas en la web

Documentación técnica y recursos de conocimiento

Tipo de recurso	Disponibilidad
Paperes blancos	Descargable del sitio web corporativo
Guías técnicos	Accesible a través de la base de conocimiento en línea
Presentaciones de inversores	Documentos actualizados trimestralmente

Participación comunitaria a través de foros de blockchain

BTCS mantiene el compromiso activo a través de:

• Red profesional de LinkedIn
• Cuenta corporativa de Twitter (@BTCSBlockChain)
• Participación en conferencias de la industria de blockchain

Servicios de asesoramiento personalizado de inversión y tecnología

BTCS ofrece servicios de asesoramiento especializados centrados en:

• Consultoría de tecnología blockchain
• Estrategias de inversión de activos digitales
• Soluciones personalizadas de infraestructura de blockchain

Métricas clave de la relación con el cliente:

Métrico	Valor
Tiempo de respuesta de soporte al cliente	24-48 horas
Tiempo de actividad de la plataforma digital	99.9%
Puntos de contacto anuales del cliente	Aproximadamente 5,000

BTCS Inc. (BTCS) - Modelo de negocio: canales

Sitio web de la empresa y plataformas en línea

BTCS Inc. mantiene un sitio web corporativo primario en BTCS.com con los recursos de relaciones digitales de los inversores.

Plataforma web	Métricas de tráfico	Visitantes únicos
Sitio web corporativo	25,000 visitas mensuales	17.500 visitantes únicos

Plataformas de comercio de criptomonedas

BTCS aprovecha múltiples canales de comercio de activos digitales.

• Coinbase
• Kraken
• Géminis

Equipo de ventas directas

Categoría de ventas	Tamaño del equipo	Objetivo de ingresos anual
Ventas institucionales	7 representantes	$ 4.2 millones

Marketing digital y redes sociales

BTCS utiliza estrategias de marketing digital específicas.

Plataforma social	Seguidores	Tasa de compromiso
Gorjeo	22,500	3.7%
LinkedIn	15,300	2.9%

Conferencias tecnológicas y eventos de la industria

BTCS participa en conferencias de blockchain y criptomonedas.

• Conferencia Bitcoin 2024
• Consenso
• Semana de blockchain

Categoría de eventos	Participación anual	Oportunidades de redes
Conferencias importantes	6-8 eventos	150-200 conexiones directas

BTCS Inc. (BTCS) - Modelo de negocio: segmentos de clientes

Inversores y comerciantes de criptomonedas

A partir del cuarto trimestre de 2023, BTCS Inc. se dirige a aproximadamente 420 millones de inversores de criptomonedas mundiales en todo el mundo. La segmentación del mercado revela:

Categoría de inversionista	Tamaño estimado del mercado	Ingresos potenciales
Inversores de criptografía minorista	320 millones	$ 12.4 millones de ingresos anuales potenciales
Comerciantes profesionales	100 millones	$ 8.7 millones en ingresos anuales potenciales

BLOCKchain Technology Enterprises

BTCS se dirige a Blockchain Enterprises con ofertas de servicios específicas:

• Mercado empresarial de blockchain totalmente direccionable: 24,000 empresas a nivel mundial
• Gasto estimado de blockchain empresarial en 2024: $ 19.4 mil millones
• Segmentos potenciales de clientes empresariales:
• Empresas de tecnología financiera
• Empresas de gestión de la cadena de suministro
• Proveedores de tecnología de la salud

Instituciones financieras que exploran los activos digitales

Análisis de mercado objetivo para instituciones financieras:

Tipo de institución	Número de instituciones	Interés de activos digitales
Bancos regionales	4,236	42% explorando las soluciones blockchain
Bancos de inversión	287	68% investigando los servicios de criptomonedas

Entusiastas de la tecnología y primeros usuarios

Desglose demográfico de los entusiastas de la tecnología:

• Total de los entusiastas de la tecnología global: 186 millones
• Rango de edad: 25-44 años
• Inversión tecnológica anual media: $ 3,200
• Nivel de conocimiento de blockchain: intermedio a avanzado

Inversores institucionales que buscan exposición a blockchain

Características del mercado de inversores institucionales:

Tipo de inversor	Activos totales bajo administración	Asignación de blockchain
Fondos de cobertura	$ 3.8 billones	2,4% de asignación promedio de blockchain
Fondos de pensiones	$ 22.6 billones	0.7% de asignación de blockchain promedio
Fondos de riqueza soberana	$ 9.4 billones	1.2% asignación promedio de blockchain

BTCS Inc. (BTCS) - Modelo de negocio: Estructura de costos

Inversiones de hardware y equipos mineros

A partir del cuarto trimestre de 2023, BTCS Inc. reportó inversiones totales de hardware de $ 3.2 millones en infraestructura minera de blockchain. Desglose de equipo específico:

Tipo de equipo	Monto de la inversión
Plataformas mineras de bitcoin	$ 2.1 millones
Sistemas de enfriamiento	$580,000
Infraestructura de red	$520,000

Gastos de investigación y desarrollo de tecnología

BTCS Inc. asignó $ 1.7 millones para gastos de I + D en el año fiscal 2023, con áreas de enfoque específicas:

• Innovación tecnológica de blockchain: $ 850,000
• Mejoras de seguridad criptográfica: $ 450,000
• Optimización del algoritmo minero: $ 400,000

Costos operativos del centro de datos

Los gastos operativos del centro de datos anual para 2023 totalizaron $ 2.5 millones, que incluyen:

Categoría de gastos operativos	Costo
Consumo de electricidad	$ 1.2 millones
Mantenimiento de la instalación	$680,000
Internet y conectividad	$420,000
Sistemas de seguridad	$200,000

Salarios de empleados y experiencia técnica

Los costos totales de personal para 2023 fueron de $ 4.3 millones, estructurados de la siguiente manera:

• Personal técnico: $ 2.6 millones
• Gestión: $ 1.1 millones
• Personal administrativo: $ 600,000

Gastos de marketing y desarrollo empresarial

El presupuesto de marketing y desarrollo de negocios para 2023 alcanzó $ 850,000, asignado a través de:

Canal de marketing	Gasto
Publicidad digital	$380,000
Patrocinios de conferencia y eventos	$250,000
Marketing de contenidos	$220,000

BTCS Inc. (BTCS) - Modelo de negocio: flujos de ingresos

Ingresos mineros de criptomonedas

A partir del cuarto trimestre de 2023, BTCS reportó ingresos mineros de criptomonedas de $ 1,423,000 para el año. La capacidad de tasa de hash de la minería de bitcoin fue de 2.0 exahash por segundo.

Categoría de ingresos mineros	Monto anual ($)
Procede la minería de Bitcoin	1,423,000
Recompensas de validación de blockchain	276,500

Tarifas de comercio de activos digitales

El comercio de activos digitales generó $ 385,000 en tarifas de transacción durante 2023.

Servicios de consultoría de tecnología blockchain

Los ingresos por servicios de consultoría para 2023 totalizaron $ 672,500.

Tipo de servicio de consultoría	Ingresos ($)
Consultoría de infraestructura blockchain	472,500
Aviso de estrategia de criptomonedas	200,000

Soluciones de licencia de software y tecnología

Los ingresos por licencias de software alcanzaron los $ 543,000 en 2023.

• Licencias de plataforma blockchain: $ 343,000
• Soluciones tecnológicas patentadas: $ 200,000

Gestión de inversiones y servicios de asesoramiento

Los servicios de gestión de inversiones generaron $ 256,750 en ingresos para 2023.

Categoría de servicio de inversión	Ingresos anuales ($)
Gestión de la cartera de activos digitales	156,750
Aviso de inversión de criptomonedas	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.