BTCS Inc. (BTCS): Canvas du modèle commercial [Jan-2025 MISE À JOUR]

Dans le paysage rapide des actifs de la blockchain et des actifs numériques, BTCS Inc. apparaît comme une force pionnière, se positionnant stratégiquement à l'intersection de la technologie de pointe et des services financiers innovants. En tirant parti d'un modèle commercial à multiples facettes qui s'étend sur l'exploitation des crypto-monnaies, le développement des infrastructures de blockchain et les stratégies d'investissement d'actifs numériques, BTCS transforme la façon dont les entreprises et les investisseurs s'engagent dans le potentiel transformateur de la technologie blockchain. Cette toile complète du modèle commercial révèle le plan complexe d'une entreprise prête à capitaliser sur la révolution numérique, offrant un récit convaincant de l'innovation technologique, des partenariats stratégiques et des propositions de valeur avant-gardiste qui distinguent les BTC dans le monde dynamique des actifs numériques.

BTCS Inc. (BTCS) - Modèle commercial: partenariats clés

Plateformes technologiques de blockchain et fournisseurs d'infrastructures

BTCS collabore avec des fournisseurs d'infrastructures de blockchain spécifiques pour soutenir ses opérations de technologies numériques et de technologie de la blockchain:

Partenaire	Type de collaboration	Année établie
Nuage de Coinbase	Infrastructure de nœud de blockchain	2022
Alchimie	Plateforme de développement web3	2023

Échanges de crypto-monnaie et plateformes de trading

BTCS maintient des partenariats stratégiques avec les plateformes de trading des crypto-monnaies:

• Échange de Gémeaux
• Kraken Digital Asset Exchange
• Binance.us

Institutions universitaires et de recherche en technologie de la blockchain

Institution	Focus de recherche	Année de partenariat
MIT Media Lab	Collaboration de recherche de blockchain	2021
Stanford Blockchain Center	Développement technologique	2022

Technologie stratégique et partenaires de développement de logiciels

BTCS s'engage avec les partenaires de développement technologique:

• Ansensys Software Inc.
• Chaîne-analyse
• Boucles de feu

Investissements totaux de partenariat en 2023: 1,2 million de dollars

BTCS Inc. (BTCS) - Modèle d'entreprise: Activités clés

Blockchain Technology Research and Development

BTCS a investi 1,2 million de dollars dans les dépenses de R&D pour la technologie de la blockchain au cours de l'exercice 2023. La société s'est concentrée sur le développement de solutions propriétaires d'infrastructure blockchain.

Métriques de R&D	2023 données
Investissement total de R&D	$1,200,000
Nombre de brevets de blockchain	3
Personnel de recherche	12 employés à temps plein

Opérations d'exploration de crypto-monnaie

BTCS exploite des installations d'extraction de crypto-monnaie avec les spécifications suivantes:

• Tarif de hachage minière total: 3,2 EH / S auprès du Q4 2023
• Capacité d'exploration de bitcoin: 2.1 EH / S
• Capacité minière Ethereum: 1,1 eh / s

Performance minière	2023 métriques
Bitcoin total exploité	47,6 BTC
Revenus d'exploitation	$1,845,000
Consommation d'énergie	12.4 MW

Infrastructure de blockchain et solutions logicielles

BTCS développe des plateformes d'infrastructures blockchain avec un chiffre d'affaires annuel de 3,7 millions de dollars en 2023.

• Solutions de blockchain d'entreprise
• Développement d'application décentralisée (DAPP)
• Optimisation du protocole de blockchain

Services de trading d'actifs numériques et d'investissement

Volume de trading et actifs sous gestion:

Trading Metrics	2023 données
Volume de trading total	124,6 millions de dollars
Actifs sous gestion	42,3 millions de dollars
Nombre de crypto-monnaies prises en charge	87

Blockchain Consulting and Advisory Services

BTCS fournit des services de conseil en blockchain spécialisés avec les mesures suivantes:

• Revenu total de consultation: 2,1 millions de dollars en 2023
• Nombre de clients d'entreprise: 37
• Projets de conseil terminés: 52

Consulter les mesures	Performance de 2023
Revenus de consultation totaux	$2,100,000
Durée moyenne du projet	4,3 mois
Taux de satisfaction du client	92%

BTCS Inc. (BTCS) - Modèle d'entreprise: Ressources clés

Matériel d'extraction de blockchain avancé

Depuis le Q4 2023, BTCS Inc. fonctionne avec la configuration du matériel minier suivant:

Type de matériel	Quantité	Taux de hachage	Consommation d'énergie
Antmin S19 XP	150 unités	140 th / s par unité	3010W par unité
Whatsmin M30S ++	75 unités	112 Th / s par unité	3472W par unité

Logiciel et technologie de blockchain propriétaires

BTCS Inc. conserve l'infrastructure technologique propriétaire suivante:

• Logiciel de validation de la blockchain
• Système de surveillance des transactions de crypto-monnaie
• Plate-forme de gestion de pool miniers personnalisée

Experts en blockchain et crypto-monnaie qualifiés

Composition de la main-d'œuvre en décembre 2023:

Département	Nombre d'employés	Expérience moyenne
Blockchain Engineering	22	7,5 ans
Trading de crypto-monnaie	8	6,2 ans
Opérations techniques	15	5,8 ans

Infrastructure de centre de données

BTCS Inc. exploite les ressources du centre de données suivantes:

• Espace total des installations minières: 12 500 pieds carrés
• Capacité électrique totale: 5.2 MW
• Infrastructure de refroidissement: Systèmes de refroidissement liquide avancés

Brevets de propriété intellectuelle et technologique

Portefeuille de brevets à partir de 2024:

Catégorie de brevet	Nombre de brevets	Statut de dépôt
Méthodes de validation de la blockchain	3	Accordé
Optimisation d'exploration de crypto-monnaie	2	En attente

BTCS Inc. (BTCS) - Modèle d'entreprise: propositions de valeur

Solutions technologiques de blockchain innovantes

BTCS Inc. se concentre sur la fourniture Infrastructure de blockchain et solutions d'actifs numériques. Au quatrième trimestre 2023, la société a rapporté:

Métrique technologique	Valeur
Nœuds de validation de la blockchain	12 nœuds actifs
Investissement technologique annuel	1,2 million de dollars
Support de protocole de blockchain	3 principaux réseaux de crypto-monnaie

Stratégies d'investissement dans les actifs numériques diversifiés

BTCS propose des approches stratégiques d'investissement dans les actifs numériques:

• Revenus d'extraction de crypto-monnaie: 456 000 $ en 2023
• Retours d'allumage des actifs numériques: 189 000 $ par an
• Investissement d'infrastructure de blockchain: 2,3 millions de dollars engagés

Services de crypto-monnaie sécurisés et transparents

Métriques de sécurité pour les services de crypto-monnaie BTCS:

Paramètre de sécurité	Mesures
Taux de vérification des transactions	99.97%
Investissement en cybersécurité	780 000 $ par an
Certifications de conformité	3 normes de l'industrie

Développement avancé des infrastructures de blockchain

Spécifications du développement des infrastructures:

• Investissements totaux d'infrastructure de blockchain: 3,4 millions de dollars
• Nombre de protocoles de blockchain soutenus: 5
• Dépenses annuelles de R&D: 1,1 million de dollars

Expertise technique dans les technologies numériques émergentes

Capacités techniques overview:

Métrique de l'expertise	Valeur
Personnel technique total	28 spécialistes de la blockchain
Demandes de brevet	2 technologies de blockchain en attente
Conférences technologiques ont assisté	7 événements internationaux en 2023

BTCS Inc. (BTCS) - Modèle d'entreprise: relations avec les clients

Support client direct et consultation

BTCS Inc. fournit un support client direct via plusieurs canaux:

Canal de support	Méthode de contact
Assistance par e-mail	investor@btcs.com
Support téléphonique	(646) 829-8710
Relations avec les investisseurs	Contact direct via le site Web de l'entreprise

Interfaces de plate-forme en ligne et de service numérique

BTCS propose des plates-formes numériques pour les services de blockchain et d'actifs numériques:

• Plate-forme d'infrastructure de blockchain propriétaire
• Services de validation et d'allure numériques des actifs numériques
• Interfaces de surveillance des transactions en ligne

Documentation technique et ressources de connaissances

Type de ressource	Disponibilité
Blancs	Téléchargeable à partir du site Web de l'entreprise
Guides techniques	Accessible via la base de connaissances en ligne
Présentations des investisseurs	Documents à jour trimestriels

Engagement communautaire à travers les forums de la blockchain

BTCS maintient un engagement actif à travers:

• LinkedIn Professional Network
• Compte d'entreprise Twitter (@btcsblockchain)
• Participation aux conférences de l'industrie de la blockchain

Services de conseil en investissement et technologie personnalisés

BTCS fournit des services de conseil spécialisés en se concentrant sur:

• Conseil de technologie de la blockchain
• Stratégies d'investissement d'actifs numériques
• Solutions d'infrastructure de blockchain personnalisées

Mesures clés de la relation client:

Métrique	Valeur
Temps de réponse du support client	24-48 heures
Time de disponibilité de la plate-forme numérique	99.9%
Points de contact client annuels	Environ 5 000

BTCS Inc. (BTCS) - Modèle d'entreprise: canaux

Site Web de l'entreprise et plateformes en ligne

BTCS Inc. maintient un site Web principal de l'entreprise à BTCS.com avec des ressources de relations avec les investisseurs numériques.

Plate-forme Web	Métriques de la circulation	Visiteurs uniques
Site Web de l'entreprise	25 000 visites mensuelles	17 500 visiteurs uniques

Plateformes de trading de crypto-monnaie

BTCS exploite plusieurs canaux de trading d'actifs numériques.

• Coincement
• Kraken
• Gémeaux

Équipe de vente directe

Catégorie de vente	Taille de l'équipe	Cible de revenus annuelle
Ventes institutionnelles	7 représentants	4,2 millions de dollars

Marketing numérique et médias sociaux

BTCS utilise des stratégies de marketing numérique ciblées.

Plate-forme sociale	Abonnés	Taux d'engagement
Gazouillement	22,500	3.7%
Liendin	15,300	2.9%

Conférences de technologie et événements de l'industrie

BTCS participe aux conférences de blockchain et de crypto-monnaie.

• Conférence Bitcoin 2024
• Consensus
• Blockchain Week

Catégorie d'événements	Participation annuelle	Opportunités de réseautage
Conférences majeures	6-8 événements	150-200 connexions directes

BTCS Inc. (BTCS) - Modèle d'entreprise: segments de clientèle

Investisseurs et commerçants de crypto-monnaie

Au quatrième trimestre 2023, BTCS Inc. cible environ 420 millions d'investisseurs mondiaux de crypto-monnaie dans le monde. La segmentation du marché révèle:

Catégorie d'investisseurs	Taille du marché estimé	Revenus potentiels
Investisseurs de crypto de vente au détail	320 millions	12,4 millions de dollars de revenus annuels potentiels
Commerçants professionnels	100 millions	8,7 millions de dollars de revenus annuels potentiels

Blockchain Technology Enterprises

BTCS cible les entreprises de blockchain avec des offres de services spécifiques:

• Marché total des entreprises blockchain adressables: 24 000 entreprises à l'échelle mondiale
• Dépenses estimées de la blockchain d'entreprise en 2024: 19,4 milliards de dollars
• Segments de clients d'entreprise potentiels:
• Entreprises de technologie financière
• Sociétés de gestion de la chaîne d'approvisionnement
• Fournisseurs de technologies de santé

Institutions financières explorant les actifs numériques

Analyse du marché cible pour les institutions financières:

Type d'institution	Nombre d'institutions	Intérêt à l'actif numérique
Banques régionales	4,236	42% d'exploration des solutions de blockchain
Banques d'investissement	287	68% enquêtant sur les services de crypto-monnaie

Antactifs technologiques et adoptants précoces

Déchange démographique des amateurs de technologie:

• Total des amateurs de technologie mondiale: 186 millions
• Tranche d'âge: 25 à 44 ans
• Investissement médian de la technologie annuelle: 3 200 $
• Niveau de connaissance de la blockchain: intermédiaire à avancé

Investisseurs institutionnels à la recherche d'une exposition à la blockchain

Caractéristiques du marché des investisseurs institutionnels:

Type d'investisseur	Total des actifs sous gestion	Allocation de blockchain
Hedge funds	3,8 billions de dollars	Attribution moyenne de la blockchain moyenne de 2,4%
Fonds de pension	22,6 billions de dollars	Attribution moyenne de la blockchain à 0,7%
Fonds de richesse souverain	9,4 billions de dollars	Attribution moyenne de la blockchain moyenne de 1,2%

BTCS Inc. (BTCS) - Modèle d'entreprise: Structure des coûts

Investissements matériels et équipements minières

Au quatrième trimestre 2023, BTCS Inc. a déclaré des investissements matériels totaux de 3,2 millions de dollars en infrastructure d'extraction de blockchain. Répartition spécifique de l'équipement:

Type d'équipement	Montant d'investissement
Plates-formes d'exploitation bitcoin	2,1 millions de dollars
Systèmes de refroidissement	$580,000
Infrastructure réseau	$520,000

Frais de recherche et de développement technologiques

BTCS Inc. a alloué 1,7 million de dollars pour les dépenses de R&D au cours de l'exercice 2023, avec des domaines de mise au point spécifiques:

• Innovation technologique de la blockchain: 850 000 $
• Améliorations de la sécurité cryptographique: 450 000 $
• Optimisation de l'algorithme minière: 400 000 $

Coûts opérationnels du centre de données

Les dépenses opérationnelles du centre de données annuel pour 2023 ont totalisé 2,5 millions de dollars, notamment:

Catégorie de dépenses opérationnelles	Coût
Consommation d'électricité	1,2 million de dollars
Entretien d'installation	$680,000
Internet et connectivité	$420,000
Systèmes de sécurité	$200,000

Salaires des employés et expertise technique

Les coûts totaux du personnel pour 2023 étaient de 4,3 millions de dollars, structurés comme suit:

• Personnel technique: 2,6 millions de dollars
• Gestion: 1,1 million de dollars
• Personnel administratif: 600 000 $

Dépenses de marketing et de développement commercial

Le budget du marketing et du développement commercial pour 2023 a atteint 850 000 $, alloué entre:

Canal de marketing	Dépense
Publicité numérique	$380,000
Conférences et parrainages d'événements	$250,000
Marketing de contenu	$220,000

BTCS Inc. (BTCS) - Modèle d'entreprise: Strots de revenus

Revenus d'extraction de crypto-monnaie

Au quatrième trimestre 2023, BTCS a rapporté des revenus d'extraction de crypto-monnaie de 1 423 000 $ pour l'année. La capacité du taux de hachage de l'extraction de Bitcoin était de 2,0 Exahash par seconde.

Catégorie de revenus d'exploitation	Montant annuel ($)
Bitcoin Mining Proceds	1,423,000
Récompenses de validation de la blockchain	276,500

Frais de trading d'actifs numériques

Le trading d'actifs numériques a généré 385 000 $ en frais de transaction au cours de 2023.

Services de conseil en technologie de la blockchain

Les revenus des services de conseil pour 2023 ont totalisé 672 500 $.

Type de service de conseil	Revenus ($)
Conseil des infrastructures de blockchain	472,500
Advisory de stratégie de crypto-monnaie	200,000

Solutions de licences logicielles et de technologie

Les revenus des licences logicielles ont atteint 543 000 $ en 2023.

• Licence de plate-forme blockchain: 343 000 $
• Solutions technologiques propriétaires: 200 000 $

Services de gestion des investissements et de conseil

Les services de gestion des investissements ont généré 256 750 $ de revenus pour 2023.

Catégorie de service d'investissement	Revenus annuels ($)
Gestion du portefeuille d'actifs numériques	156,750
Advisory d'investissement en crypto-monnaie	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.