BTCS Inc. (BTCS): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução dos ativos blockchain e digitais, a BTCS Inc. surge como uma força pioneira, posicionando-se estrategicamente na interseção da tecnologia de ponta e serviços financeiros inovadores. Ao alavancar um modelo de negócios multifacetado que abrange mineração de criptomoedas, desenvolvimento de infraestrutura de blockchain e estratégias de investimento em ativos digitais, o BTCS está transformando a maneira como as empresas e investidores se envolvem com o potencial transformador da tecnologia blockchain. Esta tela abrangente do modelo de negócios revela o intrincado plano de uma empresa pronta para capitalizar a revolução digital, oferecendo uma narrativa convincente de inovação tecnológica, parcerias estratégicas e proposições de valor de pensamento avançado que diferenciam os BTCs no mundo dinâmico dos ativos digitais.

BTCS Inc. (BTCS) - Modelo de negócios: Parcerias -chave

Plataformas de tecnologia blockchain e provedores de infraestrutura

O BTCS colabora com provedores específicos de infraestrutura de blockchain para apoiar suas operações de tecnologia de ativos e blockchain digitais:

Parceiro	Tipo de colaboração	Ano estabelecido
Coinbase Cloud	Infraestrutura do nó blockchain	2022
Alquimia	Plataforma de desenvolvimento Web3	2023

Trocas de criptomoedas e plataformas de negociação

O BTCS mantém parcerias estratégicas com plataformas de negociação de criptomoedas:

• Troca de Gêmeos
• Kraken Digital Asset Exchange
• Binance.us

Instituições acadêmicas e de pesquisa em tecnologia blockchain

Instituição	Foco na pesquisa	Ano de parceria
MIT Media Lab	Colaboração de pesquisa em blockchain	2021
Stanford Blockchain Center	Desenvolvimento de Tecnologia	2022

Parceiros estratégicos de tecnologia e desenvolvimento de software

O BTCS se envolve com parceiros de desenvolvimento de tecnologia:

• Consensys Software Inc.
• Chapestalisia
• Blocks de fogo

Total Partnership Investments em 2023: US $ 1,2 milhão

BTCS Inc. (BTCS) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de tecnologia de blockchain

A BTCS investiu US $ 1,2 milhão em despesas de P&D para tecnologia de blockchain no ano fiscal de 2023. A empresa se concentrou no desenvolvimento de soluções de infraestrutura de blockchain proprietárias.

Métricas de P&D	2023 dados
Investimento total de P&D	$1,200,000
Número de patentes de blockchain	3
Pessoal de pesquisa	12 funcionários em tempo integral

Operações de mineração de criptomoedas

O BTCS opera instalações de mineração de criptomoedas com as seguintes especificações:

• Taxa total de hash de mineração: 3,2 EH/S A partir do quarto trimestre 2023
• Capacidade de mineração de Bitcoin: 2.1 EH/S
• Capacidade de mineração Ethereum: 1,1 EH/S

Desempenho de mineração	2023 Métricas
Bitcoin total extraído	47.6 BTC
Receita de mineração	$1,845,000
Consumo de energia	12,4 MW

Infraestrutura de blockchain e soluções de software

O BTCS desenvolve plataformas de infraestrutura de blockchain com receita anual de US $ 3,7 milhões em 2023.

• Enterprise Blockchain Solutions
• Desenvolvimento de aplicação descentralizado (DAPP)
• Otimização do protocolo Blockchain

Serviços de negociação e investimento de ativos digitais

Volume de negociação e ativos sob gerenciamento:

Métricas de negociação	2023 dados
Volume total de negociação	US $ 124,6 milhões
Ativos sob gestão	US $ 42,3 milhões
Número de criptomoedas suportadas	87

Serviços de consultoria e consultoria blockchain

O BTCS fornece serviços especializados de consultoria em blockchain com as seguintes métricas:

• Receita total de consultoria: US $ 2,1 milhões em 2023
• Número de clientes corporativos: 37
• Projetos de consultoria concluídos: 52

Métricas de consultoria	2023 desempenho
Receita total de consultoria	$2,100,000
Duração média do projeto	4,3 meses
Taxa de satisfação do cliente	92%

BTCS Inc. (BTCS) - Modelo de negócios: Recursos -chave

Hardware avançado de mineração de blockchain

A partir do quarto trimestre 2023, a BTCS Inc. opera com a seguinte configuração de hardware de mineração:

Tipo de hardware	Quantidade	Taxa de hash	Consumo de energia
Antminer S19 XP	150 unidades	140 TH/S por unidade	3010W por unidade
WhatsMiner M30S ++	75 unidades	112 th/s por unidade	3472W por unidade

Software e tecnologia de blockchain proprietários

A BTCS Inc. mantém a seguinte infraestrutura de tecnologia proprietária:

• Software de validação de blockchain
• Sistema de monitoramento de transações de criptomoeda
• Plataforma de gerenciamento de mineração personalizada

Especialistas qualificados de blockchain e criptomoeda

Composição da força de trabalho em dezembro de 2023:

Departamento	Número de funcionários	Experiência média
Engenharia de Blockchain	22	7,5 anos
Negociação de criptomoedas	8	6,2 anos
Operações técnicas	15	5,8 anos

Infraestrutura do data center

A BTCS Inc. opera os seguintes recursos de data center:

• Espaço total de instalação de mineração: 12.500 pés quadrados
• Capacidade total de energia: 5,2 MW
• Infraestrutura de refrigeração: Sistemas avançados de resfriamento líquido

Propriedade intelectual e patentes de tecnologia

Portfólio de patentes a partir de 2024:

Categoria de patentes	Número de patentes	Status de arquivamento
Métodos de validação de blockchain	3	Garantido
Otimização de mineração de criptomoedas	2	Pendente

BTCS Inc. (BTCS) - Modelo de Negócios: Proposições de Valor

Soluções de tecnologia de blockchain inovadoras

A BTCS Inc. se concentra em fornecer Infraestrutura de blockchain e soluções de ativos digitais. A partir do quarto trimestre 2023, a empresa informou:

Métrica de tecnologia	Valor
Nós de validação de blockchain	12 nós ativos
Investimento de tecnologia anual	US $ 1,2 milhão
Suporte ao protocolo Blockchain	3 principais redes de criptomoedas

Estratégias de investimento em ativos digitais diversificados

O BTCS oferece abordagens estratégicas de investimento em ativos digitais:

• Receita de mineração de criptomoedas: US $ 456.000 em 2023
• Retornos de retomada de ativos digitais: US $ 189.000 anualmente
• Investimento de infraestrutura de blockchain: US $ 2,3 milhões comprometidos

Serviços de criptomoeda seguros e transparentes

Métricas de segurança para serviços de criptomoeda BTCS:

Parâmetro de segurança	Medição
Taxa de verificação da transação	99.97%
Investimento de segurança cibernética	US $ 780.000 anualmente
Certificações de conformidade	3 padrões da indústria

Desenvolvimento avançado de infraestrutura de blockchain

Especíadas de desenvolvimento de infraestrutura:

• Investimentos totais de infraestrutura de blockchain: US $ 3,4 milhões
• Número de protocolos de blockchain suportados: 5
• Despesas anuais de P&D: US $ 1,1 milhão

Experiência técnica em tecnologias digitais emergentes

Capacidades técnicas overview:

Métrica de experiência	Valor
Equipe técnica total	28 especialistas em blockchain
Aplicações de patentes	2 tecnologias de blockchain pendentes
Conferências de tecnologia compareceram	7 eventos internacionais em 2023

BTCS Inc. (BTCS) - Modelo de Negócios: Relacionamentos do Cliente

Suporte e consulta direta ao cliente

A BTCS Inc. fornece suporte direto ao cliente por meio de vários canais:

Canal de suporte	Método de contato
Suporte por e -mail	investor@btcs.com
Suporte telefônico	(646) 829-8710
Relações com investidores	Contato direto através do site corporativo

Plataforma on -line e interfaces de serviço digital

O BTCS oferece plataformas digitais para serviços de blockchain e ativos digitais:

• Plataforma de infraestrutura blockchain proprietária
• Serviços de validação e estacas de ativos digitais
• Interfaces de monitoramento de transações baseadas na Web

Documentação técnica e recursos de conhecimento

Tipo de recurso	Disponibilidade
Whitepapers	Download de site corporativo
Guias técnicos	Acessível através da Base de Conhecimento Online
Apresentações de investidores	Documentos atualizados trimestrais

Engajamento da comunidade através de fóruns de blockchain

O BTCS mantém o envolvimento ativo através de:

• Rede Profissional do LinkedIn
• Conta corporativa do Twitter (@BTCSBlockChain)
• Participação em conferências da indústria de blockchain

Serviços personalizados de consultoria de investimento e tecnologia

A BTCS fornece serviços de consultoria especializados com foco em:

• Blockchain Technology Consulting
• Estratégias de investimento em ativos digitais
• Soluções de infraestrutura blockchain personalizadas

Principais métricas de relacionamento com o cliente:

Métrica	Valor
Tempo de resposta de suporte ao cliente	24-48 horas
Tempo de atividade da plataforma digital	99.9%
Pontos de contato anuais do cliente	Aproximadamente 5.000

BTCS Inc. (BTCS) - Modelo de Negócios: Canais

Site da empresa e plataformas online

A BTCS Inc. mantém um site corporativo primário no BTCs.com com recursos de relações com investidores digitais.

Plataforma da Web	Métricas de trânsito	Visitantes únicos
Site corporativo	25.000 visitas mensais	17.500 visitantes únicos

Plataformas de negociação de criptomoedas

O BTCS aproveita vários canais de negociação de ativos digitais.

• Coinbase
• Kraken
• Gêmeos

Equipe de vendas diretas

Categoria de vendas	Tamanho da equipe	Meta de receita anual
Vendas institucionais	7 representantes	US $ 4,2 milhões

Marketing digital e mídia social

A BTCS utiliza estratégias de marketing digital direcionadas.

Plataforma social	Seguidores	Taxa de engajamento
Twitter	22,500	3.7%
LinkedIn	15,300	2.9%

Conferências de Tecnologia e Eventos da Indústria

O BTCS participa de conferências de blockchain e criptomoeda.

• Conferência Bitcoin 2024
• Consenso
• Semana da Blockchain

Categoria de evento	Participação anual	Oportunidades de networking
Principais conferências	6-8 eventos	150-200 conexões diretas

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

Investidores e comerciantes de criptomoeda

A partir do quarto trimestre de 2023, a BTCS Inc. tem como alvo aproximadamente 420 milhões de investidores globais de criptomoeda em todo o mundo. A segmentação de mercado revela:

Categoria de investidores	Tamanho estimado do mercado	Receita potencial
Investidores de criptografia de varejo	320 milhões	Receita anual potencial de US $ 12,4 milhões
Comerciantes profissionais	100 milhões	Receita anual potencial de US $ 8,7 milhões

Empresas de tecnologia blockchain

O BTCS tem como alvo as empresas blockchain com ofertas de serviços específicas:

• Mercado Enterprise de blockchain endereçável total: 24.000 empresas globalmente
• Gastos estimados em blockchain corporativo em 2024: US $ 19,4 bilhões
• Segmentos potenciais de clientes corporativos:
• Empresas de tecnologia financeira
• Empresas de gerenciamento da cadeia de suprimentos
• Provedores de tecnologia de saúde

Instituições financeiras explorando ativos digitais

Análise de mercado -alvo para instituições financeiras:

Tipo de instituição	Número de instituições	Interesse de ativo digital
Bancos regionais	4,236	42% explorando soluções de blockchain
Bancos de investimento	287	68% investigando serviços de criptomoeda

Entusiastas da tecnologia e adotantes iniciais

Demografia demográfica dos entusiastas da tecnologia:

• Total de entusiastas da tecnologia global: 186 milhões
• Faixa etária: 25-44 anos
• Investimento de tecnologia anual mediana: US $ 3.200
• Nível de conhecimento de blockchain: intermediário a avançado

Investidores institucionais que buscam exposição ao blockchain

Características institucionais do mercado de investidores:

Tipo de investidor	Total de ativos sob gestão	Alocação de blockchain
Fundos de hedge	US $ 3,8 trilhões	2,4% de alocação média de blockchain
Fundos de pensão	US $ 22,6 trilhões	Alocação média de blockchain de 0,7%
Fundos soberanos de riqueza	US $ 9,4 trilhões	1,2% de alocação média de blockchain

BTCS Inc. (BTCS) - Modelo de negócios: estrutura de custos

Investimentos de equipamentos de hardware e mineração

A partir do quarto trimestre de 2023, a BTCS Inc. registrou investimentos totais de hardware de US $ 3,2 milhões em infraestrutura de mineração de blockchain. Redução específica do equipamento:

Tipo de equipamento	Valor do investimento
Bitcoin Mining Plates	US $ 2,1 milhões
Sistemas de resfriamento	$580,000
Infraestrutura de rede	$520,000

Despesas de pesquisa e desenvolvimento de tecnologia

A BTCS Inc. alocou US $ 1,7 milhão para despesas de P&D no ano fiscal de 2023, com áreas de foco específicas:

• Inovação tecnológica de blockchain: US $ 850.000
• Aprimoramentos de segurança criptográfica: US $ 450.000
• Otimização do algoritmo de mineração: US $ 400.000

Custos operacionais de data center

As despesas operacionais anuais de data center para 2023 totalizaram US $ 2,5 milhões, incluindo:

Categoria de despesa operacional	Custo
Consumo de eletricidade	US $ 1,2 milhão
Manutenção da instalação	$680,000
Internet e conectividade	$420,000
Sistemas de segurança	$200,000

Salários dos funcionários e experiência técnica

Os custos totais de pessoal para 2023 foram de US $ 4,3 milhões, estruturados da seguinte forma:

• Equipe técnica: US $ 2,6 milhões
• Gerenciamento: US $ 1,1 milhão
• Pessoal Administrativo: US $ 600.000

Despesas de marketing e desenvolvimento de negócios

O orçamento de marketing e desenvolvimento de negócios para 2023 atingiu US $ 850.000, alocados de maneira geral:

Canal de marketing	Gasto
Publicidade digital	$380,000
Patrocínios de conferência e evento	$250,000
Marketing de conteúdo	$220,000

BTCS Inc. (BTCS) - Modelo de negócios: fluxos de receita

Receitas de mineração de criptomoedas

A partir do quarto trimestre de 2023, o BTCS relatou receitas de mineração de criptomoedas de US $ 1.423.000 no ano. A capacidade da taxa de hash de mineração de Bitcoin foi de 2,0 Exahash por segundo.

Categoria de receita de mineração	Valor anual ($)
A mineração de Bitcoin prossegue	1,423,000
Recompensas de validação de blockchain	276,500

Taxas de negociação de ativos digitais

A negociação de ativos digitais gerou US $ 385.000 em taxas de transação durante 2023.

Serviços de Consultoria de Tecnologia de Blockchain

A receita de serviços de consultoria para 2023 totalizou US $ 672.500.

Tipo de serviço de consultoria	Receita ($)
Consultoria de Infraestrutura de Blockchain	472,500
Conselho de estratégia de criptomoeda	200,000

Soluções de licenciamento e tecnologia de software

As receitas de licenciamento de software atingiram US $ 543.000 em 2023.

• Licenciamento da plataforma Blockchain: US $ 343.000
• Soluções de tecnologia proprietária: US $ 200.000

Gerenciamento de investimentos e serviços de consultoria

Os serviços de gerenciamento de investimentos geraram US $ 256.750 em receita para 2023.

Categoria de serviço de investimento	Receita anual ($)
Gerenciamento de portfólio de ativos digitais	156,750
Consultor de investimento em criptomoeda	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.