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BTCS Inc. (BTCS-7.87%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details BTCS's focus on blockchain infrastructure, particularly its operations in Ethereum block-building and validator node operations. The company reported revenues of $4,073,518 for 2024, a significant increase from $1,339,628 in 2023, primarily driven by the expansion of its Builder+ operations.
Cost of revenues rose to $3,127,509, up from $359,778 the previous year, largely due to higher validator payments associated with Ethereum block-building activities.
BTCS reported a net loss of $1,271,174 for the year, compared to a net income of $7,818,728 in 2023. The decrease is attributed to smaller increases in the fair value of crypto assets and higher compensation expenses.
The company held crypto assets valued at $36,056,683 as of December 31, 2024, with Ethereum being the largest holding.
BTCS's liquidity position includes approximately $1,978,000 in cash and $21,440,000 in liquid crypto assets as of March 17, 2025.
The filing also mentions the adoption of ASU 2023-08, which changes the accounting treatment of crypto assets to fair value measurement.
BTCS's strategic focus remains on scaling its Ethereum block-building operations and expanding its validator node operations, with a continued emphasis on technological innovation and market adaptation.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BTCS Inc. annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.