BTCS Raises $1M In Funding, And Releases A Letter To Shareholders Outlining Its New Corporate Strategy

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BTCS Inc. (ticker: “BTCS”) is an early mover in the blockchain and digital currency ecosystems and the first “Pure Play” U.S. public company focused on blockchain technologies. BTCS recently restructured most of their liabilities and plans to create a portfolio of digital assets, through participation in initial coin offerings, strategic market purchases, and by resuming their transaction verification services business (mining), through outsourced data centers. They are also keenly focused on the potential acquisition of target opportunities across the blockchain space. As a former investment banker, Charles Allen believes this is an area BTCS is well positioned to execute on and may create tremendous shareholder value. Below is our interview with Charles Allen, Chief Executive Officer of BTCS:


Q: BTCS recently announced a letter to shareholders; could you tell us something more?

A: We haven’t made any announcements for nearly a year so it was important after being silent for such a long time to updated our shareholders on recent development. In early 2016 when bitcoin was trading at sub $300 prices we failed to raise the capital required to execute on our planned merger with Spondoolies and spent the rest of 2016 and early 2017 restructuring our business. At the time, our view of bitcoin was very contrarian to investor perceptions which made for a challenging capital raising environment, though looking back with bitcoin north of $2,000 it is clear our thesis was correct. Considering these circumstances, we did not release any news (apart from our SEC filings) as to not provide false hope while we regrouped. With the completion of a major balance sheet restructuring and the closing of $1 million in new funding, combined with a revised business plan we want to make sure our shareholders were aware of the positive company developments.


Q: What makes BTCS a good choice?

A: We are the first public company solely focused on bitcoin and blockchain technologies. We also believe we are the most credible public company in the industry and are the only bitcoin company to ever clear an S1 with the SEC, a feat not even accomplished by the Winklevoss twins. In our opinion, early stage companies are only as strong as its people and we believe our management team, which has deep industry connections, makes us a leader in the space. Further, the public is very interested in investing in the space through public entities and we believe we can provide exposure to the sector in a way no other public company can. While there are a handful of other public companies which claim to be focused on the space many may be scams and investors should be very wary and do serious due diligence through the review of SEC filings prior to investing.


Q: What are your plans for next six months?

A: We plan to raise additional capital to execute on our plan to create a portfolio of digital assets and I personally plan to dedicate a substantial amount of time to evaluating potential acquisition targets.