“2025 was a transformative year for BTCS as we scaled our Ethereum-first operating model and delivered record revenue,” said
Financial Highlights
Full Year 2025 Financial Highlights1
- Revenue increased 305% to
$16.5 million , compared to$4.1 million in 2024. Revenue growth during 2025 was driven primarily by the continued expansion of Builder+ block-building operations and staking activities, along with the Q3’25 launch of Imperium decentralized finance activities. - Blockchain infrastructure revenue, comprised of staking (NodeOps) and block-building (Builder+) operations, totaled
$15.2 million , representing approximately 92% of total revenue, driven primarily by the continued expansion of Builder+ block-building operations as transaction activity and blockspace demand across the Ethereum ecosystem increased. - DeFi revenue totaled approximately
$1.3 million , representing approximately 8% of total revenue, following the launch of Imperium and its initial scaling during 2025. - Gross profit increased to approximately
$2.0 million from$0.9 million in 2024; however, gross margin declined to approximately 12% from 23% in the prior year, primarily reflecting higher validator payments and infrastructure costs associated with scaling Builder+ operations.
Balance Sheet Highlights
- Total assets increased over 460% to approximately
$214.6 million atDecember 31, 2025 , reflecting expansion of the Company’s digital asset holdings, infrastructure operations, and the use of equity and debt financing during the year. - Ethereum (ETH) holdings increased to 70,787 ETH at
December 31, 2025 , representing a 680% year-over-year increase. - Total liabilities increased to approximately
$75.2 million as ofDecember 31, 2025 , primarily reflecting ETH-backed borrowings through decentralized finance protocols and convertible notes issued during the year. - Common shares outstanding increased to 46.9 million during 2025 as the Company raised capital through its at-the-market program while also repurchasing shares under its previously announced share repurchase program.
- As of
March 22, 2026 , the Company’s total cash and digital asset balance totaled$126.4 million , inclusive of 57,633 ETH, and total debt obligations amounted to$61.8 million .
Operational Highlights
- In Q3’25, BTCS launched Imperium, a decentralized finance operating segment focused on deploying digital assets into DeFi protocols as a liquidity provider and market participant.
- Throughout the year, BTCS partnered with several companies including MetaMask, ETHGas, and NuConstruct to further expand order flow for the Company’s block building business.
- BTCS became the first public company to integrate Aave, a leading decentralized lending and borrowing platform into its operations.
- In Q1’26, BTCS expanded Imperium through integrations with
Sorella Labs and Gauntlet to further expand on-chain liquidity provision opportunities and high-margin revenue generation.
Company Commentary and Outlook
BTCS entered 2026 focused on scaling Imperium, its higher-margin decentralized finance business line. In support of this objective, the Company realigned its 2026 performance incentive program to place greater emphasis on profitability, including a new gross profit target of
Builder+ was the primary driver of revenue growth in 2025, as the Company expanded its participation in Ethereum block-building markets and increased order-flow relationships across the ecosystem. While blockspace markets remained competitive, management believes that continued investment in scale and order-flow relationships will strengthen BTCS’s market position and support margin expansion and long-term growth.
In 2026, the Company expects Imperium to represent a larger proportion of total revenue, following its launch in the second half of 2025 and as it continues to scale into the new year. As a higher-margin business line, Imperium is expected to play an increasingly important role in the Company’s operating model by enabling deployment of digital assets across decentralized finance protocols to generate liquidity provision fees and other protocol-based income.
About BTCS:
Forward-Looking Statements:
Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws, including statements regarding providing value to shareholders, growth (including revenue growth), long-term value creation, expected results from Imperium, improving margins, the Company’s 2026 gross profit target, becoming profitable, expectations regarding Imperium representing a larger proportion of total revenue in 2026, beliefs regarding the Company’s market position, expectations for margin expansion, the scalability of the Company’s business model, the Company’s ability to generate recurring revenue streams, and management’s beliefs regarding the benefits of continued investment in scale and order-flow partnerships. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend," "positioned," "focus," "target” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon assumptions and are subject to various risks and uncertainties, including without limitation: regulatory issues affecting digital assets and blockchain technology; volatility in the market price for ETH and other digital assets; competition in block-building and DeFi markets; unexpected issues with Builder+ or Imperium operations; technological implementation challenges; cybersecurity risks; smart contract vulnerabilities; counterparty risks in DeFi protocols; potential loss of digital assets; liquidity risks associated with DeFi lending and borrowing activities; risks related to the Company’s use of leverage; fluctuations in transaction volumes and blockspace demand on the Ethereum network; risks related to changes in Ethereum network protocols or consensus mechanisms; and other risks set forth in the Company’s filings with the Securities and Exchange Commission, including its Form 10-K for the year ended
For more information, follow us on:
X: https://x.com/NasdaqBTCS
LinkedIn: https://www.linkedin.com/company/nasdaq-btcs
Facebook: https://www.facebook.com/NasdaqBTCS
Investor Relations:
X: @Charles_BTCS
Email: ir@btcs.com
Email: BTCS@KCSA.com
Tel: (212) 896-1254
Financials
The tables below are derived from the Company’s financial statements included in its Form 10-K filed on
Balance Sheets | ||||||||
| 2025 | 2024 | |||||||
| Assets: | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 1,526,395 | $ | 1,977,778 | ||||
| Stablecoins | 1,539,064 | 39,545 | ||||||
| Digital assets - treasury | 2,388,607 | 646,539 | ||||||
| Digital assets - DeFi | 177,718,244 | - | ||||||
| Digital assets - staked | 30,657,401 | 35,410,144 | ||||||
| Non-fungible tokens | 41,690 | - | ||||||
| Prepaid expenses | 146,031 | 63,934 | ||||||
| Total current assets | 214,017,432 | 38,137,940 | ||||||
| Other assets: | ||||||||
| Investments, at value (Cost | 600,000 | 100,000 | ||||||
| Property and equipment, net | 14,390 | 7,449 | ||||||
| Total other assets | 614,390 | 107,449 | ||||||
| Total Assets | $ | 214,631,822 | $ | 38,245,389 | ||||
| Liabilities and Stockholders’ Equity: | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued expenses | $ | 38,525 | $ | 70,444 | ||||
| Accrued compensation | 1,609,208 | 3,907,091 | ||||||
| Accrued interest | 225,115 | - | ||||||
| Loans payable - DeFi protocol | 61,500,000 | - | ||||||
| Warrant liabilities | - | 267,900 | ||||||
| Total current liabilities | 63,372,848 | 4,245,435 | ||||||
| Non-current liabilities: | ||||||||
| Convertible notes payable, net | $ | 11,842,195 | $ | - | ||||
| Total non-current liabilities | 11,842,195 | - | ||||||
| Total liabilities | 75,215,043 | 4,245,435 | ||||||
| Commitments and contingencies (Note 11) | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred Stock, | ||||||||
| Series V Preferred Stock; 15,671,405 and 15,033,231 shares issued and outstanding as of | $ | 1,975,701 | $ | 2,646,314 | ||||
| Common Stock, | 46,853 | 18,718 | ||||||
| Additional paid-in capital | 310,695,935 | 171,283,199 | ||||||
| Accumulated deficit | (173,301,710 | ) | (139,948,277 | ) | ||||
| Total stockholders’ equity | 139,416,779 | 33,999,954 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 214,631,822 | $ | 38,245,389 | ||||
Statements of Operations | ||||||||||||||||
| For the Year Ended | ||||||||||||||||
| 2025 | 2024 | |||||||||||||||
| Revenues | ||||||||||||||||
| Blockchain infrastructure revenues | $ | 15,177,667 | $ | 4,073,518 | ||||||||||||
| DeFi revenues | 1,313,917 | - | ||||||||||||||
| Total revenues | 16,491,584 | 4,073,518 | ||||||||||||||
| Cost of revenues | ||||||||||||||||
| Blockchain infrastructure costs | 14,469,354 | 3,127,509 | ||||||||||||||
| DeFi costs | 12,300 | - | ||||||||||||||
| Total cost of revenues | 14,481,654 | 3,127,509 | ||||||||||||||
| Gross profit | 2,009,930 | 946,009 | ||||||||||||||
| Operating expenses: | ||||||||||||||||
| Professional fees | 1,657,024 | 645,143 | ||||||||||||||
| General and administrative | 1,562,940 | 1,027,133 | ||||||||||||||
| Research and development | 679,434 | 755,813 | ||||||||||||||
| Compensation and related expenses | 3,502,872 | 6,598,348 | ||||||||||||||
| Marketing | 602,456 | 80,993 | ||||||||||||||
| Realized losses on digital asset transactions | 8,184,469 | 767,375 | ||||||||||||||
| Unrealized loss (gain) on digital assets | 15,713,307 | (7,683,772 | ) | |||||||||||||
| Total operating expenses | 31,902,502 | 2,191,033 | ||||||||||||||
| Other income (expenses): | ||||||||||||||||
| Interest expense | (3,517,671 | ) | - | |||||||||||||
| Change in fair value of warrant liabilities | 267,900 | (54,150 | ) | |||||||||||||
| Impairment loss on non-fungible tokens | (149,566 | ) | - | |||||||||||||
| Loss on settlement of dividend payable | (52,793 | ) | - | |||||||||||||
| Loss on extinguishment of debt | (8,731 | ) | - | |||||||||||||
| Other income | - | 28,000 | ||||||||||||||
| Total other income (expenses) | (3,460,861 | ) | (26,150 | ) | ||||||||||||
| Net loss | $ | (33,353,433 | ) | $ | (1,271,174 | ) | ||||||||||
| Basic net loss per share attributable to common stockholders | $ | (1.00 | ) | $ | (0.08 | ) | ||||||||||
| Diluted net loss per share attributable to common stockholders | $ | (1.00 | ) | $ | (0.08 | ) | ||||||||||
| Basic weighted average number of common shares outstanding | 33,190,938 | 16,263,702 | ||||||||||||||
| Diluted weighted average number of common shares outstanding, basic and diluted | 33,190,938 | 16,263,702 | ||||||||||||||
Statements of Cash Flows | |||||||||||||
| For the Year Ended | |||||||||||||
| 2025 | 2024 | ||||||||||||
| Cash flows from operating activities: | |||||||||||||
| Net loss | $ | (33,353,433 | ) | $ | (1,271,174 | ) | |||||||
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||||
| Depreciation expense | 4,067 | 5,689 | |||||||||||
| Stock-based compensation | 657,076 | 2,423,560 | |||||||||||
| Blockchain infrastructure revenue | (15,177,667 | ) | (4,073,518 | ) | |||||||||
| DeFi revenue | (1,301,976 | ) | - | ||||||||||
| Builder payments (non-cash) | 14,299,606 | 2,765,731 | |||||||||||
| Blockchain network fees (non-cash) | 12,284 | - | |||||||||||
| Change in fair value of warrant liabilities | (267,900 | ) | 54,150 | ||||||||||
| Purchase of non-productive digital assets | (191,256 | ) | - | ||||||||||
| Amortization on debt discount and issuance costs | 1,497,000 | - | |||||||||||
| Realized losses on digital asset transactions | 8,184,469 | 767,375 | |||||||||||
| Unrealized loss (gain) on digital assets | 15,713,307 | (7,683,772 | ) | ||||||||||
| Impairment loss on non-fungible tokens | 149,566 | - | |||||||||||
| Loss on settlement of dividend payable | 52,793 | - | |||||||||||
| Loss on extinguishment of debt | 8,731 | - | |||||||||||
| Changes in operating assets and liabilities: | |||||||||||||
| Stablecoins | (1,499,519 | ) | (18,501 | ) | |||||||||
| Prepaid expenses and other current assets | (82,097 | ) | (1,473 | ) | |||||||||
| Receivable for capital shares sold | - | 291,440 | |||||||||||
| Accounts payable and accrued expenses | (31,919 | ) | 15,386 | ||||||||||
| Accrued compensation | 1,317,810 | 3,194,999 | |||||||||||
| Accrued interest | 225,115 | - | |||||||||||
| Net cash used in operating activities | (9,783,943 | ) | (3,530,108 | ) | |||||||||
| Cash flows from investing activities: | |||||||||||||
| Purchase of productive digital assets for validating | (201,348,417 | ) | (3,531,550 | ) | |||||||||
| Sale of productive digital assets | 4,362,106 | 901,980 | |||||||||||
| Purchase of investments | (500,000 | ) | - | ||||||||||
| Purchase of property and equipment | (12,759 | ) | (2,648 | ) | |||||||||
| Sale of property and equipment | 1,750 | - | |||||||||||
| Net cash used in investing activities | (197,497,320 | ) | (2,632,218 | ) | |||||||||
| Cash flow from financing activities: | |||||||||||||
| Net proceeds from issuance common stock/ At-the-market offering | 135,160,842 | 6,681,777 | |||||||||||
| Dividend distributions | (2,679,994 | ) | - | ||||||||||
| Payments for shares repurchased | (4,000,000 | ) | - | ||||||||||
| Proceeds from issuance of convertible notes, net | 16,843,500 | - | |||||||||||
| Proceeds from Defi borrowing | 122,947,000 | - | |||||||||||
| Payments to Defi borrowing | (61,455,731 | ) | - | ||||||||||
| Payments of debt issuance costs | (130,989 | ) | - | ||||||||||
| Proceeds from disgorgement of stockholders short-swing profits | 145,252 | - | |||||||||||
| Net cash provided by financing activities | 206,829,880 | 6,681,777 | |||||||||||
| Net (decrease)/increase in cash | (451,383 | ) | 519,451 | ||||||||||
| Cash, beginning of period | 1,977,778 | 1,458,327 | |||||||||||
| Cash, end of period | $ | 1,526,395 | $ | 1,977,778 | |||||||||
| Supplemental disclosure of cash flow information: | |||||||||||||
| Cash and stablecoins paid for interest | $ | 1,795,557 | $ | - | |||||||||
| Supplemental disclosure of non-cash investing and financing activities: | |||||||||||||
| Series V Preferred Stock Distribution | $ | 180,688 | $ | 82,376 | |||||||||
| Non-cash discount on convertible notes | $ | 1,017,026 | $ | - | |||||||||
| Extinguishment of USDT-denominated debt via on-chain protocol | $ | 1,500,000 | $ | - | |||||||||
| Issuance of GHO-denominated debt via on-chain protocol | $ | (1,500,000 | ) | $ | - | ||||||||
| Issuance of common stock upon non-cash exercise of warrants and stock options | $ | 8,134,516 | $ | - | |||||||||
| Dividends distributions paid in ETH | $ | 495,927 | $ | - | |||||||||
1 Reported operating results were also influenced by non-cash items related to digital asset price movements and financing activities, including unrealized gains or losses on digital assets and interest expense associated with DeFi borrowings and convertible notes. These items may cause reported results to fluctuate from period to period due to the inherent volatility of digital asset markets.
