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Bitcoin Miner BTCS Raises $1 Million in New Funding
Publicly traded bitcoin miner BTCS, formerly known as Bitcoin Shop, has raised $1m in new funding, public records show.
Publicly traded bitcoin miner BTCS, formerly known as Bitcoin Shop, has raised $1m in new funding, public records show.
According to a Form D published today by the US Securities and Exchange Commission, the Nevada-based firm sold $1m in equity. In a separate filing, the startup said that the sale had taken place on 25th May, involving four institutional investors.
STORY CONTINUES BELOW
Yet a filing from March suggests that BTCS may be on shaky ground-revenue wise – an issue that has dogged the bitcoin mining startup in the past. BTCS said that it expects to report $361,000 in revenue for the year ending 31st December 2016.
"The Company expects to report a substantial increase in loss from operations which at the time of this report has yet to be dermined[sic] due to the complex nature of the Company’s derivative liabilities," the firm added in the filing.
The notice comes days after the company's stock, as reported by Street Register Yahoo! Finance, saw its publicly traded stock jump in price, rising from roughly $0.05 to about $0.15 between 23rd and 25th May. The current price is averaging $0.08, according to data from Yahoo! Finance.
Image via Shutterstock
Stan Higgins
A member of CoinDesk's full-time Editorial Staff since 2014, Stan has long been at the forefront of covering emerging developments in blockchain technology. Stan has previously contributed to financial websites, and is an avid reader of poetry. Stan currently owns a small amount (<$500) worth of BTC, ENG and XTZ (See: Editorial Policy).
