BTCS Crypto Fund Grows 130% with $500,000 Funding in 2nd Quarter of 2020 Amid COVID-19 Pandemic
SILVER SPRING, MD / ACCESSWIRE / July 30, 2020 / BTCS is one of the first U.S. openly traded companies fixated on digital assets & blockchain technologies. Their strategies to attain supplementary digital assets to deliver investors with indirect possession of digital assets that are not securities, such as Bitcoin & Ether. The BTCS also anticipate attaining digital assets through open marketplace purchases. They are not limiting their assets to a solitary form of digital assets&may well purchase a variety of digital assets that appear to benefit the shareholders, subject to the boundaries of the Investment Company Act of 1940. They are also on the inside evolving a digital asset data analytics stage. They even seek out to acquire monitoring interests in businesses in the blockchain market.
While many crypto funds wriggled to recuperate from the market downfall experienced in March, BTCS has realized its set growth by 130% in the 2nd Quarter of the year 2020. Impeccably programmed investments in Bitcoin (BTC) & Ethereum (ETH) have BTCS accomplish a cryptocurrency asset under management (AUM) status of $1.02M. Succeeding the encouraging development presentation realized in the 2nd Quarter of 2020, the digital asset investment firm is seemingly observing a universal broadening of its crypto funds. Nevertheless, BTCS articulates that its investment approach will solely emphasize cryptocurrencies not deemed securities by regulators.
Appropriate Crypto Procuring Propels BTCS Fund Appraisal
By the end of June 2020, the BTCS crypto fund mounted at a total worth of $1.02 million with considerable situations in BTC & ETH. Having designated not to add further investments to its collection, BTCS circumnavigated the enormous weakening in cryptocurrency prices realized in mid-March.Employing the World Health Organization (WHO) categorizing the coronavirus as a pandemic on March 11, dread binged mutually through the crypto &wide-ranging financial space. Subsequently, both markets were observing a chute of obligatory selloffs as traders pursued liquid cash in research for the predictable lockdowns. By holding off from totaling to its crypto investment pool all through the 1stquarter of 2020, BTCS shielded its cryptocurrency fund from the deterioration seen on Black Thursday. Bitcoin chopped down to $3,800 within hours as token selloffs prompted obligatory liquidations transversely more than a few results exchanges together with BitMEX. The whole crypto market capitalization even contracted by about 50%.
All through the 2nd Quartet 2020, BTCS furthered 33.7 BTC & 1,319.6 ETH to its crypto fund. The company’s cryptocurrency revelation upsurge to 54.3 BTC & 2,304.6 ETH. The supplementary 2nd Quarter crypto obtaining merged with the cryptocurrency market retrieval after Black Thursday, as BTCS capitalized on the developing market disarticulation at the time. In the meantime,by the 12th of March, Bitcoin is up & around 150% with its 2nd Quarter’s performance perpendicular to 50%. In U.S. Dollar (USD) terms, the BTCS crypto fundraised from less than $300k in the 1st Quarter of 2020 to about $1.02M by the end of the 2nd Quarter of 2020, approximately, the progress of around 285%.
Management’s Cost-Cutting Initiatives
BTCS a digital asset & blockchain technology-focused company, broadcast its reinforced cash position in reply to & to take advantage of on economic disarticulations as a result of COVID-19 pandemic. BTCS has reinforced its cash location by levitation of $500,000 in an adaptable note financing &smearing for a $42,000 loan through the CARES Act Paycheck Protection Program, which is justifiable subject to certain limitations. The Company has also executed cost reduction procedures, together with depressing its annual independent director fee from $75,000 to $18,750 for 2020 & to $15,000 for 2021 &subsequently afterward. Furthermore, BTCS management approved to defer 35% of their salaries for the second quarter of 2020.
“The coronavirus pandemic has sent shockwaves through the global economy,”mentioned Charles Allen, CEO of BTCS. “While digital assets tumbled with the initial sell-off in equities in March, we believe this is an anomaly that could create an opportunity for us to accumulate digital assets at attractive prices. With a strengthened cash position & lowered burn, we are in an ideal position to increase exposure to digital assets at depressed values.”
A core part of BTCS‘ business plan is to create spots in key digital assets. The Company trusts Bitcoin, Ethereum, & few other digital assets are a prodigious stockpile of value & can be effective privet against monetary degradation in the rouse of multi-trillion-dollar economic bailouts. “In times of crisis, market participants often react emotionally, broadly disposing of assets. We believe this is what happened in recent weeks in the digital asset space,” continued Allen. “Moving forward, buoyed by strong fundamentals, including their fixed & limited supply, we strongly believe Bitcoin & Ethereum will benefit from a flight to higher quality amongst digital assets. Conversely, we believe smaller cryptocurrency projects & their associated digital assets will likely be negatively impacted by the economic downturn, specifically if those projects need additional funding.”
BTCS trusts (Having no active mining operations) it’s in a sturdier place to take advantage of on the ongoing market displacement linked to some of its public company nobles. Finally, current“shelter in place” orders have deferred the growth of the Company’s data analytics stage from its unique timeline. As advancements procure, the Company strategizes to deliver supplementary apprises.
Forthcoming Approach Speeches
Several declarations in this media release, constitute “forward-looking statements”in the interior of the meaning of the federal safeties laws together with statements concerning the confidence concerning the aptitude to implement our business plan, The intention to obtain digital assets, the opinion on prices of digital assets, Ethereum & Bitcoin benefiting from investors looking for higher quality digital assets, obtaining monitoring interests in businesses in the blockchain industry, expectations on the timing of opening up & commercializing the digital asset data analytics stage, smearing & getting profits under the Paycheck Protection Program. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding the intent, belief, or current expectations, are forward-looking statements.Whereas the Company trusts these forward-looking statements are rational, unjustified dependence should not be positioned on any such forward-looking declarations, which are based on info accessible on the date of this proclamation. These forward-looking statements are built on current estimations&expectations& are even subject to several risks & uncertainties, together with no limitation failure to stand by the necessities of the Paycheck Protection Program, huge liquidation of digital assets by investors who realize cash as a lesser unpredictable asset during economic a downfall, as well as those menaces outlined in the Company’s filings with the Securities & Exchange Commission. Therefore, real results could be substantially dissimilar. The Company specifically denies any responsibility to update or modified statements whether as a consequence of new info, future events,or else, excluding as mandatory by law.
Investor Relations:
Michal Handerhan
BTCS Inc.
(202) 430-6576
IR@btcs.com
SOURCE: BTCS Inc.
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