BTCS Improves Cash Position to Capitalize on Economic Dislocations Created by COVID-19

 
 

BTCS Inc., a digital asset and blockchain technology-focused company, announces the strengthening of its cash position by $500,000 in response to and to capitalize on economic dislocations as a result of COVID-19.


A core part of BTCS' business plan is to establish positions in key digital assets. The Company believes Bitcoin, Ethereum, and certain other digital assets are a great store of value and can be an effective hedge against monetary debasement in the wake of multi-trillion-dollar economic bailouts. With a strengthened cash position and lowered burn, BTCS believes it's in an ideal position to increase exposure to digital assets at depressed values. With no active mining operations, BTCS believes it's in a stronger position to capitalize on the ongoing market dislocation compared to some of its public company peers.


BTCS has strengthened its cash position by raising $500,000 in a convertible note financing and applied for a $42,000 loan through the CARES Act Paycheck Protection Program, which is forgivable subject to certain restrictions. The Company has also implemented cost reduction measures, including lowering its annual independent director fee from $75,000 to $18,750 for 2020 and to $15,000 for 2021 and thereafter. Additionally, BTCS management agreed to defer 35% of their salaries for the second quarter of 2020.


To learn more about BTCS, visit www.btcs.com


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