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Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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<ul><li>Blockchain technology pioneer BTCS, Inc. (NASDAQ: BTCS) announced its 3Q25 earnings, with revenue of $4.9 million versus $739,000 in 3Q24, up 568% Y/Y.</li><li>The company also saw an unrealized appreciation of crypto assets of $73.7 million, mainly driven by the increase in Ethereum (ETH). </li><li>Gross margin improved to 22%, reflecting enhanced block-building efficiency and early contributions from decentralized finance (DeFi) revenue through Imperium.</li></ul>

Blockchain technology pioneer BTCS, Inc. (NASDAQ: BTCS) announced its 3Q25 earnings, with revenue of $4.9 million versus $739,000 in 3Q24, up 568% Y/Y.The company also saw an unrealized appreciation of crypto assets of $73.7 million, mainly driven by the increase in Ethereum (ETH). Gross margin improved to 22%, reflecting enhanced block-building efficiency and early contributions from decentralized finance (DeFi) revenue through Imperium.

BTCS: Strong 3Q25; Revenue Up 568% Y/Y; Significant Margin Improvement; New Offerings

<ul><li>Allen highlighted how over the last nine to 10 months, Ethereum has seen significant growth, driven by key developments like its collaboration with Swift, a price approaching its all-time high of ∼$4,800, and substantial institutional adoption from firms like Fidelity.</li><li>This surge is fundamentally a function of utility, with Ethereum hosting ~60% of stablecoins and beginning to see the tokenization of stock and other real-world assets.</li><li>This movement is seen as realizing the blockchain’s potential for global asset movement without intermediaries, similar to how the internet digitized information, a development now accelerating as initial regulatory hurdles ease and capital flows into the space. </li></ul>

Allen highlighted how over the last nine to 10 months, Ethereum has seen significant growth, driven by key developments like its collaboration with Swift, a price approaching its all-time high of ∼$4,800, and substantial institutional adoption from firms like Fidelity.This surge is fundamentally a function of utility, with Ethereum hosting ~60% of stablecoins and beginning to see the tokenization of stock and other real-world assets.This movement is seen as realizing the blockchain’s potential for global asset movement without intermediaries, similar to how the internet digitized information, a development now accelerating as initial regulatory hurdles ease and capital flows into the space. 

BTCS, Inc: CEO Discusses Ethereum’s Progress, BTCS’ Outlook, and US DeFi Ecosystem

<ul><li>We are initiating coverage of BTCS, Inc. (NASDAQ: BTCS), a pioneer in the blockchain technology sector since 2014. BTCS stands for Blockchain Technology Consensus Solutions, which is what it does for Ethereum, not Bitcoin (BTC).</li><li>BTCS is a US-based blockchain technology company focused on blockchain infrastructure, with its primary operations currently focused on the Ethereum network.</li><li>Its core focus is on driving scalable growth through a diverse range of blockchain-focused technological solutions, emphasizing Ethereum infrastructure, including block building and validator node operations.</li></ul>

We are initiating coverage of BTCS, Inc. (NASDAQ: BTCS), a pioneer in the blockchain technology sector since 2014. BTCS stands for Blockchain Technology Consensus Solutions, which is what it does for Ethereum, not Bitcoin (BTC).BTCS is a US-based blockchain technology company focused on blockchain infrastructure, with its primary operations currently focused on the Ethereum network.Its core focus is on driving scalable growth through a diverse range of blockchain-focused technological solutions, emphasizing Ethereum infrastructure, including block building and validator node operations.

BTCS, Inc: Powering the Future of the Decentralized Economy with Ethereum

<ul><li>Allen highlighted BTCS’ focus on Ethereum and building on top of the Ethereum network.</li><li>The recent passage of the US GENIUS Act has propelled Ethereum and stablecoins into the forefront of the cryptocurrency world.</li><li>BTCS, the oldest public crypto company, has focused on being an Ethereum-first blockchain infrastructure company. For the last five years, it has been accumulating Ethereum as a byproduct of its operations.</li></ul>

Allen highlighted BTCS’ focus on Ethereum and building on top of the Ethereum network.The recent passage of the US GENIUS Act has propelled Ethereum and stablecoins into the forefront of the cryptocurrency world.BTCS, the oldest public crypto company, has focused on being an Ethereum-first blockchain infrastructure company. For the last five years, it has been accumulating Ethereum as a byproduct of its operations.

BTCS, Inc: CEO Discusses Ethereum-First Business and the US GENUIS Act’s Impact

United States

BTCS Inc. (BTCS) operates as an online retailer that sells various types of merchandise for virtual currencies. The Company offers transaction verification, secured information, digital currency ecosystem, display up-to-date inventory, and management of digital currency wallets services.

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BTCS (BTCS US)

BTCS: Strong 3Q25; Revenue Up 568% Y/Y; Significant Margin Improvement; New Offerings

Blockchain technology pioneer BTCS, Inc. (NASDAQ: BTCS) announced its 3Q25 earnings, with revenue of $4.9 million versus $739,000 in 3Q24, up 568%...

Water Tower Research

BTCS, Inc: CEO Discusses Ethereum’s Progress, BTCS’ Outlook, and US DeFi Ecosystem

Allen highlighted how over the last nine to 10 months, Ethereum has seen significant growth, driven by key developments like its collaboration with...

Water Tower Research

BTCS, Inc: Powering the Future of the Decentralized Economy with Ethereum

BTCS is a US-based blockchain technology company focused on blockchain infrastructure, with its primary operations currently focused on the...

Water Tower Research

BTCS, Inc: CEO Discusses Ethereum-First Business and the US GENUIS Act’s Impact

Ethereum has recently shown a resurgence in value, attracting institutional capital as the market recognizes its potential to fundamentally change...

Water Tower Research

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