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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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<div><ul><li>Allen detailed the company’s operating model as an Ethereum-first blockchain infrastructure provider. </li><li>Unlike digital asset treasuries that rely solely on token appreciation, BTCS generates scalable, active revenue across three core pillars: NodeOps for staking, Builder+ for block building, and Imperium for liquidity provisioning strategies.</li><li>This integrated framework, supported by a flexible capital model, establishes a distinct competitive moat within the public markets.</li></ul></div>

Allen detailed the company’s operating model as an Ethereum-first blockchain infrastructure provider. Unlike digital asset treasuries that rely solely on token appreciation, BTCS generates scalable, active revenue across three core pillars: NodeOps for staking, Builder+ for block building, and Imperium for liquidity provisioning strategies.This integrated framework, supported by a flexible capital model, establishes a distinct competitive moat within the public markets.

BTCS: CEO Discusses Scaling Ethereum Infrastructure & High-Margin Revenue Growth

<ul><li>Blockchain technology pioneer BTCS, Inc. (NASDAQ: BTCS) recently announced its 1Q26 earnings, with revenue of $2.2 million, up 27% Y/Y. </li><li>CEO Charles Allen stated that 1Q26 demonstrated the “power of our business model and the strategic value of Imperium. </li><li>We generated $2.1 million in total revenue and delivered $1.0 million in gross profit at a 47% gross margin. T</li></ul>

Blockchain technology pioneer BTCS, Inc. (NASDAQ: BTCS) recently announced its 1Q26 earnings, with revenue of $2.2 million, up 27% Y/Y. CEO Charles Allen stated that 1Q26 demonstrated the “power of our business model and the strategic value of Imperium. We generated $2.1 million in total revenue and delivered $1.0 million in gross profit at a 47% gross margin. T

BTCS: 1Q26 Earnings Show Gross Profit of $1.0 Million and 47% Gross Margin

<ul><li>Continuing an Ethereum-first operating model. Allen reiterated that BTCS has consistently operated as an “Ethereum-first” company focused on scalable revenue. </li><li>He emphasized that the company differentiates itself by building a growth story independent of simple token price appreciation.</li><li>The business model utilizes three core pillars: NodeOps for staking, Builder+ for block building, and the high-margin Imperium segment. </li></ul>

Continuing an Ethereum-first operating model. Allen reiterated that BTCS has consistently operated as an “Ethereum-first” company focused on scalable revenue. He emphasized that the company differentiates itself by building a growth story independent of simple token price appreciation.The business model utilizes three core pillars: NodeOps for staking, Builder+ for block building, and the high-margin Imperium segment. 

BTCS: WTR Insights Conference Highlights Strong Operations in a Tough Market

<ul><li>Blockchain technology pioneer BTCS, Inc. (NASDAQ: BTCS) announced its FY25 earnings, with revenue of $16.5 million, up 305% Y/Y. </li><li>CEO Charles Allen stated that “2025 was a transformative year for BTCS as we scaled our Ethereum-first operating model and delivered record revenue.”</li><li>He also highlighted that revenue grew more than 300%, driven by the expansion of Builder+, its block-building business, and the successful launch of Imperium, its DeFi segment.</li></ul>

Blockchain technology pioneer BTCS, Inc. (NASDAQ: BTCS) announced its FY25 earnings, with revenue of $16.5 million, up 305% Y/Y. CEO Charles Allen stated that “2025 was a transformative year for BTCS as we scaled our Ethereum-first operating model and delivered record revenue.”He also highlighted that revenue grew more than 300%, driven by the expansion of Builder+, its block-building business, and the successful launch of Imperium, its DeFi segment.

BTCS: 305% Y/Y Revenue Growth to Record $16.5 Million for FY25

<div><ul><li>Allen highlighted a landmark year for BTCS, headlined by preliminary 2025 revenue of $16 million, which was a 290% increase over the previous year. </li><li>This growth was punctuated by record fourth-quarter revenue of ~$6.6 million, even though, as Allen noted, the first quarter is typically a slower period for the company.</li><li>Beyond top-line revenue, BTCS’ total assets surged by 600%, driven by an aggressive Ethereum accumulation strategy that resulted in holdings of more than 70,500 ETH (valued at ~$225 million).</li></ul></div><div><p style="list-style-type: square;"></p></div>

Allen highlighted a landmark year for BTCS, headlined by preliminary 2025 revenue of $16 million, which was a 290% increase over the previous year. This growth was punctuated by record fourth-quarter revenue of ~$6.6 million, even though, as Allen noted, the first quarter is typically a slower period for the company.Beyond top-line revenue, BTCS’ total assets surged by 600%, driven by an aggressive Ethereum accumulation strategy that resulted in holdings of more than 70,500 ETH (valued at ~$225 million).

BTCS: CEO Discusses Record 2025 Revenue, BTCS Differentiation, and the US CLARITY Act

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: CEO Discusses Scaling Ethereum Infrastructure & High-Margin Revenue Growth

Unlike digital asset treasuries that rely solely on token appreciation, BTCS generates scalable, active revenue across three core pillars...

Water Tower Research

BTCS: 1Q26 Earnings Show Gross Profit of $1.0 Million and 47% Gross Margin

Blockchain technology pioneer BTCS, Inc. (NASDAQ: BTCS) recently announced its 1Q26 earnings, with revenue of $2.2 million, up 27% Y/Y.

Water Tower Research

BTCS: WTR Insights Conference Highlights Strong Operations in a Tough Market

Continuing an Ethereum-first operating model. Allen reiterated that BTCS has consistently operated as an “Ethereum-first” company focused on...

Water Tower Research

BTCS: 305% Y/Y Revenue Growth to Record $16.5 Million for FY25

Blockchain technology pioneer BTCS, Inc. (NASDAQ: BTCS) announced its FY25 earnings, with revenue of $16.5 million, up 305% Y/Y.

Water Tower Research

BTCS: CEO Discusses Record 2025 Revenue, BTCS Differentiation, and the US CLARITY Act

Allen highlighted a landmark year for BTCS, headlined by preliminary 2025 revenue of $16 million, which was a 290% increase over the previous year.

Water Tower Research

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