Research from Water Tower Research, Water Tower Research

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.

Research from Water Tower Research

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Equity Bottom-Up

<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