Silver Spring, Maryland, July 06, 2020 (GLOBE NEWSWIRE) — (via Blockchain Wire) (OTCQB: BTCS) (“BTCS” or the “Company”), a digital asset and blockchain technology focused company, expanded its digital asset position to more than $1 million in the second quarter ended June 30, 2020, an increase of more than 130% from the prior quarter.
Establishing positions in key digital assets is a core part of the Company’s business plan. Through timely purchases of Bitcoin and Ethereum, BTCS has substantially grown its digital asset portfolio over the past 12-months. The table below summarizes the Company’s digital asset ownership growth over the last four quarters:
|Digital Assets Held at Period End|
The fair market value of the Company’s digital asset position increased 285% to $1.02 million in the second quarter of 2020, primarily from the additional purchases of digital assets. The table below summarizes the fair market value of our digital assets over the past four quarters:
|Fair Market Value of 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. Bitcoin has rallied over 80% from its March 2020 low, which the Company believes is driven by a flight to safety during the ongoing COVID-19 pandemic as well as the recent bitcoin halving on May 11, 2020.
While the Company believes Bitcoin and Ethereum are a great store of value, going forward, it plans to utilize its industry experience to further expand the Company’s digital asset holdings to diversify risk as it continues to grow its business. BTCS also plans to avoid digital assets which it believes may be classified as digital securities.
BTCS is one of the first U.S. publicly traded companies focused on digital assets and blockchain technologies. BTCS plans to acquire additional digital assets to provide investors with indirect ownership of digital assets that are not securities, such as Bitcoin and Ether. We intend to acquire digital assets through open market purchases. We are not limiting our assets to a single type of digital asset and may purchase a variety of digital assets that appear to benefit our shareholders, subject to the limitations of the Investment Company Act of 1940. We are also internally developing a digital asset data analytics platform. The Company is also seeking to acquire controlling interests in businesses in the blockchain industry. For more information visit: www.btcs.com
Certain statements in this press release, constitute “forward-looking statements” within the meaning of the federal securities laws including statements regarding our belief regarding the value of Bitcoin, Ethereum, and certain other digital assets. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company’s filings with the Securities and Exchange Commission. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.