BTCS公司2025年度季度报告

Form10-Q For the quarterly period endedMarch 31,2025 or BTCS Inc. (Exact name of registrant as specified in its charter) BTCS INC.TABLE OF CONTENTS PART I - FINANCIAL INFORMATION Condensed Consolidated Balance Sheets as of March 31, 2025 (unaudited) and December 31, 20244Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 2024 BTCS INC. As used in this Quarterly Report on Form 10-Q, the terms “we,” “us,” “our,” the “Company,” the “Registrant,” and “BTCSInc.,” mean BTCS Inc., unless otherwise indicated. BTCS Inc.Notes to Unaudited Condensed Consolidated Financial Statements Note 1 -Business Organization and Nature of Operations BTCS Inc. (“BTCS” or the “Company”), a Nevada corporation listed on Nasdaq, is a U.S.-based blockchain technologycompany focused on blockchain infrastructure. The Company’s primary operations center on the Ethereum network, reflecting itsstrategic emphasis on Ethereum block-building (“Builder+”) and validator node operations (“NodeOps”) across various proof-of-stake BTCS operates non-custodial validator nodes (or “nodes”) that participate in blockchain network consensus by performingtransaction validation (“attestation”) and block proposal services. The Company earns native token rewards by staking its PoS cryptoassets (also referred to “cryptocurrencies”, “crypto”, “crypto assets”, “digital assets”, or “tokens”) to validator nodes operated by bothBTCS and third-parties. Additionally, on certain dPoS networks, BTCS enables third-party crypto asset holders to delegate their assets In 2024, BTCS launched its Builder+ operations, a core component of its blockchain infrastructure strategy. Builder+leverages advanced algorithms to optimize the construction of Ethereum blocks for on-chain validation, focusing on maximizing gas In addition to its blockchain infrastructure operations, BTCS has developed ChainQ, an AI-powered blockchain data andanalytics platform designed to enhance transparency and accessibility within the blockchain ecosystem. Currently in beta, ChainQ The Company’s operations are subject to regulatory uncertainties, technological risks and market volatility inherent toblockchain technology and crypto assets. BTCS’s future success depends on the continued adoption of blockchain technology as well Note 2 -Basis of Presentation Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accountingprinciples generally accepted in the United States (“GAAP”) for interim financial information, the instructions to Form 10-Q and therules and regulations of the SEC. Accordingly, since they are interim statements, the accompanying unaudited condensed consolidatedfinancial statements do not include all of the information and notes required by GAAP for annual financial statements, but in theopinion of the Company’s management, reflect all adjustments consisting of normal, recurring adjustments, that are necessary for a Reclassifications Certain prior period amounts have been reclassified in order to conform with the current period presentation in the unauditedcondensed consolidated financial statements and accompanying notes. The reclassifications did not have a material impact on the Note 3 -Summary of Significant Accounting Policies There have been no material changes in the Company’s significant accounting policies to those previously disclosed in the Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less when purchased to becash and cash equivalents. The Company maintains cash and cash equivalent balances at financial institutions that are insured by theFDIC. As of March 31, 2025 and December 31, 2024, the Company had approximately $270,000and $1,978,000in cash. The Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits.Accounts at each institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. As of March 31, 2025 Stablecoins The Company holds stablecoins, such as USDT (Tether) and USDC (USD Coin), which are crypto assets that are pegged tothe value of one U.S. dollar. Our stablecoins are typically held in secure digital wallets or on crypto asset exchanges. The Companyacquires and holds stablecoins primarily to facilitate crypto asset transactions, including, but not limited to, payments to third-party Crypto Assets Fair Value Measurement The Company accounts for the fair value measurement for its crypto assets in accordance with Financial AccountingStandards Board (“FASB”) Accounting Standards Codification (“ASC”) 820,Fair Value Measurement. ASC 820 defines fair value asthe price that would be received for an asset in a current sale, assuming an orderly transaction between market participants on the Kraken serves as the principal market for the Company’s crypto