The firm plans to raise up to $2 billion through share sales to purchase more ETH.
BTCS Inc., short for Blockchain Technology Consensus Solutions (ticker BTCS) now holds 70,140 ETH, worth over $321 million, according to its second-quarter earnings report. The firm also reported a “revenue record” in the first six months of 2025 of $4.46 million, a 341% year-over-year increase from $1.01 million in the first half of 2024.
BTCS is an Ethereum-focused firm that offers several tools, including the gas-optimizing block-building service Builder+, cloud-based validator solution NodeOps, and an AI-powered blockchain analytics platform called ChainQ. Its Builder+ revenue grew to $2.51 million this past quarter from $76,000 the year prior, when it launched.
The Nasdaq-listed firm is one of the oldest publicly traded blockchain companies, having operated since 2014. Its stock is up over 71% since the start of the year to 4.50, largely driven by interest in so-called crypto treasury companies.
“With the infrastructure built, more than 70,140 ETH on our balance sheet today, and meaningful capital behind us, we believe we are positioned to realize the full impact of our strategy and expect to see improving margins and increasing ETH generation as our operations reach the next phase of scale and efficiency,” BTCS CEO Charles Allen said in a statement, referring to the firm’s “flywheel” strategy of accumulating ETH.
While the firm’s revenues have grown this year, BTCS posted a net loss of $13.39 million for the past six-month period, reportedly due to its investments in the Builder+ service, $5.74 million in depreciation losses, and $4.16 million in realized losses from the sale of “non-Ethereum crypto assets,” according to the release.
The firm plans to raise up to $2 billion through share sales to purchase more ETH amid the frenzied trend of Ethereum treasury companies like Bitmine and SharpLink, which in total are valued at over $10 billion, according to The Block’s data.
