BTCS Inc (OTCMKTS:BTCS) Surges Out Of Nowhere
BTCS Inc (OTCMKTS:BTCS) has spent most of this year, so far, swaying in both directions. The chart performance shows us that the stock is very volatile and its performance is quite unpredictable. Lately, we saw it make a bit of a climb that sent it above 10 cents per share, but quickly began to hesitate in the beginning of this month.
The company’s market cap is just a couple of million shy from $20 million, but things can change fairly quickly. After all, BTCS isn’t one of the most successful OTC companies out there, especially when you take a quick look at the numbers that were contained in the report for the first quarter of the year.
- cash: $63 thousand
- current assets: $127 thousand
- current liabilities: $5.4 million
- revenues: $199 thousand
- net loss: $2 million
To be fair, BTCS managed to increase the revenue it generated by four times compared to the same period last year and lower the net loss significantly. The cash reserves and the current assets, however, still remain very low, even by OTC marketplace standards, while the current liabilities are quite big.
There are also the questions surrounding Spondoolies Tech Ltd., the company that signed a merger agreement with BTCS back in September 2015, which we discussed in our previous article. Despite that and the lack of new press releases after the May 25 shareholder update we saw BTCS climb 11.11% in the end of last week and close at $0.115 per share.
True to its fashion, BTCS is 6.09% in the red as of the writing of this article, so you should be sure to do your due diligence and weigh out the risks before committing to any trades.
