BTCS Inc. (OTCQB:BTCS) Going Up And Down The Charts
tags: BTCS
BTCS Inc. (OTCQB:BTCS) experienced a pretty nasty fall in the middle of the past month. The company stock was hovering around the 10 cent per share mark, but it was hit so hard that it lost about 90% of its value in a matter of just two weeks of trading, while the volumes increased significantly.
This didn’t come as a surprise after the massive dilution that the company stock experienced as a result of BTCS “being unable to meet the repayment terms of the notes issued in December 2015”. The company had to issue about a quarter of the currently outstanding shares because of that and it appears that this wasn’t to the liking of investors.
Meanwhile, if you have followed us you would know that BTCS’ financial state is far from rosy, as the numbers of prime interest contained in the balance sheet of its latest report clearly show.
- cash: $62 thousand
- current assets: $126 thousand
- current liabilities: $5.4 million
- quarterly revenues: $199 thousand
- quarterly net loss: $2 million
Those numbers are far from good, but the current market cap of BTCS is also really small, sitting below $2 million. The company didn’t manage to cushion the blow from the massive dilution even after announcing that it has come to a standstill and leak-out agreement with the noteholders concerning future conversions. This was, however, a decision that was made too late.
BTCS couldn’t recover even after the bitcoin price shot up after the Brexit vote that caused that massive the drop of the pound. The stock is swaying in both directions, refusing to enter double-zero land. Yesterday it gained 11.01% in value and closed at $0.0121, but it has dropped 14.88% in today’s trading.
