BTCS Raises $1.4 Million To Invoke The Crypto-Industry Tech
ARLINGTON, VA — On December 22, BTCS Inc (OTCQB: BTCS) a U.S.-based blockchain infrastructure company announced it will close out the year with a $1.4 million finance round. The business recently acquired Spondoolies, the bitcoin miner-manufacturer back in September of this year. The capital was raised through convertible shares of the BTCS common stock.....
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Bitcoin mining firm BTCS announced a $1,450,000 financing on December 16, 2015. Cavalry Fund I LP led the financing, which marks yet another significant financing for BTCS in 2015, putting it in a position to develop and expand its services within the Bitcoin industry. “The successful closing of this round of financing is an important milestone for BTCS,” according to Charles Allen, CEO of BTCS. “It enabled us to invest an additional $750,000 in Spondoolies-Tech Ltd. (“Spondoolies”), increasing our ownership from 6.6% to 9.6% ahead of our pending merger, and sets the stage for the rollout....
Bitcoin mining firm BTCS, formerly known as Bitcoin Ship has completed a $1.45 million round of financing on December 16, led by Cavalry Fund LP. Originally known as Bitcoin Shop, BTCS was an e-commerce retailer that shifted its business model to bitcoin mining. The company was in need of a cash-boost after a recent SEC filing raised concerns of the company's ability to even exist in the long term. The SEC filing shows a net loss of $8.4 million for nine months ending September 2015. An excerpt from the SEC filing read: Because of recurring operating losses, net operating cash flow....
In an attempt to create one of the world's first publicly traded bitcoin transaction verification companies, Bitcoin Shop, Inc. (BTCS) and Spondoolies-Tech, Ltd. have announced that they are in the process of merging. By merging, BTCS, which recently launched its own mining farm, would gain access to the technology of one of the top hardware providers in the ecosystem. The deal is an all-stock deal that will result in BTCS owning 53 percent of the combined company. This is due to the recent $1.5 million investment in Spondoolies that took place in May, which was a first step in completing....
Spondoolies-Tech, the bitcoin hardware and cloudmining company has stopped operations. The Bitcoin industry can get unpredictable sometimes, just like the value of digital currency. In one such sudden, out of the blue announcement, Spondoolies-Tech’s CEO, Guy Corem in a post on the company’s page has announced that they have shut down their operations. The Israeli Bitcoin hardware and mining solutions firm has been one of the leading transaction server manufacturers in the bitcoin industry. The news about the company shutting down its operations comes close to the recent merger between....
BTCS has indicated it has completed the merger with Spondoolies-Tech. BTCS shareholders now own approximately 55.4% of the merged company, while Spondoolies-Tech shareholders own 44.6% of the new entity. In a statement, BTCS CEO called the move a "major milestone" that would help reinvent the former bitcoin-specific retail website as a leading transaction processing firm. Bitcoin Shop (BTCS) and Spondoolies-Tech have signed an agreement that would find the publicly traded bitcoin services firm and the Israeli mining hardware manufacturer merging and continuing under a united brand. The....