BTCS Announces $1.45 Million in Additional Financing to Close Year
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....
Related News
BTCS, also know as Bitcoin Shop, Inc, has announced the acquisition of additional ownership within Coin Outlet. The company also announced the deployment of new transaction verification servers in a new location, which will lower operating costs for the company by 30%. Both of these announcements signify forward moving progress for BTCS’ vision of becoming a universal platform. The goal of BTCS is to give users the ability to engage with the digital currency ecosystem through one point of access. Though it is currently in beta, the site gives users the ability to purchase products using....
Blockchain firm BTCS Inc. (OTCQB: BTCS) has entered into an equipment financing deal with CSC Leasing Company in order to lower the cost of capital. CSC is an independent lessor of technology equipment providing custom lease solutions to several firms. Charles Allen, Chief Executive Officer of BTCS said, "The financing flexibility provided by our agreement with CSC puts us in an advantageous position to improve shareholder value as we move forward on the next phase of our growth strategy. While specific terms of the facility will be determined as we add new equipment, such as....
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.....
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....
Aspiring universal digital currency platform BTCS recently announced that it has successfully financed $2.3 million with the board’s participation. The US-based publicly traded company said in its press release that it sold “7,708,342 units consisting of one share of common stock and 1.4 warrants at a per unit price of $0.30.” It also informed that these warrants are “exercisable into an aggregate of 10,791,684 shares of common stock at a per share price of $0.375,” presumably its highest share value since inception. Charles Allen, the CEO of BTCS and also one of the top contributors to....