The company received approval from the Securities Exchange Commission, and its common stock will begin trading under the ticker “BTCS” at the open markets on Tuesday. The company hopes the listing will set the ground for further expansion into different blockchain products. Ahead of the listing, BTCS had earlier revealed that it had implemented a reverse split of its issued and outstanding common stock at a ratio of 1-for-10 shares. The move impacts all stakeholders intend to help the firm meet the stock price requirement for the initial listing.
Capitalizing crypto on crypto sector growth
The listing follows the rapid growth of the cryptocurrency sector early this year. According to BTCS, it made timely purchases of Bitcoin, Ethereum, and other cryptocurrencies in the first half of 2021. In this line, as of June 30, 2021, the BTCS’ fair market value digital asset holdings surged 2,013% YoY to $21.5 million. During the period, both Bitcoin and Ethereum recorded significant price growth hitting record price levels inspired by the entry of institutions into the sector. According to the company, as of September 10, its digital asset holdings held a fair market value of about $33 million. In recent months, the company had embarked on an expansion drive like launching proof-of-stake pools on Ethereum 2.0, Cardano, and Tezos. Furthermore, BTCS also established a digital asset analytics platform that is nearing completion. [coinbase]
