BTCS discontinues StakeSeeker platform to strengthen Ethereum infrastructure focus, reports 134% Q3 revenue growth amid strategic portfolio realignment.
BTCS (Nasdaq: BTCS), a publicly-traded blockchain infrastructure company established in 2013, announced the discontinuation of its StakeSeeker platform to strengthen its core focus on Ethereum blockchain infrastructure operations, the company’s primary revenue driver.
Crypto holders within BTCS’s StakeSeeker platform have been provided with the necessary tools to analyze their portfolios and staking activities. While this improvement is in place, the company sees its blockchain infrastructure operations, especially those focused on Ethereum, as a better way to generate sustainable value for shareholders.
CEO of BTCS, Charles Allen, stated that the company has stopped its StakeSeeker platform to place more priority on areas where it can succeed. Allen added that the vision is to make BTCS a leader in Ethereum blockchain infrastructure and deliver the best value for their shareholders.
“After careful consideration, we have decided to discontinue the StakeSeeker platform as part of our strategy to be laser-focused on areas where we have a demonstrable chance of success, Our primary goal is to position BTCS as the premier Ethereum blockchain infrastructure company, and this decision reflects our commitment to driving maximum value for our shareholders.” Allen noted.
It was revealed that crypto holders using BTCS validator nodes are not affected, as a delegation can still access BTCS’s infrastructure to earn staking rewards.
The company has experienced steady growth this year, with strong financial results for the third quarter of 2024. Quarterly revenue reached $0.7 million—a 32% increase from Q2 2024 and 134% higher than Q3 2023. Also, the year-to-date revenue was over $1.7 million, a 73% increase from the same period in 2023.
Gross margins for the nine months ended September 30, 2024, were 50%, down from 72% in 2023 due to higher operational expenses supporting revenue growth from Builder+ operations.
BTCS reported a net loss of $3.5 million for the first nine months of 2024, compared to a $0.5 million profit in 2023. Cash and cryptocurrency holdings grew from $26.0 million on September 30 to $33.0 million by November 12, 2024.
The company tied the success it had to its Builder+ operations. It noted that the initiative has become vital to its revenue strategy as it continues to deliver double-digit quarterly revenue growth by optimizing block-building in the Ethereum ecosystem. It added that Builder+ enables it to maximize gas fee revenue through the use of advanced algorithms and optimization of block construction.
Allen addressed BTCS’s digital asset strategy, confirming the complete divestment of Bitcoin holdings in favor of higher-yielding cryptocurrencies. The company’s latest portfolio disclosures reveal Ethereum as its largest position, with additional significant holdings in Solana, Cardano, Polkadot, Polygon, and Avalanche.
Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor's and master's degrees in linguistics. When not writing, he trades forex and plays video games.
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