BTCS Discontinues StakeSeeker Platform to Focus on Ethereum Infrastructure
BTCS has discontinued its StakeSeeker platform to concentrate on Ethereum blockchain infrastructure, which is its main revenue source and long-term business goal.
The StakeSeeker platform provided crypto holders with tools for portfolio and staking analysis. However, BTCS views blockchain infrastructure operations, particularly those centered on Ethereum, as a more sustainable way to create shareholder value.
CEO Charles Allen stated that the decision to discontinue StakeSeeker allows BTCS to prioritize areas where it can succeed. The aim is to establish BTCS as a leader in Ethereum blockchain infrastructure and maximize shareholder value.
“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.
Crypto holders using BTCS validator nodes remain unaffected, as they can still access BTCS's infrastructure for staking rewards.
Financial Growth and Strategic Shifts Drive BTCS’s Future
BTCS has reported steady growth this year, achieving third-quarter 2024 revenue of $0.7 million—32% higher than Q2 2024 and 134% above Q3 2023. Year-to-date revenue exceeded $1.7 million, a 73% increase from the same period in 2023.
Gross margins for the nine months ending September 30, 2024, were 50%, down from 72% in 2023 due to increased operational expenses related to revenue growth from Builder+ operations.
BTCS reported a net loss of $3.5 million for the first nine months of 2024, contrasting with a $0.5 million profit in 2023. Cash and cryptocurrency holdings rose from $26.0 million on September 30 to $33.0 million by November 12, 2024.
The company's success is attributed to Builder+ operations, which have become essential to its revenue strategy, delivering consistent double-digit quarterly revenue growth through optimized block-building in the Ethereum ecosystem. Builder+ enhances gas fee revenue via advanced algorithms and block construction optimization.
Active in crypto since 2013 and listed on Nasdaq, BTCS's CEO addressed inquiries about the company's Bitcoin holdings. Allen revealed that the company divested all BTC holdings years ago to focus on cryptocurrencies with higher potential returns. Currently, Ethereum represents the largest holding, alongside assets like Solana, Cardano, Polkadot, Polygon, Avalanche, and others.