Silver Spring, MD, Feb. 18, 2021 (GLOBE NEWSWIRE) — (via Blockchain Wire) BTCS Inc. (OTCQB: BTCS) (“BTCS” or the “Company”), a digital asset and blockchain technology focused company, issued a letter to its more than 37,000 shareholders describing the Company’s recent achievements and goals for 2021. The letter from Charles Allen, CEO of BTCS, is reprinted below in its entirety.
I want to begin by thanking our long-term shareholders for their steadfast commitment to BTCS as our business has evolved over the last seven years. We were one of the earliest movers in the blockchain and digital currency ecosystems and the first “Pure Play” U.S. public company focused on digital assets and blockchain technologies. Like the internet era that came before, which forever changed the way people communicate with each other, blockchain technology is now changing the way we transact with each other, and the opportunity is just getting started.
Through our vast experience participating across the blockchain ecosystem since its earliest days, we believe we have refined our strategy to create the most shareholder value given our resources, and we believe we demonstrated our ability to execute this strategy extremely well in 2020 as we generated a 1,327% year-over-year gain in our digital asset portfolio and laid the core foundation for our digital asset data analytics platform.
Michal, our COO, and I, along with board member David Garrity, invested $1.1 million into the Company earlier this year based on strong belief in our ability to capitalize on the disruptive and transformative potential of digital assets in the quarters ahead. Our investment, which is effectively locked up for two years with resale severely limited thereafter, demonstrates that we are in this for the long haul and aligns our interests with those of our shareholders.
Outlook and 2021 Goals
Looking ahead, we are shifting our focus to more active, revenue generating operations, and expect to resume transaction verification services operations in the first quarter of 2021. We believe our digital asset treasury will play a key role in our approach to this segment, and we look forward to sharing more insight into what we expect will be a very rewarding business as operations get underway.
As mentioned previously, our digital asset treasury strategy drove a 1,327% year-over-year gain in our digital asset portfolio in 2020. Our strategy is to focus on blockchain protocol layers, which enables us to avoid the low success rate of picking winning projects. We believe investing our treasury resources in blockchain protocol layers has the best risk adjusted return profile, and our performance to date provides significant validation of this approach, as does the success of multi-billion-dollar companies implementing similar strategies.
We believe bitcoin, ethereum, and certain other protocol layer digital assets are a great store of value and can be an effective hedge against monetary debasement in the wake of multi-trillion-dollar economic bailouts. Bitcoin and ethereum have rallied nearly 1,154% and 1,830% respectively from their March 2020 lows, which we believe is driven by institutional interest in digital assets, PayPal allowing its customers to buy and sell bitcoin and ethereum through their platform, and a flight to safety during the ongoing COVID-19 pandemic. As of February 17, 2021, the Company’s digital assets had a Fair Market Value of approximately $10.5 million, which includes $800,000 worth of digital assets (now worth approximately $1.23 million) purchased earlier this year with the proceeds of management’s recent $1.1 million investment.
The initial development of our digital asset data analytics platform is nearing completion, and we anticipate launching an invite only public beta release in the second quarter this year. In addition to performance metrics and aggregation of digital asset…