Anastas Gegov

BTCS Inc (OTCMKTS:BTCS) Fails To Recover

by Anastas Gegov June 16, 2016

After going up and down the charts throughout the first half of this year we saw BTCS Inc (OTCMKTS:BTCS, BTCS message board)’s stock take a more firm direction. Unfortunately for some, the direction that the company stock took was downward and it was rather steep.

 

Meanwhile, volumes increased as investors were trying to get out and shorters were having a blast. The negative sentiment towards BTCS wasn’t that surrounding when you consider all the red flags surrounding the company. Let’s start with a quick recap of the numbers that were contained in the financial report for the first quarter of the year.

 

  • cash: $63 thousand
  • current assets: $127 thousand
  • current liabilities: $5.4 million
  • revenues: $199 thousand
  • net loss: $2 million

 

While those numbers look pretty terrible there are still other things that are disturbing. Some time ago it turned out that a district court in Beersheva, Israel has appointed a temporary liquidator for Spondoolies, a company that BTCS has been having plans of merging with, even putting 12 million shares in escrow.

 

BTCS has also lowered the exercise price of an impressive amount of warrants, a matter which we discussed in more detail in our previous article. These things are exactly the reason for which it doesn’t surprise us that the ticker dropped another 12.31%, closing at $0.057 per share yesterday, even after it started off rather well, climbing 5.71% in early trading.

 

Considering all this and doing your own due diligence should precede any trades involving BTCS.

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