S&P 500 slips, but losses kept in check as Nvidia climbs ahead of results
On May 21, 2025, BTCS Inc., a $63.5 million market cap company specializing in finance services, conducted its Annual Meeting of Shareholders. The meeting, which came after a strong 36% stock surge in the past week according to InvestingPro data, resulted in the election of board members and ratification of the company’s independent auditor for the fiscal year 2025. The meeting saw a 68.902% turnout of the voting power, with 13,905,718 shares represented.
Shareholders voted on several key proposals, including the election of five director nominees: Charles Allen, Michal Handerhan, Charles Lee, Melanie Pump, and Ashley DeSimone. All nominees were elected to serve until the 2026 Annual Meeting of Shareholders or until their successors are elected and qualified. The election required a plurality vote, with Charles Allen receiving 7,898,638 votes for and 115,566 abstentions, Michal Handerhan garnering 7,869,541 votes for and 144,661 abstentions, and similar majorities for the other candidates. Each director’s election saw significant support, with no votes against and a substantial number of broker non-votes ranging from 5,891,514 to 5,891,516.
Additionally, the appointment of the company’s independent registered public accounting firm for the fiscal year 2025 was ratified with 13,646,086 votes for, 193,899 against, and 65,732 abstentions. The advisory vote on the compensation of the company’s named executive officers also passed, with 7,787,844 votes for, 146,466 against, and 74,892 abstentions.
No other business was conducted at the meeting, as detailed in the company’s Definitive Proxy Statement filed with the SEC on March 28, 2025. The results affirm shareholder confidence in the current leadership and financial oversight of BTCS Inc. InvestingPro analysis shows the company maintains strong liquidity with a current ratio of 43.4, though profitability remains a challenge. Subscribers to InvestingPro can access 10+ additional key metrics and insights about BTCS’s financial health, which currently rates as ’FAIR’ according to proprietary scoring.
The information in this article is based on a press release statement. Looking ahead, analysts tracked by InvestingPro project 170% revenue growth for fiscal year 2025, highlighting potential opportunities despite current challenges. The company’s next earnings report is scheduled for August 6, 2025.
In other recent news, BTCS Inc. has made significant strides in expanding its Ethereum holdings, acquiring an additional 3,450 ETH valued at approximately $8.42 million. This acquisition increased the company’s total ETH holdings to around 12,500 units, contributing to a rise in the fair market value of its cryptocurrency holdings and cash to about $38.42 million. The company secured $7.8 million through convertible notes, part of a larger financing agreement that could reach up to $57.8 million, to support this growth. The convertible notes, which mature in 2027, carry a 6% annual interest rate and are convertible into common stock at $5.85 per share.
BTCS’s CEO, Charles Allen, personally invested $95,000 in this offering, with an additional $200,000 from a trust for which he is a beneficiary. The company also leveraged decentralized finance (DeFi) by borrowing USDT on the AAVE protocol to acquire more ETH, aiming to increase staking rewards while minimizing costs. This strategic move aligns with BTCS’s goal to optimize its blockchain operations and enhance shareholder value. H.C. Wainwright & Co. served as the exclusive placement agent for the offering. These developments underscore BTCS’s ongoing commitment to strengthening its position in the blockchain infrastructure sector.
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