BTCS Shares Jump 10% Following Launch of First Blockchain Dividend, Distributing Ethereum to Shareholders
BTCS Announces Blockchain Dividend: BTCS Inc. shares rose 10% after the company revealed it will distribute a one-time blockchain dividend, termed "Bividend," of $0.05 per share in Ethereum (ETH) to shareholders on September 26.
Eligibility and Payments: Shareholders must opt-in, transfer shares to a designated agent, and validate their ETH wallets to receive the Bividend and an additional loyalty payment of $0.35 per share, totaling $0.40 in ETH for eligible investors.
Company's ETH Acquisition Plans: BTCS plans to raise $225 million by 2025 to acquire ETH, aiming to become a major public holder of the cryptocurrency through solo staking and block building strategies.
Market Reaction: Following the announcement, BTCS shares experienced a slight decline in after-hours trading, attributed to a drop in ETH prices, despite a strong momentum score during regular trading hours.
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Skip MSTR— This Bitcoin Mining Stock Is Poised for a Surge as Momentum Score Soars
BTCS Technical Signal: BTCS Inc. is showing a significant momentum surge, with its score jumping from 30.63 to 71.38, indicating a potential breakout and a shift in investor sentiment despite short-term price pressures.
Strong Growth Fundamentals: The company boasts a growth score of 99.74, placing it in the top 1% of stocks for growth performance, suggesting that its recent price movements are supported by solid business expansion.
Ethereum Strategy: BTCS has implemented a "Bividend" strategy, paying dividends in Ethereum and planning to raise $225 million to acquire more ETH, which has contributed to renewed market interest.
Market Performance: Year-to-date, BTCS shares have increased by 26.67%, outperforming the Nasdaq Composite index, although the stock has seen a slight decline of 3.45% over the year.
Three Blockchain and Digital Asset Stocks Experience Significant Gains in Benzinga Growth Rankings
Growth Scores Surge: Bit Digital Inc and BTCS Inc experienced significant growth score increases of 207% and 203%, respectively, while DeFi Technologies Inc saw a 449% rise, indicating strong potential in the digital asset sector.
Company Performance: Bit Digital reported a third-quarter adjusted loss of 5 cents per share but exceeded sales expectations with $30.50 million. BTCS posted earnings of $1.48 per share and sales of $4.94 million, both surpassing consensus estimates.
Market Conditions: All three companies are currently trading below their 50-day and 200-day moving averages, with mixed signals from their Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators.
Investor Outlook: The recent growth in scores and performance highlights the evolving landscape of digital assets, suggesting that investors should monitor these companies closely as they navigate market fluctuations.
