Screener / SEC EDGAR /CIK 0001436229 /10-K filed Mar 26, 2026, compared with Mar 20, 2025 /Numbers from the XBRL of the 10-Ks
Crypto peers:
Nasdaq Crypto · Financial Services

BTCS BTCS

BTCS Inc. (“BTCS” or the “Company”) is a U.S.-based, Nasdaq-listed blockchain technology company focused on revenue generation through blockchain infrastructure and decentralized finance (“DeFi”) activities, primarily on the Ethereum network. 10-K, Item 1

Headquarters
Wayne, PA
CEO
Charles W. Allen
Next results
around Jan 6, 2027
Compare with peers Embed

BTCS among Crypto peers

Six ratios from the latest 10-K. Each corner is the share of 25 peers the company is above, not a score.

Compare
Revenue growth: 304.8%, above 92% of 25 peers (their median 26.3%) REVENUE GROWTH 304.8% · above 92% Gross margin: 26.9%, above 13% of 15 peers (their median 55.2%) GROSS MARGIN 26.9% · above 13% Net margin: -746.3%, above 0% of 17 peers (their median -146.9%) NET MARGIN -746.3% · above 0% FCF margin: -47.1%, above 68% of 19 peers (their median -100.9%) FCF MARGIN -47.1% · above 68%
BTCS Peer median Below the median

What changed

7 new risk paragraphs and 4 accounting facts worth reading about. 10-K filed Mar 26, 2026 against Mar 20, 2025.

Risk factors
7 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Auditor change
8-K item 4.01 (change in certifying accountant) filed Mar 31, 2026
10-K · XBRL
Going concern language
“Evaluation of Liquidity and the Company’s Ability to Continue as a Going Concern Critical Audit Matter Description As described in Note 13 to the financial statements, management evaluated whether conditions or events raised substantial doubt about the Company’s ability to continue as a going concern, which contemplates the continuity of operations, realization of assets, and settlement of liabili”
10-K · XBRL
Late filing notice (NT 10-K or NT 10-Q)
NT 10-Q filed Aug 17, 2026: the company said its 10-Q would be late
10-K · XBRL
Critical audit matters changed
New this year: Evaluation of Liquidity and the Company’s Ability to Continue as a Going Concern (“As described in Note 13 to the financial statements, management evaluated whether conditions or events raised substantial doubt about the Company’s ability to continue as a going concern, which contemplates the continuity of operations, realization of assets, and settlement of liabilities in the nor”); F-1; Evaluated management’s cash flow projections for the twelve-month period following the issuance; Assessed the feasibility and probability of management’s plan to complete the proposed equity offering; Evaluated the existence of digital assets by ascertaining the fair value of such assets from observable; Evaluated the adequacy of the going concern disclosures in the financial statements and footnotes in accordance (“Crypto assets are generally accessible only by the possessor of the unique private key relating to the digital wallet or node in which the crypto assets are held. Accordingly, private keys must be safeguarded and secured in order to prevent an unauthorized party from accessing the crypto assets with”); Assessed management’s conclusion that substantial doubt is alleviated based on the totality of evidence (“Crypto assets are generally accessible only by the possessor of the unique private key relating to the digital wallet or node in which the crypto assets are held. Accordingly, private keys must be safeguarded and secured in order to prevent an unauthorized party from accessing the crypto assets with”); We consulted with subject matter experts regarding our planned audit response to address certain risks (“We applied auditor judgment in determining the nature and extent of audit evidence required, especially related to assessing the existence of the digital assets and whether the Company controls the digital assets. We evaluated the sufficiency and appropriateness of audit evidence obtained by assessi”); We noted the controls within the Company’s private key management process including controls related (“We applied auditor judgment in determining the nature and extent of audit evidence required, especially related to assessing the existence of the digital assets and whether the Company controls the digital assets. We evaluated the sufficiency and appropriateness of audit evidence obtained by assessi”); We tested the effectiveness of management’s reconciliation control of internal books and records (“We applied auditor judgment in determining the nature and extent of audit evidence required, especially related to assessing the existence of the digital assets and whether the Company controls the digital assets. We evaluated the sufficiency and appropriateness of audit evidence obtained by assessi”); We obtained evidence that management has control of the private keys required to access crypto assets (“We applied auditor judgment in determining the nature and extent of audit evidence required, especially related to assessing the existence of the digital assets and whether the Company controls the digital assets. We evaluated the sufficiency and appropriateness of audit evidence obtained by assessi”). Same as last year: Corporate Crypto Assets Held
10-K · XBRL
Accounting checks
4 other checks clear, 4 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
2 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

8 checks on the latest 10-K. Checks, not verdicts.

How it works

4facts worth reading about the other 4 checks found nothing to note

  • Auditor change
    8-K item 4.01 (change in certifying accountant) filed Mar 31, 2026
  • Going concern language
    “Evaluation of Liquidity and the Company’s Ability to Continue as a Going Concern Critical Audit Matter Description As described in Note 13 to the financial statements, management evaluated whether conditions or events raised substantial doubt about the Company’s ability to continue as a going concern, which contemplates the continuity of operations, realization of assets, and settlement of liabili”
  • Late filing notice (NT 10-K or NT 10-Q)
    NT 10-Q filed Aug 17, 2026: the company said its 10-Q would be late
  • Critical audit matters changed
    New this year: Evaluation of Liquidity and the Company’s Ability to Continue as a Going Concern (“As described in Note 13 to the financial statements, management evaluated whether conditions or events raised substantial doubt about the Company’s ability to continue as a going concern, which contemplates the continuity of operations, realization of assets, and settlement of liabilities in the nor”); F-1; Evaluated management’s cash flow projections for the twelve-month period following the issuance; Assessed the feasibility and probability of management’s plan to complete the proposed equity offering; Evaluated the existence of digital assets by ascertaining the fair value of such assets from observable; Evaluated the adequacy of the going concern disclosures in the financial statements and footnotes in accordance (“Crypto assets are generally accessible only by the possessor of the unique private key relating to the digital wallet or node in which the crypto assets are held. Accordingly, private keys must be safeguarded and secured in order to prevent an unauthorized party from accessing the crypto assets with”); Assessed management’s conclusion that substantial doubt is alleviated based on the totality of evidence (“Crypto assets are generally accessible only by the possessor of the unique private key relating to the digital wallet or node in which the crypto assets are held. Accordingly, private keys must be safeguarded and secured in order to prevent an unauthorized party from accessing the crypto assets with”); We consulted with subject matter experts regarding our planned audit response to address certain risks (“We applied auditor judgment in determining the nature and extent of audit evidence required, especially related to assessing the existence of the digital assets and whether the Company controls the digital assets. We evaluated the sufficiency and appropriateness of audit evidence obtained by assessi”); We noted the controls within the Company’s private key management process including controls related (“We applied auditor judgment in determining the nature and extent of audit evidence required, especially related to assessing the existence of the digital assets and whether the Company controls the digital assets. We evaluated the sufficiency and appropriateness of audit evidence obtained by assessi”); We tested the effectiveness of management’s reconciliation control of internal books and records (“We applied auditor judgment in determining the nature and extent of audit evidence required, especially related to assessing the existence of the digital assets and whether the Company controls the digital assets. We evaluated the sufficiency and appropriateness of audit evidence obtained by assessi”); We obtained evidence that management has control of the private keys required to access crypto assets (“We applied auditor judgment in determining the nature and extent of audit evidence required, especially related to assessing the existence of the digital assets and whether the Company controls the digital assets. We evaluated the sufficiency and appropriateness of audit evidence obtained by assessi”). Same as last year: Corporate Crypto Assets Held
  • No 8-K item 4.02 in the last 2 years
3 more checks with nothing to note
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

7 paragraphs in Risk Factors that were not in the 10-K filed Mar 20, 2025. Quoted as filed.

All 7 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Mar 20, 2025 10-K, ITEM 1A
    We conduct periodic cybersecurity risk assessments to identify reasonably foreseeable internal and external cybersecurity threats, including assessments conducted in connection with material changes to our business operations, systems, or third-party relationships. These risk assessments evaluate, among other things, the potential…
  2. Item 1A · new paragraph · not in the 10-K filed Mar 20, 2025 10-K, ITEM 1A
    We maintain a cybersecurity incident response and recovery plan designed to guide our response to cybersecurity incidents. The plan provides a structured framework for incident identification, containment, investigation, remediation, and recovery, and includes defined escalation and communication protocols. In the event of a…
  3. Item 1A · new paragraph · not in the 10-K filed Mar 20, 2025 10-K, ITEM 1A
    In the event of a cybersecurity incident, management evaluates the incident and, as appropriate, escalates matters to the Audit Committee and the Board. The Audit Committee receives periodic updates regarding cybersecurity risks, program effectiveness, and any material cybersecurity incidents. The Audit Committee also meets regularly…

New risk paragraphs, against peers

Latest 10-K of each, Crypto companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$1.7M$1.3M$4.1M$16.5M
Net income−$15.9M$7.8M−$1.3M−$33.4M
Operating cash flow−$777K−$3.6M−$3.5M−$9.8M
Free cash flow−$782K−$3.6M−$3.5M−$9.8M

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$16.5M ▲ 304.8% in FY2025

FY2016FY2017FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

2 filings in the last 30 days · SEC EDGAR

All filings

About the company

BTCS, Wayne, PA · from the 10-K filed Mar 26, 2026

BTCS Inc. (“BTCS” or the “Company”) is a U.S.-based, Nasdaq-listed blockchain technology company focused on revenue generation through blockchain infrastructure and decentralized finance (“DeFi”) activities, primarily on the Ethereum network. BTCS operates as an active participant in the Ethereum ecosystem, generating digital asset denominated on-chain revenues through its operations. The Company’s business model is centered on providing core blockchain infrastructure services, participating in transaction validation and block construction, and engaging in decentralized finance activities to generate revenue.

Headquarters
Wayne, PA
Country
United States
Listed on
Nasdaq
Fiscal year ends
December 31
Last results
Nov 12, 2026
Incorporated in
NV

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Sources

The 10-K filed Mar 26, 2026 (open at SEC), compared with the 10-K filed Mar 20, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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