The company's financial position has deteriorated rapidly, with cash reserves plummeting from $39.4M in 2024Q1 to just $284.6K in 2026Q1 while total debt climbed to $56.4M.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Total Current Assets | 128.41M | 214.02M | 38.14M | 27.04M | 4.2M | 5.47M | 1.55M | 420.01K | 60.45K | 588.19K | 95.27K | 150.47K | 68.1K | 173.94K | 182.04K | 366.85K | 2.04M | 19.28K |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 127.87M | 212.49M | 0 | 0 | 0 | 0 | 995.65K | 0 | 0 | 0 | 199 | 0 | 16.04K | 0 | 0 | 0 | 1.11K | 0 |
| Total Non-Current Assets | 612.85K | 614.39K | 107.45K | 110.49K | 5.72M | 8.64M | 230 | 1.34K | 2.7K | 1.24K | 2.8K | 3.08M | 205.71K | 427.18K | 406.08K | 1.03K | 93.19K | 0 |
| Property, Plant & Equipment | 12.85K | 14.39K | 7.45K | 10.49K | 11.15K | 9.78K | 230 | 1.34K | 2.7K | 1.24K | 0 | 489.42K | 190.19K | 27.18K | 6.08K | 1.03K | 64.5K | 0 |
| Fixed Asset Turnover | 1485.29x | 1146.04x | 546.85x | 127.71x | 151.76x | 124.02x | - | - | - | 3.63x | - | 1.03x | 0.20x | 59.26x | 211.93x | 1553.99x | 55.48x | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 919 | 6.08K | 10.7K | 0 | 0 | 0 | 25.14K | 0 |
| Long-Term Investments | 2.05M | 600K | 100K | 100K | 5.71M | 8.63M | 0 | 0 | 0 | 0 | 0 | 2.25M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 129.03M | 214.63M | 38.25M | 27.15M | 9.92M | 14.1M | 1.55M | 421.35K | 63.15K | 589.42K | 98.07K | 3.23M | 273.8K | 601.12K | 588.12K | 367.87K | 2.13M | 19.28K |
| Asset Turnover | 0.10x | 0.08x | 0.11x | 0.05x | 0.17x | 0.09x | - | - | - | 0.01x | 3.62x | 0.16x | 0.14x | 2.68x | 2.19x | 4.34x | 1.68x | - |
| Asset Growth % | 2021.59% | 461.2% | 40.88% | 173.72% | -29.67% | 808.7% | 268.31% | 567.19% | -89.29% | 501.02% | -96.97% | 1080.73% | -54.45% | 2.21% | 59.87% | -82.73% | 10945.61% | - |
| Total Current Liabilities | 44.27M | 63.37M | 4.25M | 980.9K | 586.41K | 2M | 508.61K | 605.11K | 319.15K | 76K | 45.35M | 6.02M | 266.12K | 462.12K | 547.16K | 474.69K | 1.39M | 35.83K |
| Accounts Payable | 17.66K | 38.52K | 70.44K | 55.06K | 76.73K | 138.72K | 26.29K | 0 | 14.24K | 76K | 770.5K | 0 | 0 | 265.65K | 274.35K | 181.98K | 124.75K | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 43.78M | 0 | 0 | 0 | 0 | 0 | 131.94K | 159.85K | 200K | 0 | 3.33M | 1.83M | 7.99K | 0 | 0 | 0 | 2.35K | 0 |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 219.34K | 63.33M | 4.17M | 213.75K | 213.75K | 1.85M | 0 | 28.32K | 0 | 0 | 41.25M | 4.2M | 258.13K | 196.47K | 11.31K | 27.39K | 73.23K | -44.3K |
| Current Ratio | 2.90x | 3.38x | 8.98x | 27.56x | 7.16x | 2.74x | 3.05x | 0.69x | 0.19x | 7.74x | 0.00x | 0.02x | 0.26x | 0.38x | 0.33x | 0.77x | 1.46x | 0.54x |
| Quick Ratio | 2.90x | 3.38x | 8.98x | 27.56x | 7.16x | 2.74x | 3.05x | 0.69x | 0.19x | 7.74x | 0.00x | 0.02x | 0.26x | 0.38x | 0.33x | 0.77x | 1.46x | 0.54x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 12.65M | 11.84M | 0 | 0 | 0 | 0 | 0 | 0 | 319.15K | 0 | 4.1M | 0 | 0 | 629.86K | 583.2K | 250K | 743.13K | 0 |
| Long-Term Debt | 12.65M | 11.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 629.86K | 583.2K | 790K | 750K | 0 |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 56.92M | 75.22M | 4.25M | 980.9K | 586.41K | 2M | 508.61K | 605.11K | 319.15K | 76K | 45.35M | 6.02M | 266.12K | 1.09M | 1.13M | 724.69K | 2.14M | 35.83K |
| Total Debt | 56.43M | 11.84M | 0 | 0 | 0 | 0 | 131.94K | 159.85K | 200K | 0 | 3.33M | 1.83M | 7.99K | 629.86K | 583.2K | 790K | 752.35K | 0 |
| Net Debt | 56.15M | 10.32M | -1.98M | -1.46M | -2.15M | -1.4M | -392.19K | 16.76K | 147.88K | -303.33K | 3.23M | 1.7M | 2.59K | 609.08K | 576.79K | 719.71K | 701.79K | -19.28K |
| Debt / Equity | 0.78x | 0.08x | - | - | - | - | 0.13x | - | - | - | - | - | 1.04x | - | - | - | - | - |
| Debt / EBITDA | -8.25x | - | - | - | - | - | - | - | - | - | - | - | - | 6.90x | - | - | 6.84x | - |
| Net Debt / EBITDA | -8.21x | - | - | - | - | - | - | - | - | - | - | - | - | 6.67x | - | - | 6.38x | - |
| Interest Coverage | -16.51x | -1.70x | - | - | - | -6.81x | -5.35x | -18.05x | - | - | -5964.67x | -845.35x | - | - | - | - | - | - |
| Total Equity | 72.11M | 139.42M | 34M | 26.17M | 9.33M | 12.1M | 1.04M | -183.76K | -255.99K | 513.43K | -45.25M | -2.79M | 7.68K | -490.86K | -542.24K | -356.82K | -7K | -16.55K |
| Equity Growth % | 1349.22% | 310.05% | 29.94% | 180.41% | -22.9% | 1060.13% | 667.74% | 28.22% | -149.86% | 101.13% | -1521.93% | -36417.63% | 101.56% | 9.48% | -51.96% | -4994.52% | 57.67% | - |
| Book Value per Share | 1.50 | 4.20 | 2.09 | 1.86 | 0.73 | 1.77 | 0.35 | -0.12 | -0.21 | 1.25 | -1498.61 | -301.35 | 1.02 | -64.40 | -38731.50 | -35682.00 | -636.73 | -1504.09 |
| Total Shareholders' Equity | 72.11M | 139.42M | 34M | 26.17M | 9.33M | 12.1M | 1.04M | -183.76K | -255.99K | 513.43K | -45.25M | -2.79M | 7.68K | -490.86K | -542.24K | -356.82K | -7K | -16.55K |
| Common Stock | 49.77K | 46.85K | 18.72K | 15.32K | 13.11K | 10.53K | 4.2K | 19.83K | 375.46K | 363.04K | 16.1K | 2.84K | 153.19K | 544.3K | 544.3K | 127.57K | 127.57K | 7K |
| Retained Earnings | -242.47M | -173.3M | -139.95M | -138.68M | -151.48M | -135.59M | -119.54M | -116.98M | -115.34M | -114.52M | -69.05M | -24.79M | -14.74M | -1.13M | -1.06M | -137.7K | -308.46K | -42.77K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -217 | -217 | -2.49K | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 98.36K | -25.14K | -346.69K | 173.9K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity depletion and dilution
As reported in recent financial filings, BTCS has seen its cash position plummet from $39.4M in 2024Q1 to a mere $284.6K by 2026Q1, signaling a concerning trajectory where the company's balance sheet strength is rapidly deteriorating despite aggressive efforts to scale its validator infrastructure operations.
The sharp decline in cash reserves suggests that the company is struggling to fund its operational overhead through internal staking rewards. Investors should monitor whether this trend necessitates further dilutive equity raises to maintain the current node management activities.
Based on the company's latest quarterly data, BTCS has transitioned from a debt-free status in 2024 to carrying $56.4M in total debt as of 2026Q1, which has pushed the debt-to-equity ratio to 0.78 and introduced new interest-related pressures on the firm's already strained cash flow.
The shift toward debt financing appears to be a reactive measure to cover operational shortfalls rather than a strategic move to optimize capital structure. This leverage increase warrants investigation into the maturity profile and covenants associated with these new obligations.
According to the 2026Q1 balance sheet, the company's current ratio has compressed to 2.90 from a high of 160.08 in 2024Q1, indicating that the firm's ability to cover short-term liabilities is weakening significantly as cash reserves are exhausted to support ongoing business operations.
While a current ratio of 2.90 may appear adequate in isolation, the rapid depletion of liquid assets suggests that the company's liquidity buffer is becoming increasingly fragile. The reliance on volatile digital assets to meet near-term obligations poses a substantial risk to operational continuity.
As evidenced by the company's reported figures, retained earnings have deepened to a deficit of $242.5M by 2026Q1, reflecting a persistent inability to generate profitable returns on invested capital and suggesting that shareholder equity is being eroded by continuous operational losses.
The consistent growth in the deficit highlights the structural challenges in achieving profitability within the current staking-as-a-service model. This trend suggests that the company's equity base is increasingly reliant on external capital injections rather than organic value creation.
Quick answers to the most common questions about buying BTCS stock.
As of 2025, BTCS Inc. (BTCS) had total assets of $214.6M including $214.0M in current assets.
BTCS Inc. (BTCS) carries total debt of $11.8M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
BTCS Inc. (BTCS) has total shareholders' equity (book value) of $139.4M ($4.20 book value per share). Book value represents the net worth of the company belonging to common stock holders.
BTCS Inc. (BTCS) reported a current ratio of 3.38x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.