$BTCS

BITCOIN SHOP INC.

CIK:0001436229|SEC Filings

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Total revenues	$ 2,446,439	$ 2,775,767	$ 4,593,816	$ 4,464,702
Cost of revenues
Total cost of revenues	952,273	2,853,133	2,085,338	4,421,792
Gross profit	1,494,166	(77,366)	2,508,478	42,910
Operating expenses:
Professional fees	384,825	291,425	677,939	573,184
General and administrative	327,280	368,220	572,877	644,849
Research and development	82,056	193,543	162,499	402,794
Compensation and related expenses	2,392,032	793,400	5,186,763	1,481,602
Marketing	57,767	22,861	85,611	268,033
Impairment loss on intangible digital assets	5,241,573		5,451,494
Realized losses on digital asset transactions	4,890,916	2,777,620	34,184,862	4,159,908
Unrealized loss (gain) on digital assets	21,419,814	(8,793,161)	57,104,990	5,737,661
Total operating expenses	34,796,263	(4,346,092)	103,427,035	13,268,031
Other income (expenses):
Interest expense	(1,601,133)	(221,894)	(3,148,992)	(221,894)
Change in fair value of warrant liabilities		(165,300)		59,850
Total other income (expenses)	(1,601,133)	(387,194)	(3,148,992)	(162,044)
Net income (loss)	$ (34,903,230)	$ 3,881,532	$ (104,067,549)	$ (13,387,165)
Basic net income (loss) per share attributable to common stockholders	$ (0.70)	$ 0.18	$ (2.12)	$ (0.65)
Diluted net income (loss) per share attributable to common stockholders	$ (0.70)	$ 0.14	$ (2.12)	$ (0.65)
Basic weighted average number of common shares outstanding	49,775,712	21,259,682	49,006,266	20,616,935
Diluted weighted average number of common shares outstanding, basic and diluted	49,775,712	27,938,660	49,006,266	20,616,935
Blockchain Infrastructure Revenues [Member]
Revenues
Total revenues	$ 944,649	$ 2,772,198	$ 2,080,000	$ 4,461,133
Cost of revenues
Total cost of revenues	943,198	2,853,133	2,067,188	4,421,792
DeFi Revenues [Member]
Revenues
Total revenues	1,501,790	3,569	2,513,816	3,569
Cost of revenues
Total cost of revenues	$ 9,075		$ 18,150

Condensed Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (104,067,549)	$ (13,387,165)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	3,092	1,778
Stock-based compensation	3,370,701	3,844,980
Blockchain infrastructure revenue settled in digital assets	(2,080,000)	(4,461,133)
DeFi revenue settled in digital assets	(2,513,816)
Blockchain-based payments settled in digital assets	2,009,864	4,301,615
DeFi interest expense settled in digital assets	855,982	1,453
Blockchain network fees settled in digital assets	892	6,907
Change in fair value of warrant liabilities		(59,850)
Amortization on debt discount and issuance costs	1,696,220	150,963
Realized losses on digital asset transactions	34,184,862	4,159,908
Unrealized loss on digital assets	57,104,990	5,737,661
Impairment loss on intangible digital assets	5,451,494
Changes in operating assets and liabilities:
Stablecoins	2,978,086	36,695
Prepaid expenses and other current assets	(108,371)	(164,284)
Receivable for capital shares sold		(156,299)
Accounts payable and accrued expenses	59,156	32,163
Accrued compensation	(270,536)	(3,286,074)
Accrued interest	60,974	6,621
Net cash used in operating activities	(1,263,959)	(3,234,061)
Cash flows from investing activities:
Purchase of productive digital assets		(10,180,570)
Proceeds from the sale of productive digital assets		1,065,207
Purchase of investments		(250,000)
Purchase of property and equipment		(3,446)
Sale of property and equipment		1,750
Net cash provided by (used in) investing activities		(9,367,059)
Cash flows from financing activities:
Net proceeds from issuance common stock/ At-the-market offering		4,079,085
Proceeds from issuance of convertible notes, net		7,306,000
Payments of debt issuance costs		(122,554)
Net cash provided by financing activities		11,262,531
Net decrease in cash	(1,263,959)	(1,338,589)
Cash, beginning of period	1,526,395	1,977,778
Cash, end of period	262,436	639,189
Supplemental disclosure of cash flow information:
Cash paid for interest	535,816	62,484
Supplemental disclosure of non-cash investing, financing and other activities:
Series V Preferred Stock Distribution		180,688
Non-cash discount on convertible notes		504,526
Dividends distributions paid in ETH	(723,218)
DeFi borrowing activity
USDT received against ETH collateral from new DeFi borrowing	1,000,000	5,447,000
ETH swapped to USDT to fund settlement of DeFi borrowing principal	26,492,300	1,447,000
ETH swapped to USDT to fund settlement of accrued DeFi interest	855,982	1,453
Liquidity pool activity:
ETH swapped into stablecoins for liquidity pool deployment	17,377,376
Stablecoins swapped into ETH for liquidity pool deployment	(1,915,822)
Deployments of digital assets into liquidity pool positions	(60,223,109)
Withdrawals of digital assets from liquidity pool positions	47,890,401
Disposition of digital assets in exchange for stablecoins	$ 1,111