Btcs
BTCS on Nasdaq. Market value $79m.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
What to watch out for
Read the warning sign in its own filings
This is not advice.
Who owns it
None of the long-term investors we follow own it. 53 funds in all.
Largest holders overall
- Vanguard Capital Management$2mCut
- Millennium Management$1mAdded
- Renaissance Technologies$1m
- BlackRock$858,086Added
- Mirae Asset Global Etfs Holdings$695,011Added
- Jane Street Group$580,144Added
- Geode Capital Management$480,239Cut
- UBS Group AG$387,163Cut
- HRT Financial LP$290,000New
- Vanguard Fiduciary Trust$289,800Added
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
No one has reported a stake above 5% since December 2024.
- STATE STREET CORPORATIONPassive investorSold down below 5%Since 30 June 2026
- Pemble Brian JamesPassive investorSold down below 5%Since 7 October 2025
| Holder | Stake | Since | |
|---|---|---|---|
STATE STREET CORPORATION Passive investor | Sold down below 5% | 30 June 2026 | |
Pemble Brian James Passive investor | Sold down below 5% | 7 October 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $261,425 of shares on the open market. 2 sold $812,110, $800,010 of it under preset trading plans.
- Allen Charles WCEO, DirectorSoldunder a preset trading plan
- Date
- 15 June 2026
- Shares
- 168,000
- Price
- $1.22
- Value
- $204,960
- Allen Charles WCEO, DirectorSoldunder a preset trading plan
- Date
- 12 June 2026
- Shares
- 87,000
- Price
- $1.15
- Value
- $100,050
- Allen Charles WCEO, DirectorSoldunder a preset trading plan
- Date
- 11 June 2026
- Shares
- 165,000
- Price
- $1.11
- Value
- $183,150
- Hunter Benjamin HenryCTOSold
- Date
- 10 June 2026
- Shares
- 10,000
- Price
- $1.21
- Value
- $12,100
- Allen Charles WCEO, DirectorSoldunder a preset trading plan
- Date
- 10 June 2026
- Shares
- 150,000
- Price
- $1.19
- Value
- $178,500
- Allen Charles WCEO, DirectorSoldunder a preset trading plan
- Date
- 9 June 2026
- Shares
- 105,000
- Price
- $1.27
- Value
- $133,350
- Allen Charles WCEO, DirectorBought
- Date
- 19 November 2025
- Shares
- 71,001
- Price
- $2.89
- Value
- $204,878
- Allen Charles WCEO, DirectorBought
- Date
- 18 November 2025
- Shares
- 19,499
- Price
- $2.90
- Value
- $56,547
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 15 June 2026 | Allen Charles W CEO, Director | Sold under a preset trading plan | 168,000 | $1.22 | $204,960 |
| 12 June 2026 | Allen Charles W CEO, Director | Sold under a preset trading plan | 87,000 | $1.15 | $100,050 |
| 11 June 2026 | Allen Charles W CEO, Director | Sold under a preset trading plan | 165,000 | $1.11 | $183,150 |
| 10 June 2026 | Hunter Benjamin Henry CTO | Sold | 10,000 | $1.21 | $12,100 |
| 10 June 2026 | Allen Charles W CEO, Director | Sold under a preset trading plan | 150,000 | $1.19 | $178,500 |
| 9 June 2026 | Allen Charles W CEO, Director | Sold under a preset trading plan | 105,000 | $1.27 | $133,350 |
| 19 November 2025 | Allen Charles W CEO, Director | Bought | 71,001 | $2.89 | $204,878 |
| 18 November 2025 | Allen Charles W CEO, Director | Bought | 19,499 | $2.90 | $56,547 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Btcs’ filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Mar 2026, plus the 10-Q filed 19 Aug 2026 and 8 later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of June 30, 2026 because of the material weakness in internal control over financial reporting described below.”
From the 10-Q filed 19 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On March 30, 2026, the Board of Directors of BTCS Inc. (the “Company”), on the recommendation of the Audit Committee, approved the dismissal of RBSM LLP (“RBSM”) as the Company’s independent registered public accounting firm.”
From an 8-K filed 31 March 2026: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.