BTCS’s Strategic Growth and Ethereum Focus Justify Buy Rating

H.C. Wainwright analyst Kevin Dede reiterated a Buy rating on BTCS (BTCS – Research Report) on May 20 and set a price target of $5.00.

Kevin Dede has given his Buy rating due to a combination of factors including BTCS’s strategic focus on optimizing revenue from the Ethereum blockchain. The company has demonstrated progress in its enterprise development within the Ethereum ecosystem, as evidenced by a significant increase in revenue from $0.4M in the previous year to $1.7M in the March quarter. Despite the challenges posed by fluctuating crypto prices, BTCS’s efforts in maximizing extractable value through running validator nodes and improving the economics of these functions have been noteworthy.
Furthermore, BTCS’s strategic moves, such as its agreement with ATW Partners for the issuance of convertible notes to purchase ETH tokens, highlight its commitment to expanding its digital asset and validator node operations. This initiative, along with the company’s substantial holding of Ethereum, positions BTCS well for future growth. Although the revenue forecast for 2025 has been adjusted to a more conservative estimate, the anticipated year-over-year expansion remains robust, supporting the Buy rating.

According to TipRanks, Dede is a 4-star analyst with an average return of 4.5% and a 40.20% success rate. Dede covers the Technology sector, focusing on stocks such as Canaan, BIT Mining, and Sphere 3D.