Fair warning(s): I am highly regarded; I have blown up my account a couple of times on SPY 0DTEs; I have never had a good, original investment idea before. This company caught my eye when I saw the market cap (25M) and thought maybe they were trading below cash. Unless I’m missing major debt obligations, they are, indeed, trading well below cash/digital assets. I asked ChatGPT to analyze the 2023 Q3 10-Q and 2024 shareholder letter and help me write this report. Overview: BTCS Inc. is a player in the cryptocurrency industry, with a focus on blockchain infrastructure, product development, and financial transparency. Led by CEO Charles Allen, the company has demonstrated impressive growth and financial stability amidst market challenges. Financial Performance: • The Fair Market Value (FMV) of BTC’s cryptocurrency and cash increased by 82% year over year to $26.7 million as of December 31, 2023. I recalculated based on today’s crypto prices, and their holdings are now worth at least $34.99 million, a 31% increase since December, and 112% increase since the end of Q3. A list of their crypto assets is available in the Q3 10-Q. • Early adoption of new accounting rules is expected to enhance financial transparency, potentially resulting in net income exceeding $6 million for 2023 and earnings per share estimated to be above $0.40. Outlook and Strategic Focus: • Anticipation of market growth with the potential launch of an Ethereum EFT, aligning with the company’s strategic focus on Ethereum-based solutions and infrastructure. • Ongoing product innovations including Builder+ for Ethereum blockchain infrastructure enhancement, ChainQ AI-powered blockchain data platform, and potential addition of Ethereum non-custodial staking to the StakeSeeker platform in 2024. Cost Management and Financial Stability: • Strategic cost-cutting initiatives focused on operational efficiency have helped BTSC maintain financial stability amidst market challenges, demonstrating prudent financial management. TL/DR Little crypto business has market cap significantly below cash/crypto holdings and stands to benefit greatly from rising crypto values. New product launches may generate more income for 2024.