BTCS Inc. reported a record $4.94 million in revenue for the third quarter ended September 30, 2025, a 568% year‑over‑year increase and a 78% sequential rise. Net income surged to $65.59 million, turning a $9.04 million loss in the same quarter a year earlier into a robust profit. Gross margin expanded to 22% from a negative 2.9% in Q2, reflecting a higher mix of high‑margin Builder+ and NodeOps services and improved operational leverage as the company scales its infrastructure.
The Builder+ platform accounted for 68% of total revenue, up 730% YoY, while NodeOps contributed 17% and the newly launched Imperium business line added 15%. Builder+ growth was driven by strong demand for Ethereum‑first development tools and services, and NodeOps benefited from increased adoption of its on‑chain operations platform. Imperium’s debut added a new high‑margin revenue stream that complements the existing product mix and signals the company’s expansion into decentralized finance.
BTCS’s treasury grew to 70,322 ETH, valued at $291.58 million as of September 30. The company secured $47.5 million in DeFi borrowings through Aave, and raised approximately $200 million via an at‑the‑market equity program. A $50 million share‑repurchase initiative was launched, repurchasing about $4 million of common stock at an average price of $4.50 per share. These moves underscore BTCS’s focus on capital efficiency and its strategy to accumulate Ethereum while maintaining liquidity.
Revenue growth and profitability were largely driven by unrealized gains on Ethereum holdings, which increased by $73.72 million during the quarter. Operational profit also improved as the company’s high‑margin segments expanded and cost controls were maintained. The jump in gross margin from negative to 22% reflects the shift toward Builder+ and NodeOps, which have higher gross margins than legacy services, and the scaling of infrastructure that reduces per‑unit costs.
CEO Charles Allen said the quarter marked a pivotal milestone, noting that BTCS is “defining the future of Ethereum infrastructure” and that the company’s capital‑efficient model is delivering lasting shareholder value. CFO Michael Prevoznik highlighted the disciplined balance‑sheet management that enabled the company to capture significant unrealized gains while expanding its treasury. Both executives emphasized the company’s confidence in sustaining growth and profitability as Ethereum adoption continues to rise.
While the company did not provide new guidance for the remainder of 2025, the results demonstrate a strong trajectory. BTCS’s record profitability, expanded treasury, and high‑margin segment growth position it as a leading Ethereum‑focused public company, though its earnings remain sensitive to Ethereum price volatility.
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