Startseite » Internet » BTCS Releases Q2 2020 Result Amid COVID-19 Pandemic

BTCS Releases Q2 2020 Result Amid COVID-19 Pandemic

Vienna, Austria – While many crypto funds struggled to recover from the market downturn experienced in March, publicly traded BTCS (OTCQB: BTCS) has seen its portfolio grow by 130% in Q2 2020. Perfectly timed investments in Bitcoin (BTC) and Ethereum (ETH) have BTCS attain a cryptocurrency asset under management (AUM) status of $1.02M.

Following the positive growth performance seen in Q2 2020, the digital asset investment firm is reportedly eyeing a systemic diversification of its crypto fund. However, BTCS says its investment strategy will only focus on cryptocurrencies not deemed securities by regulators.
Timely Crypto Purchasing Catapults BTCS Fund Valuation
At the end of June 2020, the BTCS stood at a total value of $1.02 million with sizeable positions in BTC and ETH. Having elected not to add further investments to its portfolio, BTCS navigated the massive decline in cryptocurrency prices seen in mid-March.
With the World Health Organization (WHO) classifying the coronavirus as a pandemic on March 11, panic spread through both the crypto and broader financial space. By the following day, both markets were seeing a cascade of forced selloffs as traders sought liquid cash in preparation for the inevitable lockdowns.
By holding off from adding to its crypto investment pool during the first quarter of 2020, BTCS safeguarded its cryptocurrency fund from the decline seen on Black Thursday. Bitcoin fell to $3,800 in a matter of hours as token selloffs triggered forced liquidations across several derivatives exchanges including BitMEX. The entire crypto market capitalization even shrank by about 50%.
During Q2 2020, BTCS added 33.7 BTC and 1,319.6 ETH to its crypto fund. In total, the company’s cryptocurrency exposure rose to 54.3 BTC and 2,304.6 ETH.
The additional Q2 crypto purchases dovetailed with the cryptocurrency market recovery after Black Thursday, as BTCS capitalized on the emerging market dislocation at the time. Since March 12, Bitcoin is up almost 150% with its Q2 performance standing at 50%. In U.S. Dollar (USD) terms, the BTCS crypto fund grew from less than $300k at the end of the first quarter of 2020 to about $1.02M by the end of Q2 2020, a growth of 285%.
Portfolio Diversification and other Future Plans
Having successfully navigated the pitfalls in the crypto market during the first half of 2020, BTCS is reportedly looking towards expanding its cryptocurrency fund. However, given the mixed fortunes of other virtual currency hedge funds since the onset of COVID-19, the digital asset investment firm says it will adopt a measured approach to its portfolio diversification plans. With exposure limited to BTC and ETH, BTCS was able to maximize the recovery gains experienced by the crypto market between April and June 2020.
BTCS also has designs on investing in blockchain startups. Recent reports by Deloitte and LeadBlock point to increasing enterprise adoption of the novel with over a third of organizations across the world utilizing the emerging technology in their operations.

Media contact
Company name: BTCS Inc.
Email: ir@btcs.com
Website: https://btcs.com/
Facebook: https://www.facebook.com/bitcoinshopus
Twitter: https://twitter.com/bitcoinshopus
Phone: +1 202-430-6576
Adress: 9466 Georgia Avenue Suite 124 Silver Spring, MD 20901 United States

Posted by on 30. Juli 2020. Filed under Internet. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Sie müssen angemeldet sein um Kommentare zu schreiben Anmelden


Blogverzeichnis - Blog Verzeichnis bloggerei.de Blog Top Liste - by TopBlogs.de Blogverzeichnis