August 25, 2025, ST. PETERSBURG, FL – Water Tower Research (www.watertowerresearch.com) has published an Initiation of Coverage Report on BTCS, Inc. (NASDAQ: BTCS) titled, “Powering the Future of the Decentralized Economy with Ethereum”. The report can be accessed here.
BTCS, Inc. is an Ethereum-first blockchain infrastructure and digital asset treasury company that executes a sophisticated public Ethereum accumulation strategy by integrating DeFi and TradFi into its operations to maximize its ETH holdings. BTCS’ DeFi/TradFi ETH Accretion Flywheel is key to the company’s growth strategy. BTCS is positioned to capture substantial growth opportunities through vertical integration as both a builder and a validator.
Unlike companies that only passively hold Ethereum or are focused on Bitcoin, BTCS integrates both TradFi and DeFi to optimize its holdings and generate revenue. The company also operates its own vertically integrated infrastructure, including validator nodes and a block-building operation, to actively earn a yield on its Ethereum. This differentiation is key to BTCS’ growth.
BTCS’ comps have a median EV/S of 1.8x, while BTCS is trading at a 13% premium of 2.1x. The company’s comps include crypto exchanges, crypto asset managers, and crypto services providers. As the cryptocurrency story is just in the beginning, most investors are likely looking at the long-term prospects rather than near-term revenue numbers.
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