BTCS Sees Net Loss in Q2 Despite Cash and Stablecoin Buildup
BTCS ended the second quarter of this year with US$ 317,113 in cash and stablecoins. This is after the company used Ethereum to pay down debt on Aave. According to its financial reports for the period ending June 30, BTCS had a total of US$ 89.3 million in assets and US$ 50.4 million in liabilities.
The majority of this net amount available was in cash, with approximately US$ 262,436 in cash and US$ 54,677 in stablecoins. This accounts for only 0.36% of its total assets. Around US$ 88.1 million remained in other digital asset categories, including positions in DeFi, staking, liquidity pools, and NFTs.
In comparison to the previous quarter, BTCS made a payment of around US$ 8.27 million in ETH-for-USDT swaps for debt principal, along with US$ 381,103 in accrued interest. The company described this move as an 'US$ 8.2 million payment to Aave.Loans'. It's worth noting that loans in DeFi protocols decreased from US$ 43.8 million to US$ 36 million during the second quarter.