Bitcoin Shop Inc (OTCMKTS:BTCS) a blockchain technology concentrated firm which engages in transaction verification operations and which is looking after the development of a global digital currency network stated that it completed a financing amounting to gross proceeds of approximately $2.3 million. It sold 7.7 million units comprising of one share of BTCS common stock and 1.4 warrants at a unit price of $0.30.
Bitcoin reported that the warrants are exercisable into total of 10.7 million shares of common stock at a price of $0.375. The CEO Charles Allen, the COO Michal Handerhan and the EVP Charlie Kiser invested total amount of $42,500 in the financing. The CEO said that the management is of view that the sustained drop in the price of Bitcoin has resulted in numerous opportunities for the company to further extend the business and cash on opportunities developed from the market decline. With the conclusion of recent financing the management believes Bitcoin Shop is well positioned to become a pioneering bitcoin and blockchain focused firm.
Bitcoin Shop has developed several plans to extend its transaction verification services business. It intends to create a global digital currency platform with a long-term objective of allowing the users to become a part of the growing digital currency network using one point of access. As of now, the company is active into the transaction verification services segment and operates public beta site where interested parties can purchase products by making payments in digital currency.
In last trading session, the stock price of Bitcoin Shop declined more than 2% to close the trading session at $0.267. The decline came at a share volume of 1.11 million much higher than the average share volume of 633,882. The high for the day was $0.28 and the low made was $0.26. The 52-week high of BTCS is $0.44.