Ether treasury firm BTCS is leaning into its “Ethereum-first” identification with a one-time blockchain dividend: a $0.05 per-share payout in ETH, plus an elective money different for buyers who don’t decide in.
The corporate additionally unveiled a $0.35 per-share loyalty fee — payable solely in ETH — for holders who transfer shares to guide entry with its switch agent and preserve them there by Jan. 26, 2026. As a substitute of your shares being held at your dealer, they’re recorded in your identify on the corporate’s official shareholder register.
Framed as each a reward and a balance-sheet sign, the transfer arrives whereas BTCS trades under its asset base. Administration factors to a $4.41 share worth on August 15 towards roughly $6.65 per share in money and digital property. That valuation hole additionally exhibits up in Blockworks Analysis’s mNAV (enterprise worth / internet asset worth) tracker of Ethereum-treasury friends.
As of Aug. 18, BTCS sat close to the low finish at ~0.75×, in contrast with SBET ~1.08×, GAME ~1.20×, and BMNR/BTBT ~1.40–1.45×; solely DYNX was decrease. In different phrases, the market continues to be assigning BTCS a below-peer a number of on its steadiness sheet.
CEO Charles Allen solid this system as each shareholder alignment and a shot throughout the bow towards quick sellers.
“As the most important shareholder of BTCS, let me be completely clear: my aim is to develop our market cap primarily by share worth appreciation, not poisonous dilution,” he wrote on X, including that concentrating shares on the switch agent is meant to make them tougher to borrow for shorting.
Operationally, buyers who need ETH should full an opt-in at bividend.com and switch shares to Fairness Inventory Switch earlier than the document date; in any other case, they’ll obtain $0.05 in money. The loyalty fee is paid after 120 days to those that preserve shares in guide entry for the complete window.
Whether or not this closes BTCS’s valuation hole is the open query. The persistent mNAV discount suggests buyers are nonetheless pricing execution danger across the firm’s DeFi/TradFi “accretion flywheel,” ETH-denominated income publicity, and liquidity dynamics.
Nonetheless, paying out successfully a share dividend in ether is novel. If this system meaningfully shrinks lendable float and builds a stickier base, the a number of may drift towards friends. If not, BTCS will nonetheless have delivered a crypto-native distribution that places actual ETH in loyal holders’ wallets however, contemplating its shares have fallen about –40% over the previous month, whereas ETH is up 20%, which may be a small comfort.
The document date for the “bividend” is Sept. 26, 2025. To qualify, you’d must personal shares by the shut on Wed, Sept. 24 (or earlier).
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