Quick Takeaways
- BTCS Q3 revenue surged 568% to $4.94 million.
- Net income jumped to $65.6 million, driven by Ethereum treasury gains.
- The company now holds 70,000+ ETH and leads public firms in DeFi integration.
BTCS Reports Best Quarter in Company History
BTCS has carried its unassailable fourth day of the month, driven by rapid growth in its Ethereum-first scheme. The Nasdaq-listed business firm reported Q3 revenue of $4. 94 million, up 568% year-over-year, marking its fastest expansion ever. Net income surged to $65 6 million, fueled by $73. 7 million in unrealized gains from its expanding Ethereum treasury.
Ethereum-First Strategy Fuels Revenue Growth
BTCS operates three core verticals under its Ethereum-native model: Builder+, NodeOps, and Imperium. These segments form a “DeFi/TradFi Flywheel” that combines decentralized finance tools with public-company capital structures.
Builder+ remained the largest contributor, generating 68% of total revenue. Rising on-chain activity and improved infrastructure efficiency helped push margins to 22%, recovering from negative levels in Q2.
The company’s DeFi arm, Imperium, completed its first full revenue quarter, contributing roughly 15% of total revenue.
Aave Integration Strengthens Balance Sheet
BTCS became the first publicly traded company to integrate Aave directly into treasury operations. This move enables ETH-backed liquidity and yield generation without selling assets.
The firm reported $56.5 million in Aave borrowings, part of a broader plan to increase ETH exposure through convertible notes, DeFi leverage, and at-the-market sales.
One of the Largest ETH Treasuries Among Public Firms
BTCS has aggressively expanded its Ethereum reserves throughout 2025. The company opened with a $1 million ETH reserve in June and quickly scaled its position.
By July, it added $55 million in ETH, pushing holdings above 70,000 ETH. As of Sept. 30, BTCS held 70,322 ETH, making it one of the largest Ethereum treasuries among public companies.
The firm also announced an Ethereum dividend and a loyalty reward program, becoming the first public company to return ETH directly to shareholders. It complemented this plan with a $50 million share buyback, repurchasing $4 million worth of stock.
Positioned for the Expanding Ethereum Economy
BTCS says its multi-layered infrastructure model positions it as a core operator in Ethereum’s validator and DeFi stack. ETH recently hit all-time highs near $4,946 in late August, amplifying gains across the firm’s treasury and operations.
The company also expanded partnerships with Figment, WonderFi, Angstrom, MetaMask, ETHGas, and NuConstruct to diversify revenue channels.
CEO Charles Allen said the results highlight the strength of BTCS’s ETH-focused approach and the company’s long-term commitment to the Ethereum economy. BTCS shares are up over 32% in six months, rising more than 3% after the earnings announcement.