- The stock price of BTCS Inc (NASDAQ: BTCS) increased by over 16% during intraday trading today. This is why it happened.
The stock price of BTCS Inc (NASDAQ: BTCS) increased by over 16% during intraday trading today. This is a continuation of momentum as the company stock price is up more than 85% over the past week.
Retail investors are driving the rally in the stock due to an interest in receiving dividends in the form of the bitcoin cryptocurrency. On January 5, the company proposed paying $0.05 per share in bitcoin for investors who opt-in for it. The bitcoin dividend strategy has been coined as a “bividend.” The bividend is due on March 16.
Chatter about buying into the company has been surging on social media platforms like Reddit, Twitter, StockTwits, Discord, etc. Investors on these platforms also cited the low float as an opportunity of driving the momentum.
Last week, CEO Charles Allen said: “This is a moment we have long anticipated since the company purchased the domain, bividend.com, in February 2015.”
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.