Crypto Firm BTCS Soars 67% After Announcing First-Ever Bitcoin Dividend | Currency News | Financial and business news

[ad_1]

Bitcoin

Nurphoto / Getty Images

Crypto firm BTCS climbed 67% on Wednesday after announcing it would pay a dividend in bitcoin. Dubbed a “bividend,” BTCS plans to pay a dividend of 5 cents to its shareholders in bitcoin if they agree to it. The company said paying a bitcoin dividend would help promote crypto adoption and strengthen its shareholder base. Sign up here for our daily newsletter, 10 things before the opening bell.

Crypto firm BTCS climbed 67% on Wednesday after announcing its intention to pay a dividend in bitcoin to its shareholders.

The move makes it the first Nasdaq-listed company to pay a bitcoin dividend, which the company calls a “bividend”. BTCS is set to promote cryptocurrency adoption, strengthen its shareholder base, reward shareholders, and tighten its float by temporarily removing shares from its tradable float.

BTCS will pay a dividend of 5 cents per bitcoin share, based on the price of the cryptocurrency on the ex-dividend date of March 16. Investors who wish to receive the dividend in bitcoin must register through its transfer agent, move their shares to its transfer agent, and provide a valid Bitcoin wallet address to receive the dividend.

Shareholders who do not opt ​​and do not take the necessary steps will instead receive the dividend in cash.

Crypto payment has been on BTCS ‘long-term roadmap for years, based on its purchase of the bividend.com domain name in February 2015.

“With BTCS’s stock price at the end of 2021 of $ 3.14 per share, which represents a 12.6% discount on the company’s digital holdings and a cash position of 3. , $ 56 per share, or $ 37.8 million, now is the perfect time to reward our shareholders with a non-repayment of taxable Bividend capital, ”the company said.

The BTCS share price hit a high of $ 5.05 on Wednesday.

Market insider

[ad_2]