The value of the company’s shares have nearly doubled since the initial announcement of what is being called the first “Bividend”.
The Bividend will work similarly to a standard dividend except those who opt for this form of payment will receive $0.05 in Bitcoin per share based on the price of bitcoin on the ex-dividend date.
The value of BTCS stock increased to $7.80 per share, largely attributed to the buzz created on Reddit and other platforms.
The company’s CEO Charles Allen revealed that “This is a moment we have long anticipated since the Company purchased the domain, bividend.com, in February 2015.”
According to BTCS, they are the first NASDAQ-listed company to offer such a dividend service and believe this puts them at the forefront of innovation.
The strong demand and excitement for the Bividend is a good sign for bitcoin despite its recent downtrend. Bitcoin has decreased 36% in value, since hitting its all-time high in November.
The downtrend hasn’t discouraged retail traders from buying into the Bividend as BTCS shares have benefited from significant volume. The company saw over 9 million shares trade hands Thursday, demonstrating a 20% increase compared to average trading volume. At its peak, BTCS’ market cap saw a valuation of roughly $68 million on Thursday.