BitcoinMarketsBusiness

BTCS Shares Soar After 'Bividend' Bitcoin Dividend Announcement

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.