$750,000 from the investment is going toward additional investment in Spondoolies, raising BTCS's stake to 9.6%.
BTCS (OTCMKTS:BTCS), formerly Bitcoin Shop, has raised another $1.45 million in financing. Cavalry Fund LP led the round, which was closed on December 16.
BTCS, which now engages primarily in bitcoin mining, needed the injection of cash in order to continue operations. For several quarters, the company indicated in filings that its financial position leaves “substantial doubt about the company’s ability to continue as a going concern.”
http://www.financemagnates.com/cryptocurrency/news/btcs-raises-1-45-million-increases-stake-in-spondoolies-tech/
