SOURCE: Bitcoin Shop

Bitcoin Shop

July 01, 2014 09:00 ET

Bitcoin Shop Provides Update on Its USMS Bitcoin Auction Bid

ARLINGTON, VA--(Marketwired - Jul 1, 2014) - Bitcoin Shop, Inc. (OTCQB: BTCS) (the "Company"), a virtual currency ecommerce marketplace www.bitcoinshop.us, today is providing an update with respect to its U.S. Marshals Service ("USMS") Bitcoin Auction bid.

Charles Allen, Chief Executive Officer of Bitcoin Shop, commented, "Our bid with the USMS to purchase bitcoins through an online auction was not accepted. As a mechanism to hedge our proposed investment, we also bid through the Second Market syndicate for a smaller allocation, but that bid was not accepted either. After evaluating the current bitcoin currency landscape, we submitted a bid price that, if accepted, reflected our determination of a competitive and attractive value for our investors. Bitcoin Shop will continue to evaluate investment opportunities such as this in the future."

The USMS has auctioned approximately 30,000 bitcoins that were confiscated from Silk Road, an online marketplace shut down by the U.S. Government in October 2013. An online auction took place on June 27, 2014 with potential buyers required to make a refundable deposit of $200,000 for eligibility. As required, Bitcoin Shop wired $200,000 to the USMS prior to the auction and submitted the applicable registration forms for the opportunity to participate in the auction. Bitcoin Shop's bid was not a winning bid and was informed by the USMS that the $200,000 deposit will be returned by July 7, 2014.

About Bitcoin Shop, Inc.:
Bitcoin Shop, Inc. operates an ecommerce website (www.bitcoinshop.us) where consumers can purchase products using virtual currency such as bitcoin, litecoin and dogecoin, by searching through a selection of over 400 categories and over 140,000 items. All orders are originated by the customers through our website and are fulfilled by third party vendors. We also plan to evaluate other strategic Virtual Currency opportunities as well as technologies that are complementary to our business strategy. This will include evaluating opportunities that cross market our ecommerce site, diversify our revenue streams and provide on-ramps for new users.

Bitcoin, litecoin and dogecoin are virtual currencies that use peer-to-peer networks to facilitate instant payments. They are all categorized as cryptocurrencies, as they use cryptography as a security measure. Bitcoin, litecoin and dogecoin issuances and transactions are carried out collectively by the network, with no central authority, and allow users to make verified transfers.

Forward Looking Statements:
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission, not limited to Risk Factors relating to its virtual currency business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.

Contact Information

  • Primary Investor Relations Contact:
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    Valter Pinto
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    (212) 398-3486
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    RedChip Companies, Inc.
    (800) 733 2447 ext 107
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    Transform Public Relations
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