Blockchain firm BTCS today announced plans to offer dividends in Bitcoin dubbed “Bividend.” The move will make BTCS the first Nasdaq-listed company to offer such services to shareholders.
The company noted that investors will receive 5% per share in BTC based on the price of the digital asset on ex-dividend date, and those who do not opt in to receive dividends in the cryptocurrency will be paid in cash.
BTCS said the process to apply for and participate in the Bitcoin dividends will be available on bividend.com. The company has scheduled March 16 as the deadline date for registration and by March 17, shareholders will receive their earnings.
Speaking on the development, Charles Allen, Chief Executive Officer of BTCS, said the initiative is aimed at offering shareholders exposure to Bitcoin.
“We want to reward our long-time shareholders for their continued support and encourage financial freedom by providing the means to enable direct ownership of Bitcoin and other digital assets,” he added.
BTCS said it has been working on the Bividend initiative since the company acquired the domain, bividend.com, in February 2015.
Since the service is the first of its kind, the firm said it is “evaluating the appropriateness of future Bividends.”
Fund Providers Offering Bitcoin Exposure
Bitcoin continues to edge towards the mainstream in the form of investment products and different categories. To give investors exposure to Bitcoin with or without directly holding the digital asset, fund providers are now offering or seeking ways to offer such services.
For instance, in the United States, firms are required to file and submit numerous applications to financial regulators in the country to offer Bitcoin investment products.
After rejecting several Bitcoin ETF applications due to regulatory issues, Coinfomania reported in October 2021 that the US Securities and Exchange Commission (SEC) finally approved ProShares filing to launch the first Bitcoin Futures ETF and start trading on the New York Stock Exchange.
