Latest news with #CharlesAllen
Yahoo
3 days ago
- Business
- Yahoo
DC Council passes budget; protestors removed over tipped wage compromise
WASHINGTON () — The D.C. Council approved a nearly $22 billion budget for Fiscal Year 2026 Monday night. About an hour before the final vote, 15 to 20 protesters were kicked out of the D.C. Council Chambers and the Wilson Building for protesting changes to Initiative 82. Chairman Phil Mendelson had them removed because they were being disruptive. 'I don't understand the disruptions because it's as if people think that somehow they will get more support if some disruptive and they scream and swear at anybody,' said Mendelson. 'I just don't understand that…The disruption makes it hard on everyone, the public who's here in the chamber and the public who's watching. We have to stop and wait.' Montgomery County teachers file class action grievance over payroll issues Voters approved Initiative 82 in November 2022 to phase out the tipped minimum wage and align it with the standard minimum wage. Councilmembers Christina Henderson and Charles Allen put forward an amendment they say is a compromise between what some workers want and what some restaurant owners want. 'It's a recognition that another steep increase in labor costs at this moment might change D.C.'s wonderful and overwhelmingly local restaurant industry,' Allen said. 'While it slows implementation down, it continues to close the gap between the tip minimum wage and the full minimum wage. After passing with a vote of 7-5, the tipped wage will increase every two years until it reaches 75% of the full minimum wage by 2034. The current tipped wage of $10 is frozen through the middle of next year. Starting on Jan. 1, 2026, employers have to give detailed breakdowns by source on pay stubs, including a list of bonuses, commissions on sales, service charges, or other sources. Congressional candidates in Virginia's 11th district debate issues ahead of special election Councilmembers Lewis George, Nadeau, Parker and White voted no on the amendment. 'The restaurant industry is an incredibly volatile industry. That has been true before and after I-82. It is a high-risk, high- risk venture, not for the faint of heart,' said Ward 4 Councilmember Janeese Lewis George. 'We need to prioritize helping restaurants adapt rather than continuing to make sacrifices at the expense of the workers who keep this economy strong. It is not within our ability to remove all risk from the restaurant industry.' Initiative 83, which was passed overwhelmingly by voters in November 2024, will introduce ranked-choice voting. However, it is only funded for the upcoming general election, not the primary, after Councilmember Brooke Pinto's amendment failed. Other issues included the Council having to cut $30 million on Monday because D.C.'s chief financial officer said it needed to be set aside for any overspending. Funds are being cut from the pay equity fund, affordable housing trust fund and more. The Council did prioritize the programs that are being cut, setting up plans on how to re-fund them if the money becomes available. Montgomery County council member proposes new bike safety legislation 'We used to lead the nation in terms of access to health care and, that's being rolled back. We're seeing that both on the local level and the national level,' Mendelson said. 'There were a lot of cuts the mayor proposed to environmental programs, I mean, I think it's fair to say devastating the environmental programs and those we were not able to restore, most of them.' Mendelson is pleased that school funding is stable, with more money for education, as well as good funding for public safety. 'There's definitely stuff to be happy about, but there's also stuff that is very worrisome; some structural issues in the funding over the course of the financial plan,' Mendelson said. 'There are a lot of social service programs that were reduced. And how that's going to play out, don't know.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Solve the daily Crossword
Axios
3 days ago
- Business
- Axios
D.C. Council waters down I-82, affecting local restaurants
The D.C. Council voted Monday to gut Initiative 82, settling on what lawmakers billed as a compromise between fair-wage advocates and many in the restaurant industry — and sparking intense backlash. Why it matters: The city has struggled with I-82's implementation for years. The new measure aims to balance working wages with business survival — especially for independent D.C. restaurants, which are struggling. Driving the news: Eliminating the tipped minimum wage — as the original ballot measure promised — is off the table. Instead, the I-82 amendment introduced by Council members Christina Henderson and Charles Allen preserves the tipped minimum wage and stretches base wage hikes over the next decade at a fraction of the standard minimum wage (currently $17.95/hour). The measure passed 7-5 during a tense hearing that began with protestor interruptions and ended with a lockdown of council chambers as protestors shouted and banged on doors. 📅 New timeline: Now through July 2026, a $10/hour tipped wage (56% of regular minimum wage). That'll increase every two years, capping off at 75% of the minimum wage in 2034. Catch up quick: The hospitality industry struggled to adjust to I-82. Many cited skyrocketing labor costs that coincided with inflation, rising rents and plummeting patronage due to mass DMV layoffs. Workers complained of diminished tips, especially as businesses implemented service fees to cover costs. Meanwhile, the city has been inconsistent with I-82's rollout. Mayor Muriel Bowser recently pushed for a full repeal, which the council voted down. Friction point: Tempers in the council chambers ran high as I-82 supporters chanted, "Blood is on your hands." After the vote, the Restaurant Association of Metropolitan Washington hailed the decision as a "win for the industry," one that "brings immediate relief to operators" in a statement sent to Axios. One Fair Wage, the primary lobby behind I-82, called it a "betrayal of democracy and a gift to the restaurant lobby" in another statement. Meanwhile, there was concern over going against voters' will. "The voters told us what they wanted. And this is not it," said Council member Brianne Nadeau, who voted against the amendment. "This council should stop telling voters they don't know what's best." How they voted: ✔️ For the amendment: Charles Allen, Christina Henderson, Brooke Pinto, Phil Mendelson, Kenyan McDuffie, Wendell Felder, Anita Bonds ❌ Against: Brianne Nadeau, Janeese Lewis George, Robert White, Matt Frumin, Zachary Parker What's next: The amendment aims to provide more wage transparency. Starting in 2026, pay stubs must list all sources — including tips, bonuses, service charges, etc.
Daily Mail
5 days ago
- Sport
- Daily Mail
CALUM McCLURKIN: Time has run out for this sport to run away from its problems… D-Day has arrived
The incoming chairman of the British Horseracing Authority was named last November with a view to taking up the role on June 2. It is now late July and the sport is still waiting on whether Lord Charles Allen will take up the position he was earmarked for almost nine months ago. He hosts a BHA meeting tomorrow where we should, finally, get a definitive answer. The reason for the delay? Well, after an extended period of due diligence, Allen has a certain number of demands and has fears over an unworkable governance structure in the sport. The main sticking point is understood to be the BHA's lack of control over the fixture list. Too much racing for too few horses has been a bug bear of this sport for a decade. But how to persuade racecourses run by different factions to give up meetings when they need to be put on for them to operate is borderline impossible. Racecourses have to get more innovative to make ends meet if racing isn't the be all and end all. More music after shows and extra activities are being utilised. In this day and age, every penny is a prisoner. While racing is billed as the main attraction, racecourses need to offer more. When it comes to sporting events, people want more bang for their buck. There are side shows everywhere you look, even in golf, tennis, football and rugby just to name a few other sports. More places to explore, more places to sit and more options for a generation of kids who get easily bored. It will be a tough sell for the BHA to seize some commercial control over racecourses. For instance, what's the BHA's role in York Racecourse's efforts to secure a massive crowd yesterday with the added – or lesser appear for hardened racing enthusiasts – in getting Ronan Keating to play a concert afterwards that's contributed to a crowd of 10,000 or more? None. Or the sponsorship of races. Or Ascot's effort to ensure next year's King George VI and Queen Elizabeth Stakes will become the first race in Britain to be worth £2million. Or, at the other end of the scale, Hexham's brilliant initiatives to keep ticketing prices down. A modicum of hope for some wriggle room on the fixture list is the sensible scaling back of the disastrous Premier Racing model. Whether Allen accepts the role or not, he and the BHA will have to persuade racecourses to relent a little control for the greater good of a sport that feels like it is being attacked on all sides. The Jockey Club are on board, jockeys and trainers seem to generally be in favour of Allen being the man to produce some sort of radical change in approach to stop racing treading water. Affordability checks on punters biting into racing's finances. That will be further compounded as the sport waits with bated breath to see if the 'Axe the Racing Tax' lobbying efforts will pay off during parliamentary recess. If not then a £66million per year whack is forthcoming to the industry via the Treasury Autumn Statement. It all adds to why a final answer from Allen tomorrow is critical. Racing desperately needs a strong figure to try to instigate change. With financial headwinds looming large, racing can no longer afford this rudderless kind of leadership. There's too much at stake. If Allen, a Labour peer with an extensive business background, deems it not to be worth his while then racing might well be up the creek without a paddle. BRILLAINT SPONSORSHIP BOOST FOR AYR GOLD CUP… A HANDICAP ON THE UP The importance of racing to local communities is vital and a main selling point in the sport's bid to persuade MPs to 'Axe the Racing Tax'. This applies to Ayr and it's vital sponsorship is secured for big races such as the Gold Cup and Scottish Grand National; two dates that are locked in the diary of locals year in year out. Securing bookmaker giant Ladbrokes for the next three years to sponsor the Ayr Gold Cup is a huge fillip for a six-furlong handicap that continues to rise in importance in the whole racing calendar. The September showpiece is increasingly being viewed by top trainers as a very good prize to go for and with the narrowing gap between Group One horses and handicappers at sprint level, it can be utilised as a race for seriously progressive horses as a stepping stone to be one of the best sprinters in the country. Look at American Affair. He was favourite last year but didn't stay the trip. The Scottish-trained horse then went on to make history by winning the Group One King Charles III Stakes at Royal Ascot. The Ladbrokes Ayr Gold Cup will be worth £180,000, the Silver Cup £65,000 and Bronze Cup £35,000. Virgin Bet were terrific long-term sponsors of the race and helped hugely in raising the profile of the race. Tomorrow is the last of four Mondays in a row of racing at Ayr and the ground has been in excellent shape on each occasion. The irrigation issues of around a decade ago are long forgotten and the investment on track has enhanced the racecourse's reputation. Its flagship race is in rude health in a difficult climate. It will be terrific to see the economic benefits and the buzz of an Ayr Gold Cup weekend in a town centre that, like many across Scotland, is badly flagging. It's a shot in the arm for the community and don't underestimate the impact to us locals! PERFORMANCE OF THE WEEK… CALANDAGAN was all class to win the King George VI and Queen Elizabeth Stakes. Beaten in the Coronation Cup at Epsom on tacky ground, a more conventional track and quicker ground saw this valuable mid-season prize go to the French raider. Jan Brueghel was found wanting for pace, while Rebel's Romance was a shade unlucky but limitations at the very highest level was exposed. Kalpana, who ran a screamer in second, kicked for home and stole a march but it only dragged Calandagan further into the race. He racked up a few seconds and in beating Kalpana eroded any doubts about this four-year-old from France trained by Francis-Henri Graffard, who won a second King George on the spin. He was ridded confidently by Mickael Barzalona aswell. Karl Burke landed a big prize at York and can also cause a mini-shock at Pontefract today... SELECTION OF THE DAY… Karl Burke produced a mini-surprise at York yesterday when Royal Champion won the Group Two Sky Bet York Stakes. The Yorkshire handler can pull off a similar trick with another horse trained by Sheik Obaid in the feature at Pontefract today. BOILING POINT (6-1, William Hill) looks like a horse which is coming to, err, the boil for the Pomfret Stakes (2.55). Burke's horses have improved significantly for their first run of the season and Boiling Point can build on a decent run at Newcastle when he tired late on off top weight in a warm handicap. Point Lynas is a respected favourite but had a hard race when running well from the front in the Summer Mile just two weeks ago. Last year's Pomfret Stakes winner might be a shade vulnerable after that big effort, while second favourite Prague probably wants soft ground. Make Me King and Cicero's Gift have the form to play a part on a going day but Boiling Point seems a bit more trustworthy and the door is ajar for Burke to plunder yet another nice prize up north.
Hamilton Spectator
21-07-2025
- Business
- Hamilton Spectator
BTCS Inc. ETH and Cash Market Value Now $242 Million
Agrees to issue approximately $10 Million Convertible Notes at $13 per share, a 198% premium to July 18 close $189 million raised year-to-date through hallmark DeFi/TradFi Accretion Flywheel strategy SILVER SPRING, MD, July 21, 2025 (GLOBE NEWSWIRE) — BTCS Inc. (Nasdaq: BTCS ) ('BTCS' or the 'Company'), a blockchain technology-focused company, short for Blockchain Technology Consensus Solutions, today announced that the combined market value of its 55,788 ETH holdings, cash1, and other liquid holdings are approximately $242.2 million, based on an ETH price of $3,600. Additionally, the Company has agreed to issue $10 million in convertible notes through its previously established $56 million arrangement with ATW Partners LLC. While the funding is extremely modest relative to the $189 million raised year-to-date, the nearly 200% conversion premium is consistent with, and further demonstrates, BTCS's execution of its hallmark DeFi/TradFi Accretion Flywheel strategy. The Company limited this financing to $10 million as part of its strategy to maintain financial flexibility for opportunistic future leverage while maintaining its loan-to-value ratio below 40%. This approach aligns with BTCS's commitment to maximizing ETH exposure and minimizing shareholder dilution. DeFi/TradFi Accretion Flywheel Update BTCS is successfully executing its DeFi/TradFi Accretion Flywheel capital formation strategy, leveraging both decentralized and traditional finance to expand its ETH holdings, capitalize on its vertically integrated operations, and enhance shareholder value. The Company has raised capital through a mix of at-the-market equity sales, above-market convertible debt, and DeFi-based borrowing, executed in alignment with its strategy to optimize ETH exposure while actively managing dilution, as detailed below. Year-to-Date Funding Summary ATM Sales: $132 million1 (70%) Above-Market Convertible Debt: $17 million (9%) Aave Stablecoin Loans (DeFi): $40 million (21%) Total year-to-date funding: $189 million Total Crypto & Cash Assets: $242 million1 ETH Holdings: 55,788 (average cost per ETH: $2,846), a 516% year-to-date increase ' We believe that BTCS is the most financially and operationally leveraged Ethereum play in public markets today, ' said Charles Allen, CEO of BTCS. ' Our vertically integrated block-building and node operations are generating record revenue, and when combined with solid execution of our hallmark DeFi/TradFi Accretion Flywheel, BTCS offers investors scalable, high-growth exposure to Ethereum. ' ________________________________ 1 Inclusive of $28.4 million ATM sales at $7.9 per share pending settlement and funds from the pending closing of the $10 million convertible note. Above Market Convertible Note Financing The $10 million principal amount notes are convertible into common stock at a fixed conversion price of $13 per share, representing a 198% premium over the Company's $6.57 closing stock price on Friday, July 18, 2025. The notes have a two-year maturity, expiring on July 21, 2027, include a 5% original issue discount, and bear interest at an annual rate of 6%. In connection with the note issuance, five-year warrants will be issued at closing to purchase 879,375 shares of common stock at an exercise price of $8 per share, representing a 122% premium to the closing price on Friday, July 18, 2025. The funding is expected to close on or before Tuesday, July 22, 2025. Notably, the financing involves no investment banking fees or restrictive terms typically associated with using an investment bank or placement agent, which could hinder the execution of the Company's DeFi/TradFi Accretion Flywheel strategy. As part of the financing terms, the Company agreed that, while the notes remain outstanding, it will not amend its non-convertible Series V Preferred Shares to allow for conversion into common stock for a period of 18 months. Capital Structure Update To help investors accurately assess BTCS's intrinsic value and compare it with its peers, we're providing an updated breakdown of our capital structure. This summary provides additional information to supplement our SEC filings. Approximately 16 million shares of Series V are now excluded from the fully diluted share count, as they are non-convertible and, under the terms of the note financing, cannot be amended to be convertible for 18 months. In light of the restriction and given the new administration's growing acceptance of crypto and the broader recognition that real-world assets will be tokenized, the Company may re-explore various options to create liquidity for the Series V preferred shares, including potential tokenization on Ethereum's blockchain. However, it is still very early, and the Company can provide no guarantees or assurances that it will be able to tokenize or create liquidity for the Series V and may ultimately seek to convert the Series V to common stock when the restriction expires. As such, the Series V has been excluded from the table above. About BTCS: BTCS Inc. ('BTCS' or the 'Company'), short for Blockchain Technology Consensus Solutions, is a U.S.-based Ethereum-first blockchain technology company committed to driving scalable revenue and ETH accumulation through its hallmark strategy, the DeFi/TradFi Accretion Flywheel, an integrated approach to capital formation and blockchain infrastructure. By combining decentralized finance ('DeFi') and traditional finance ('TradFi') mechanisms with its blockchain infrastructure operations, comprising NodeOps (staking) and Builder+ (block building), BTCS offers one of the most sophisticated opportunities for leveraged ETH exposure, driven by scalable revenue generation and a yield-focused ETH accumulation strategy. Discover how BTCS offers operational and financial leveraged exposure to Ethereum through the public markets at . Cautionary Note Regarding Forward-Looking Statements Certain statements in this press release constitute 'forward-looking statements' within Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 including statements regarding creating high growth exposure to Ethereum, creating liquidity for Series V, and closing of the $10 million note offering. 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 assumptions and are subject to various risks and uncertainties, including without limitation market conditions, regulatory issues and requirements, unanticipated issues with our At-The-Market Offering facility, unexpected issues with Builder+, as well as risks set forth in the Company's filings with the Securities and Exchange Commission including its Form 10-K for the year ended December 31, 2024 which was filed on March 20, 2025. 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. For more information follow us on: Twitter: LinkedIn: Facebook: Investor Relations: Charles Allen – CEO X (formerly Twitter): @Charles_BTCS Email: ir@ A photo accompanying this announcement is available at
Globe and Mail
14-07-2025
- Business
- Globe and Mail
BTCS Reaches $96.3 Million in Combined Crypto and Cash Market Value, Including 29,122 ETH Holdings
Year-to-Date Capital Raise of $62.4 Million Supports Execution of DeFi/TradFi Flywheel Strategy Silver Spring, MD, July 14, 2025 (GLOBE NEWSWIRE) -- BTCS Inc. (Nasdaq: BTCS) ('BTCS' or the 'Company'), a blockchain technology-focused company short for Blockchain Technology Consensus Solutions, announced today that it has raised $62.4 million year-to-date in minimally dilutive capital while expanding BTCS's Ethereum holdings to 29,122 a 221% increase from year end 2024. ' By increasing our ETH per share while simultaneously driving meaningful revenue growth, we are building the premier Ethereum-focused public company,' said Charles Allen, CEO of BTCS. ' BTCS stands apart in two keyways: first, our hallmark DeFi/TradFi flywheel, enables us to access capital at a low cost and deliver, leveraged exposure to Ethereum, and second our established track record, we're the world's oldest public blockchain company and have been laser focused on Ethereum infrastructure for nearly five years. ' Ethereum Holdings Snapshot As of Friday, July 11, 2025, BTCS's ETH holdings include: Total ETH holdings: 29,122 ETH Market Value: $87.3 million at $3,000 per ETH Staked ETH: 4,160 via Rocket Pool Nodes, 6,300 via Solo Nodes, 4,382 in staking queue ETH posted to Aave as collateral: 14,280 with current annual earnings at approximately 2% ' We believe that BTCS is the most leveraged Ethereum play in public markets today, ' said Allen. ' Our vertically integrated block building and node operations are generating record revenue, and when combined with our unique financial structure, BTCS offers investors scalable, high-growth exposure to Ethereum. ' Sources of Capital Capital raised this year includes a combination of equity, convertible debt, and DeFi-based borrowing, aligned with BTCS's strategy of optimizing ETH exposure while managing dilution: ATM Sales: $39.5 million (63%) Above-Market Convertible Debt: $7.4 million (12%) Aave Stablecoin Loans (DeFi): $15.5 million (25%) Leverage Cap To support scalable growth while managing risk, BTCS operates with a 40% Net Asset Value ('NAV') leverage cap. This limit, encompassing the Company's convertible debt and DeFi borrowing through Aave, is a cornerstone designed to enhance shareholder upside from Ethereum's performance in a controlled manner. The following summarizes our estimated total assets, debt, and current debt-to-assets ratio as of July 11, 2025: Total Crypto & Cash Assets: $96.3 million Total Debt: $22.9 million Current Debt-to-Assets Ratio: 24% DeFi/TradFi Accretion Flywheel BTCS is pioneering its distinctive capital formation strategy, coined the DeFi/TradFi flywheel, which is designed to utilize both decentralized and traditional finance to scale ETH holdings, leverage the Company's vertically integrated operations, and ultimately drive shareholder value. This structure is designed to enable BTCS to grow revenue efficiently while maintaining transparency in our operations. Capital Structure Overview To help investors accurately assess BTCS's intrinsic value and compare it with peers, we provide the following breakdown of our capital structure. This summary provides additional information to supplement our SEC filings. Equity Instrument Outstanding Fully Diluted Common Shares 30,804,144 30,804,144 Common Shares - Subject to Forfeiture 1,149,801 1,149,801 Convertible Debt (Conversion Price = $5.85) 1,334,679 2025 Convert Warrants (Exercise Price = $2.75, exp. 5/13/2030) 988,766 2021 RD Warrant (Exercise Price = $11.50, exp. 3/4/2026) 712,500 Employee Options (Weighted Average Exercise Price = $2.22) 1,561,410 Series V Preferred Stock (1) 16,004,738 Total 31,953,945 52,556,038 (1) Shareholders have authorized the board to convert to common stock. This includes approximately 1.1 million shares held by insiders, subject to forfeiture if market capitalization performance milestones are not met. About BTCS: BTCS Inc. (Nasdaq: BTCS) is a U.S.-based blockchain infrastructure technology company currently focused on driving scalable revenue growth through its blockchain infrastructure operations. BTCS has honed its expertise in blockchain network operations, particularly in block building and validator node management. Its branded block-building operation, Builder+, leverages advanced algorithms to optimize block construction for on-chain validation, thus maximizing gas fee revenues. BTCS also supports other blockchain networks by operating validator nodes and staking its crypto assets across multiple proof-of-stake networks, allowing crypto holders to delegate assets to BTCS-managed nodes. In addition, the Company has developed ChainQ, an AI-powered blockchain data analytics platform, which enhances user access and engagement within the blockchain ecosystem. Committed to innovation and adaptability, BTCS is strategically positioned to expand its blockchain operations and infrastructure beyond Ethereum as the ecosystem evolves. Explore how BTCS is revolutionizing blockchain infrastructure in the public markets by visiting Cautionary Note Regarding Forward-Looking Statements Certain statements in this press release constitute 'forward-looking statements' within Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 including statements regarding our fundraising goals, driving meaningful revenue growth, Ethereum infrastructure operations, leverage strategies, and potential business growth. 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 assumptions and are subject to various risks and uncertainties, including without limitation market conditions, regulatory issues and requirements, unanticipated issues with our At-The-Market Offering facility, unexpected issues with Builder+, as well as risks set forth in the Company's filings with the Securities and Exchange Commission including its Form 10-K for the year ended December 31, 2024 which was filed on March 20, 2025. 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.
