BTCS, a U.S. public company focused on blockchain technologies, has raised $1 million in new funding, CoinDesk reported.

The firm has sold $1 million equity, as shown in the Form D published the Securities and Exchange Commission (SEC). According to a separate filing, BTCS raised the amount from four institutional investors and the sale took place on 25 May 2017.

“On May 25, 2017 BTCS, Inc. (the “Company”) raised $1 million in cash from four institutional investors in exchange for the issuance of $1,111,111 of a new class of Series C Convertible Preferred Stock (“Series C”) and three types of warrants”, the filing reads.

Formerly known as Bitcoin Shop, BTCS completed a $1,450,000 financing in December 2015 led by Cavalry Fund I LP. According to the company data on Crunchbase, the firm has made two investments in two companies, which includes a $2m seed round of Gem, and $1.5m series A round of GoCoin.

In a filing from March, the company said that it expects to report revenue of approximately $361,000 for the year ended December 31, 2016. It says:

“The Company expects to report revenue of approximately $361,000 for the year ended December 31, 2016, compared to revenue of approximately $506,000 for the year ended December 31, 2015. The Company expects to report a substantial increase in loss from operations which at the time of this report has yet to be dermined due to the complex nature of the Company’s derivative liabilities.