On September 11, 2014, the Board of Directors of Bitcoin Shop Inc. appointed Charles Allen, the company's current Chief Executive Officer and Chief Financial Officer as its Chairman. Mr. Allen has served as the company Chief Executive Officer, Chief Financial Officer and a member of its Board of Directors since February 5, 2014. Mr. Allen has no family relationship with any of the executive officers or directors of the company.

There are no arrangements or understandings between Mr. Allen and any other person pursuant to which he was appointed as Chairman of the company's Board of Directors. On September 11, 2014, Michal Handerhan resigned from his position as Chairman of the company's Board of Directors. Mr. Handerhan remains a director and Secretary of the company.

On September 11, 2014, Timothy Sidie resigned from his position as Chief Technology Officer and a member of the Board of Directors of the company. Mr. Sidie did not resign due to any disagreement with the company or its management regarding any matters relating to the company's operations, policies or practices.