BTC Digital Ltd. Ordinary Shares (BTCT)

FairStock Score: 45/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

At the close on 2026-10-13, BTC Digital's $0.82 price gives a market capitalization of $12.4M. FairStock calculations put P/B at 0.21 and P/E at -0.75, with EPS of -$1.10, so the cheap-looking asset value comes with negative earnings. I start with business quality: crypto mining and miner hosting are commodity-like, capital-intensive, and competitive. With only 26 employees and no durable pricing power, I see no meaningful moat. Filed figures show FY2022 revenue of $11.8M and net income of $7.7M, but FY2023 revenue fell to $9.1M and net loss was $2.8M. In fiscal Q1 2024, revenue was $2.6M and net loss $731,000; in fiscal Q2 2024, revenue was $2.3M and net loss $704,000; in fiscal Q3 2024, revenue was $2.6M and net loss $571,000. The supplied latest quarter, 2024-Q4, showed revenue of $4.1M and net income of $17,000—a razor-thin 0.41% margin. FairStock's ROE is -23.51%, ROCE is -13.58%, Piotroski F-Score is 4/9, and Altman Z-Score is -3.67, which points to financial fragility. Debt is low on D/E of 0.07, and P/B of 0.21 offers asset optionality, but negative earnings and a beta of 5.86 mean the equity is speculative. I would want to see sustained positive cash generation, not one tiny profitable quarter, before calling this a sound value.

In plain English: BTC Digital is a small bitcoin mining and mining-machine hosting company based in Singapore with 26 employees. Its filed results show shrinking revenue and losses, so the business looks weak, though one recent quarter was barely profitable. At $0.82, the price looks low compared with what its books say its assets are worth after debts, but that discount may exist because the business is struggling.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q3 2024 10-Q (period ended 2024-09-30) · fiscal Q2 2024 10-Q (period ended 2024-06-30) · fiscal Q1 2024 10-Q (period ended 2024-03-31) · fiscal Q3 2023 10-Q (period ended 2023-09-30) · FY2023 10-K (period ended 2023-12-31) · FY2022 10-K (period ended 2022-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer