BTC Digital vs Darkhorse Technologies
BTC Digital is the larger business, with $14.0m of revenue in fiscal 2025 against $11.2m for Darkhorse Technologies (1.3 times as much). BTC Digital grew faster (20.3% against -32.7%). BTC Digital kept more of each dollar of sales as profit: a net margin of -64.5% against -192.1%. Darkhorse Technologies carries less debt relative to equity (0.0% against 5.8%).
| Latest fiscal year | BTC DigitalBTCT, 2025 | Darkhorse TechnologiesDRK, 2025 |
|---|---|---|
| Revenue | $14.0m | $11.2m |
| Revenue growth | 20.3% | -32.7% |
| Net income | −$9.1m | −$21.5m |
| Operating margin | -62.7% | -196.8% |
| Net margin | -64.5% | -192.1% |
| Return on equity | -23.5% | -68.6% |
| Free cash flow | −$13.8m | −$23.6m |
| Cash | $350,000 | $3.7m |
| Total debt | $2.2m | $0 |
| Debt to equity | 5.8% | 0.0% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | — |
| Employees | 20 | — |
| Market value | $6.8m | $14.1m |
| Price vs our value range | — | — |
| Moat score | — | 9 (Weak) |
| Insider trades, 12 months | 0 buys, 0 sales | 0 buys, 3 sales |