BTC Digital vs Openworld
Openworld is the larger business, with $16.4m of revenue in fiscal 2025 against $14.0m for BTC Digital (1.2 times as much). BTC Digital grew faster (20.3% against -32.3%). Openworld kept more of each dollar of sales as profit: a net margin of -29.9% against -64.5%.
| Latest fiscal year | BTC DigitalBTCT, 2025 | OpenworldOPNW, 2025 |
|---|---|---|
| Revenue | $14.0m | $16.4m |
| Revenue growth | 20.3% | -32.3% |
| Net income | −$9.1m | −$4.9m |
| Operating margin | -62.7% | — |
| Net margin | -64.5% | -29.9% |
| Return on equity | -23.5% | -46.3% |
| Free cash flow | −$13.8m | $585,000 |
| Cash | $350,000 | $4.4m |
| Total debt | $2.2m | $700,000 |
| Debt to equity | 5.8% | — |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | $221,000 |
| Employees | 20 | — |
| Market value | $6.8m | $9.9m |
| Price vs our value range | — | — |
| Moat score | — | 15 (Weak) |
| Insider trades, 12 months | 0 buys, 0 sales | 0 buys, 0 sales |