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BTC Digital Ltd. (BTCT) stock

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NASDAQ: BTCT Nasdaq Internet Services & Infrastructure

D Fundamentals grade

BTC Digital Ltd. is a US-listed company in the internet services & infrastructure industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$0.2

Price-to-sales vs peers

Base case. Range ~$0.2–$7.8. Sales per share times peers' typical price-to-sales; used only when earnings are negative.

Price vs value

No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.

BTC Digital Ltd. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds8 adding, 6 cuttingOf 2 active managers that changed their stake, 1 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter BTC Digital files

Filing: BTC Digital

BTC Digital Ltd posted revenue of $14m for the twelve months, a rise of 20.3% on the year before. That growth rate has slowed from the 28.7% pace seen a quarter earlier, suggesting momentum is cooling. Shareholders have also faced meaningful dilution, as the diluted share count has climbed 172.0% year-on-year, reducing each holder's proportional stake. On valuation, our price-to-sales comparison against peers implies a value of $0.23 per share, well below the current market price of $0.67, pointing to a gap between the two measures.

Earlier notes (1)

Where BTC Digital stands after its latest Filing

Revenue for the twelve months was $8m.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

BTC Digital Ltd.'s trailing-twelve-month revenue grew 20.3% year on year, with a free-cash-flow margin of -98.1%. Where it lags: change in share count of 172.0% ranks 26 of 26 internet services & infrastructure companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 1060.7% while net income fell 355.6%: a 705pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 20.3% over the last 12 months, against a median of 10.1% for internet services & infrastructure companies we cover.

Things to watch

  • Growth slowing. The growth rate is 8.4 points lower than a quarter earlier.
  • Loss-making. Operating margin is -62.7%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 39.8 points on a year ago.
  • Burning cash. Free cash flow was -98.1% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 172.0% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 161% and a beta of 2.4 against the S&P 500.

Latest results: FY2024 Q4

Filed May 11, 2026
Revenue
$4m, up 338.2% on a year earlier

BTC Digital's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.5%
  • 1 week-6.8%
  • 1 month-40.9%
  • This year-47.7%
  • 1 year-71.1%
  • 5 years-99.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$14M
Operating margin
-62.7%
Net margin
-64.5%
EPS (TTM, diluted)
$-1.10

Growth

Revenue growth
+20.3%
Change in growth rate
−8.4 pts
Share count change
+172.0%

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for BTCT from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

BTC Digital Ltd. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 1 valuation models apply; a rating needs 3.

Valuation models

We value BTC Digital Ltd. as an operating company, with every model that fits that kind of business. Cost of equity 8.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.74 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$0.2 ~$1.0–$7.8 Included, half weight
Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$0.2 ~$0.2–$7.8 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare BTC Digital Ltd. with Internet Services & Infrastructure in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$5.50 +26% $103m —

Positioning

Short interest
1.2%
of tradable shares
Days to cover
0.05
at average volume
Short interest, 1 month
−97%
to October 15, 2026
Held by institutions
23%
of shares
Held by insiders
3.7%
of shares
Employees
26
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −71.1%

$2.35 on October 31, 2025 to $0.68

ThenNowEffect
Revenue (last 12 months) $12m $14m +20.3%
P/S multiple 0.5x 0.1x −75.9%
Share count 2m 2m 0.0%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
BTCT−88%−98%+34%−1%−73%−48%
Industry peers (median)+13%−80%+46%−17%−10%−30%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
BTCT50%8%50%33%25%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
BTCT−92%−98%−75%−78%−84%−75%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 17, 2018: 100% from March 31, 2020 to August 17, 2026. Getting back needed a 3189446% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$0.44 – $2.26
From 52-week high
−69.9%
vs 50-day average
−43.9%
vs 200-day average
−40.2%
Volatility (1 year)
161%
Beta vs S&P 500
2.37

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

BTC Digital Ltd. in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) BTC Digital Ltd.
$0 $50M $100M $150M FY20 Q4 FY22 Q4 FY24 Q1 FY24 Q3 FY25 Q4 Revenue (TTM), FY20 Q4: $137.5M Revenue (TTM), FY21 Q4: $114.4M Revenue (TTM), FY22 Q4: $11.8M Revenue (TTM), FY23 Q4: $9.1M Revenue (TTM), FY24 Q1: $10.8M Revenue (TTM), FY24 Q2: $6.8M Revenue (TTM), FY24 Q3: $8.5M Revenue (TTM), FY24 Q4: $11.7M Revenue (TTM), FY25 Q4: $14M $14M

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY20 Q4 $137.5M
FY21 Q4 $114.4M
FY22 Q4 $11.8M
FY23 Q4 $9.1M
FY24 Q1 $10.8M
FY24 Q2 $6.8M
FY24 Q3 $8.5M
FY24 Q4 $11.7M
FY25 Q4 $14M
Revenue growth, TTM YoY BTC Digital Ltd.
-100% -50% 0% 50% FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue growth, TTM YoY, FY21 Q4: -16.8% Revenue growth, TTM YoY, FY22 Q4: -89.7% Revenue growth, TTM YoY, FY23 Q4: -23.3% Revenue growth, TTM YoY, FY24 Q4: 28.7% Revenue growth, TTM YoY, FY25 Q4: 20.3% 20.3%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY21 Q4 -16.8%
FY22 Q4 -89.7%
FY23 Q4 -23.3%
FY24 Q4 28.7%
FY25 Q4 20.3%
Operating margin (TTM) BTC Digital Ltd.
-80% -60% -40% -20% 0% 20% FY22 Q4 FY24 Q1 FY24 Q3 FY25 Q4 Operating margin (TTM), FY22 Q4: 8.8% Operating margin (TTM), FY23 Q4: -27.3% Operating margin (TTM), FY24 Q1: -23.6% Operating margin (TTM), FY24 Q2: -45.5% Operating margin (TTM), FY24 Q3: -34.5% Operating margin (TTM), FY24 Q4: -22.9% Operating margin (TTM), FY25 Q4: -62.7% -62.7%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Operating margin (TTM)
FY22 Q4 8.8%
FY23 Q4 -27.3%
FY24 Q1 -23.6%
FY24 Q2 -45.5%
FY24 Q3 -34.5%
FY24 Q4 -22.9%
FY25 Q4 -62.7%
FCF margin (TTM) BTC Digital Ltd.
-400% -300% -200% -100% 0% 100% FY20 Q4 FY22 Q4 FY24 Q1 FY24 Q3 FY25 Q4 FCF margin (TTM), FY20 Q4: -41.1% FCF margin (TTM), FY21 Q4: -73.0% FCF margin (TTM), FY22 Q4: -337.4% FCF margin (TTM), FY23 Q4: 14.4% FCF margin (TTM), FY24 Q1: -27.5% FCF margin (TTM), FY24 Q2: 5.4% FCF margin (TTM), FY24 Q3: 5.1% FCF margin (TTM), FY24 Q4: -10.2% FCF margin (TTM), FY25 Q4: -98.1% -98.1%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY20 Q4 -41.1%
FY21 Q4 -73.0%
FY22 Q4 -337.4%
FY23 Q4 14.4%
FY24 Q1 -27.5%
FY24 Q2 5.4%
FY24 Q3 5.1%
FY24 Q4 -10.2%
FY25 Q4 -98.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 20-F. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 216 210 137 114 12 9 12 14
Gross profit 121 100 44 38 2 −1 0 −3
EBITDA — — — — 5 1 1 −5
Operating income — — — — 1 −2 −3 −9
Net income 8 −33 −63 −61 8 −3 −2 −9
Diluted EPS — −$9.85 −$0.48 −$2.50 — −$0.94 −$0.66 −$1.10
Growth (year on year)
Revenue — −2.8% −34.4% −16.8% −89.7% −23.3% +28.7% +20.3%
EBITDA — — — — — −87.2% +48.2% −570.1%
Operating income — — — — — −337.0% — —
Net income — −502.5% — — — −136.7% — —
Margins
Gross margin 55.9% 47.8% 32.3% 33.6% 14.9% −12.5% 1.0% −22.5%
EBITDA margin — — — — 44.1% 7.4% 8.5% −33.2%
Operating margin — — — — 8.8% −27.3% −22.9% −62.7%
Net margin 3.8% −15.5% −46.0% −53.0% 65.0% −31.1% −17.0% −64.5%
Free-cash-flow margin 1.0% −7.5% −41.1% −73.0% −337.4% 14.4% −10.2% −98.1%
Cash flow
Cash from operations 12 −3 −53 −72 −31 4 2 −5
Capital spending 10 13 4 11 9 3 3 9
Free cash flow 2 −16 −57 −84 −40 1 −1 −14
Stock-based pay 1 14 8 4 1 0 1 2
Free cash flow after stock pay 1 −30 −65 −87 −41 1 −2 −16
Balance sheet
Cash 28 20 14 26 0 0 15 0
Total debt — — 0 0 7 4 0 2
Net debt (negative = net cash) −28 −20 −14 −26 7 4 −14 2
Diluted shares 94m 3m 146m 803m 1m 3m 3m 8m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Older annual columns retain the reporting standard and currency used in those filings, translated separately to USD. Current filings replace overlapping periods. Reporting changes can affect comparability; older bases are not used to fill current valuation inputs.

Dividends, buybacks and capital spending

Diluted share count
+172.0%
year over year
Days sales outstanding
162 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in internet services & infrastructure
Last 12 months unless stated BTCT BTCS OPNW DRK ZDAI PWCM Median
Revenue, last 12 months $14m $17m $11m $10m $9m $9m $242m
Revenue growth, last 12 months 20.3% 120.9% −49.7% −10.3% −53.6% 16.3% 8.3%
Revenue growth, 3-year average — 133.1% −24.6% −4.8% — 8.8% 7.6%
Revenue growth, latest quarter 338.2% −11.9% −57.8% −18.8% — 9.8% 5.5%
Gross margin −22.5% 26.9% 47.0% 18.2% −21.5% — 49.5%
Operating margin −62.7% <−999% −49.3% −330.8% −153.7% −324.9% −56.0%
Operating margin, 3-year average — <−999% −25.3% −215.7% — −161.0% −25.3%
Net margin −64.5% −746.3% −47.1% −332.5% −148.8% −413.9% −55.8%
Cash from operations / revenue −37.4% −47.0% −6.3% −156.6% −14.5% −176.7% −10.4%
Free-cash-flow margin −98.1% −47.0% −6.3% −221.2% −15.9% −200.4% −25.9%
Free-cash-flow margin, 3-year average −55.6% −114.5% 0.5% −149.9% — −142.1% −17.4%
Stock pay / revenue 13.0% 1.1% 0.2% 17.1% — 7.5% 11.9%
Change in share count 172.0% 135.1% 13.0% −96.9% 108.6% 138.2% 5.2%

Median of all 34 companies we cover in internet services & infrastructure. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

34 internet services & infrastructure companies
Measure Company Peer median Rank
Revenue growth Growth 20.3% 10.1% 12 of 34
Change in growth rate Growth -8.4pp -0.6pp 22 of 34
Operating margin Profitability -62.7% -49.3% 18 of 33
Net margin Profitability -64.5% -47.1% 18 of 34
Stock pay as % of revenue Cash generation 13.0% 12.4% 18 of 32
Change in share count Balance sheet 172.0% 5.2% 26 of 26

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$1.1M
Institutions reporting
10
Shares held vs prior quarter
▲ 316.0%
Positions opened / closed
6 / 5

Top buyers and sellers, Q2 2026: 8 institutions bought and 6 sold ; the biggest buyer was L1 Global Manager Pty Ltd (+526K shares) and the biggest seller UBS Group AG (−236K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
L1 Global Manager Pty Ltd $433,369 526K 39.1% New
Hudson Bay Capital Management LP $334,205 439K 30.1% New
Empery Asset Management, LP $288,912 351K 26.0% New
Susquehanna International Group, LLP $26,664 32K 2.4% New
Gts Securities LLC $14,291 17K 1.3% New
Sbi Securities Co., Ltd. $7,495 9K 0.7% ▲ 0.7%
Corecap Advisors, LLC $2,470 3K 0.2% New
UBS Group AG $1,619 2K 0.1% ▼ 99.2%
Northwestern Mutual Wealth Management Co $453 1K 0.0% ▲ 6011.1%
Farther Finance Advisors, LLC $35 0K 0.0% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not BTC Digital Ltd.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on BTC Digital Ltd. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

BTC Digital Ltd. in brief

What does BTC Digital Ltd. do?
BTC Digital Ltd. is a US-listed company in the internet services & infrastructure industry. Its financial year ends in December.
What is BTC Digital Ltd.'s stock ticker?
BTC Digital Ltd. trades under the ticker BTCT on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is BTC Digital Ltd.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, BTC Digital Ltd. reported revenue of $14M, 20.3% higher than a year earlier, according to its SEC filings.
What is BTC Digital Ltd.'s free cash flow?
BTC Digital Ltd.'s free-cash-flow margin is -98.1% of revenue over the trailing twelve months.
Who are BTC Digital Ltd.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are L1 Global Manager Pty Ltd, Hudson Bay Capital Management LP and Empery Asset Management, LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is BTC Digital Ltd.'s market cap?
On December 31, 2025, BTC Digital Ltd.'s market capitalisation was about $10.7M and net debt of $1.8M. Market figures come from third-party market data and may be delayed.
Who are BTC Digital Ltd.'s competitors?
In our Internet Services & Infrastructure peer group, the companies closest to BTC Digital Ltd. are Btcs Inc., Openworld, Inc., Darkhorse Technologies Inc., Directbooking Technology Co., Ltd. and Powercompute, Inc. The side-by-side comparison below sets their revenue, margins and growth against BTC Digital Ltd.'s.