BTCTNasdaqFinance ServicesFiscal year ends December 31
BTC Digital Ltd.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on May 11, 2026
$0.73−0.00 (-0.14%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
-22.5%−54.8 pts over 5 years
Operating margin
-62.7%
Net margin
-64.5%−18.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +20.3% | +5.9% | -36.6% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 218.0% | -23.5% | |
| Return on assets | – | – | -22.4% | |
| Current ratio | – | 0.21 | 7.79 | |
| Interest coverage | – | – | -142.1× | |
| Capex to revenue | – | 2.9% | 60.7% | |
| Diluted shares | 0M | 0M | 8M |
Where the cash went
Fiscal 2021 to 2025, five years combined
BTC Digital generated $113.74M from operations and spent $34.10M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$113.74M
Used
$34.10M
Capital expenditure$34.10M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-64.5%
×Asset turnover0.35×
×Equity multiplier1.05×
=Return on equity, FY2025-23.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -64.5% | 0.35× | 1.05× | -23.5% |
| FY2024 | -17.0% | 0.36× | 1.11× | -6.7% |
| FY2023 | -31.1% | 0.33× | 1.42× | -14.6% |
| FY2022 | 65.0% | 0.14× | 6.89× | 62.5% |
| FY2021 | -53.0% | 0.74× | -5.83× | 229.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
1of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$9.06M
- Cash generatingOperating cash flow above zero-$5.26M
- Return on assets improvedROA up on the prior year-8.1% → -22.0%
- Earnings backed by cashOperating cash flow above net income-$5.26M vs -$9.06M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose27.49 → 7.79
- No dilutionShare count did not rise3M → 8M
- Gross margin improvedGross margin up on the prior year0.99% → -22.50%
- More efficientAsset turnover rose0.48 → 0.34