BTC Digital

BTCT

Education & Training Services · Consumer Defensive

Price

$0.87

-0.01 (-0.78%)

Market Cap

$8.3M

Exchange

NASDAQ Capital Market

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+280.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 2.2M (2021) → 8.2M (2025)

BTC Digital Ltd. is a small Chinese company that has shifted its focus toward cryptocurrency mining, specifically Bitcoin. It operates mining hardware that runs constantly to earn Bitcoin as a reward, competing with other miners around the world. Despite its ticker suggesting a pure crypto play, the company has historically had ties to education services in China.

The company earns revenue primarily by mining Bitcoin and selling it on the market, meaning its income rises and falls directly with the price of Bitcoin and the cost of electricity. It is a very small operation, with a market cap near zero and deeply negative margins, which signals it is spending more than it earns. The biggest risk is that Bitcoin price swings, rising energy costs, and intense global competition from much larger miners could make it extremely difficult for the company to reach consistent profitability.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+22.9% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (2%)

Research and development spending

Insider Activity

0.2%ownership

Relatively low insider ownership

Cash Runway

~5 months

$5M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

BTC Digital has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

-22.9%

Thin — -22.9% gross margin

Operating Margin

-87.7%

Losing money on operations — -87.7%

ROCE

-6.4%

Weak — -6.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+83.4%

Fast-growing sales (83.4% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-75.7%

Burning cash (-75.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.06

Conservative — low debt load (0.06)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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