BTC Digital (BTCT)
Market Price (11/18/2025): $1.61 | Market Cap: $6.6 MilSector: Information Technology | Industry: Technology Hardware, Storage & Peripherals
BTC Digital (BTCT)
Market Price (11/18/2025): $1.61Market Cap: $6.6 MilSector: Information TechnologyIndustry: Technology Hardware, Storage & Peripherals
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -210% | Weak multi-year price returns2Y Excs Rtn is -107%, 3Y Excs Rtn is -134% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -2.7 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -23% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 29% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -23% | |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13% | Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -21% | |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -40% | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -34% | |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain. Themes include Cryptocurrency Mining. | High stock price volatilityVol 12M is 132% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -210% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 29% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -40% |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain. Themes include Cryptocurrency Mining. |
| Weak multi-year price returns2Y Excs Rtn is -107%, 3Y Excs Rtn is -134% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -2.7 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -23% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -23% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -21% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -34% |
| High stock price volatilityVol 12M is 132% |
Market Valuation & Key Metrics
BTCT Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
Here are five key points explaining the approximate -38.9% stock movement for BTC Digital (BTCT) from July 31, 2025, to November 18, 2025:
1. Negative Net Margin and Profitability Challenges in Q3 2025: Bit Digital reported a negative net margin of -33.91% in its Q3 2025 earnings, highlighting ongoing challenges in achieving profitability despite an increase in total revenue. The company also faced challenges with financial efficiency during this period.
2. Decline in Bitcoin Mining Revenue and Production: In Q3 2025, Bit Digital's digital asset mining revenue decreased by 27% compared to the prior-year quarter, and Bitcoin production significantly dropped from 165.4 BTC to 64.9 BTC. The company is in the process of winding down its Bitcoin mining business line.
Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BTCT Return | - | -87% | -98% | 37% | -1% | -66% | -100% |
| Peers Return | 25% | 1% | -29% | 114% | 4% | -17% | 66% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| BTCT Win Rate | 22% | 50% | 8% | 50% | 33% | 30% | |
| Peers Win Rate | 37% | 37% | 15% | 38% | 48% | 50% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 70% | |
Max Drawdowns [4] | |||||||
| BTCT Max Drawdown | - | -87% | -98% | -49% | -72% | -64% | |
| Peers Max Drawdown | -13% | -20% | -32% | -2% | -16% | -37% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: EBON, VELO, YIBO, AAPL, DELL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/17/2025 (YTD)
How Low Can It Go
| Event | BTCT | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -99.9% | -25.4% |
| % Gain to Breakeven | 104140.0% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -92.1% | -33.9% |
| % Gain to Breakeven | 1171.2% | 51.3% |
| Time to Breakeven | Not Fully Recovered days | 148 days |
Compare to EBON, VELO, YIBO, AAPL, DELL
In The Past
BTC Digital's stock fell -99.9% during the 2022 Inflation Shock from a high on 2/8/2021. A -99.9% loss requires a 104140.0% gain to breakeven.
Preserve Wealth
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Asset Allocation
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Latest Trefis Analyses
| Title | Topic | |
|---|---|---|
| DASHBOARDS | ||
| BTC Digital Stock Drop Looks Sharp, But How Deep Can It Go? | Return |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select past ideas related to BTCT. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 10312025 | ZBRA | Zebra Technologies | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -10.7% | -10.7% | -10.7% |
| 10312025 | ACN | Accenture | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -2.0% | -2.0% | -3.5% |
| 10312025 | ADBE | Adobe | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -2.7% | -2.7% | -3.9% |
| 10312025 | TXN | Texas Instruments | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -1.3% | -1.3% | -1.3% |
| 10242025 | MRVL | Marvell Technology | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 2.8% | 2.8% | 0.0% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 10312025 | ZBRA | Zebra Technologies | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -10.7% | -10.7% | -10.7% |
| 10312025 | ACN | Accenture | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -2.0% | -2.0% | -3.5% |
| 10312025 | ADBE | Adobe | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -2.7% | -2.7% | -3.9% |
| 10312025 | TXN | Texas Instruments | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -1.3% | -1.3% | -1.3% |
| 10242025 | MRVL | Marvell Technology | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 2.8% | 2.8% | 0.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for BTC Digital
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 4.00 |
| Mkt Cap | 83.0 |
| Rev LTM | 50,747 |
| Op Inc LTM | 3,455 |
| FCF LTM | 2,429 |
| FCF 3Y Avg | 4,496 |
| CFO LTM | 3,739 |
| CFO 3Y Avg | 7,215 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.2% |
| Rev Chg 3Y Avg | 0.3% |
| Rev Chg Q | 25.1% |
| QoQ Delta Rev Chg LTM | 6.4% |
| Op Mgn LTM | -8.1% |
| Op Mgn 3Y Avg | -3.1% |
| QoQ Delta Op Mgn LTM | 5.8% |
| CFO/Rev LTM | 10.4% |
| CFO/Rev 3Y Avg | 7.5% |
| FCF/Rev LTM | -8.2% |
| FCF/Rev 3Y Avg | 4.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 83.0 |
| P/S | 0.8 |
| P/EBIT | 11.1 |
| P/E | 16.9 |
| P/CFO | 11.1 |
| Total Yield | 2.9% |
| Dividend Yield | 0.4% |
| FCF Yield 3Y Avg | 5.3% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -16.4% |
| 3M Rtn | -10.3% |
| 6M Rtn | -9.2% |
| 12M Rtn | -51.7% |
| 3Y Rtn | 13.1% |
| 1M Excs Rtn | -16.5% |
| 3M Excs Rtn | -8.3% |
| 6M Excs Rtn | -21.1% |
| 12M Excs Rtn | -67.0% |
| 3Y Excs Rtn | -56.4% |
Returns Analyses
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12312024 | 4302025 | 20-F 12/31/2024 |
| 9302024 | 11142024 | 10-Q 9/30/2024 |
| 6302024 | 8142024 | 10-Q 6/30/2024 |
| 3312024 | 5152024 | 10-Q 3/31/2024 |
| 12312023 | 4152024 | 10-K 12/31/2023 |
| 6302023 | 11292023 | 6-K 6/30/2023 |
| 12312022 | 3152023 | 20-F 12/31/2022 |
| 6302022 | 11302022 | 6-K 6/30/2022 |
| 12312021 | 5162022 | 20-F 12/31/2021 |
| 6302021 | 10292021 | 6-K 6/30/2021 |
| 3312021 | 5202021 | 6-K 3/31/2021 |
| 12312020 | 4302021 | 20-F 12/31/2020 |
| 9302020 | 12042020 | 6-K 9/30/2020 |
| 6302020 | 8312020 | 6-K 6/30/2020 |
| 3312020 | 6012020 | 6-K 3/31/2020 |
| 12312019 | 6042020 | 20-F 12/31/2019 |
Industry Resources
| Technology Hardware, Storage & Peripherals Resources |
| The Verge |
| TechRadar |
| Tom’s Hardware |
| PCMag |
| CNET |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |