Tearsheet

Bit Origin (BTOG)


Market Price (10/31/2025): $0.3385 | Market Cap: $-
Sector: Financials | Industry: Financial Exchanges & Data

Bit Origin (BTOG)


Market Price (10/31/2025): $0.3385
Market Cap: $-
Sector: Financials
Industry: Financial Exchanges & Data

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


0  Weak multi-year price returns
2Y Excs Rtn is -143%, 3Y Excs Rtn is -173%
Penny stock
Mkt Price is 0.3
1   High stock price volatility
Vol 12M is 237%
0 Weak multi-year price returns
2Y Excs Rtn is -143%, 3Y Excs Rtn is -173%
1 Penny stock
Mkt Price is 0.3
2 High stock price volatility
Vol 12M is 237%

Market Valuation & Key Metrics

BTOG Stock


Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
BTOG Return-76%44%-87%-21%-76%-66%-100%
Peers Return12%34%-35%10%-1%-22%-18%
S&P 500 Return16%27%-19%24%23%16%110%

Monthly Win Rates [3]
BTOG Win Rate17%33%17%33%17%44% 
Peers Win Rate50%55%35%50%48%44% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
BTOG Max Drawdown-83%-22%-89%-76%-80%-88% 
Peers Max Drawdown-36%-15%-45%-29%-27%-34% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: ICE, MSCI, TRU, VALU, BTOG.
[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 10/30/2025 (YTD)

How Low Can It Go

Unique KeyEventBTOGS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-98.6%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven7066.7%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-84.2%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven532.2%51.3%
2020 Covid PandemicTime to BreakevenTime to BreakevenNot Fully Recovered days148 days

Compare to ICE, MSCI, TRU, VALU, BTOG


In The Past

Bit Origin's stock fell -98.6% during the 2022 Inflation Shock from a high on 12/10/2021. A -98.6% loss requires a 7066.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Bit Origin (BTOG)

Trade Ideas

Select past ideas related to BTOG. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
HLNE_9302025_Dip_Buyer_FCFYield09302025HLNEHamilton LaneDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-14.4%-14.4%-14.4%
CNS_9302025_Dip_Buyer_ValueBuy09302025CNSCohen & SteersDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
5.9%5.9%-1.6%
JKHY_9262025_Monopoly_xInd_xCD_Getting_Cheaper09262025JKHYJack Henry & AssociatesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
0.3%0.3%-2.1%
FDS_9192025_Monopoly_xInd_xCD_Getting_Cheaper09192025FDSFactSet Research SystemsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-7.7%-7.7%-7.7%
IBKR_9052025_Quality_Momentum_RoomToRun_10%09052025IBKRInteractive BrokersQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run
15.0%15.0%0.0%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
HLNE_9302025_Dip_Buyer_FCFYield09302025HLNEHamilton LaneDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-14.4%-14.4%-14.4%
CNS_9302025_Dip_Buyer_ValueBuy09302025CNSCohen & SteersDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
5.9%5.9%-1.6%
JKHY_9262025_Monopoly_xInd_xCD_Getting_Cheaper09262025JKHYJack Henry & AssociatesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
0.3%0.3%-2.1%
FDS_9192025_Monopoly_xInd_xCD_Getting_Cheaper09192025FDSFactSet Research SystemsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-7.7%-7.7%-7.7%
IBKR_9052025_Quality_Momentum_RoomToRun_10%09052025IBKRInteractive BrokersQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run
15.0%15.0%0.0%

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for Bit Origin

Financials

BTOGICEMSCITRUVALUMedian
NameBit Orig.Intercon.MSCI TransUni.Value Li. 
Mkt Price0.33148.52583.1479.9336.6479.93
Mkt Cap-85.344.615.60.330.1
Rev LTM-12,1893,0554,442353,749
Op Inc LTM-4,5671,65583061,243
FCF LTM-3,7701,38857621982
FCF 3Y Avg-3,3691,27346919871
CFO LTM-4,5661,518922211,220
CFO 3Y Avg-3,9721,380789191,085

Growth & Margins

BTOGICEMSCITRUVALUMedian
NameBit Orig.Intercon.MSCI TransUni.Value Li. 
Rev Chg LTM-19.1%9.0%8.3%-5.0%8.7%
Rev Chg 3Y Avg-10.0%11.2%7.3%-4.8%8.7%
Rev Chg Q-15.3%9.5%7.8%-3.1%8.6%
QoQ Delta Rev Chg LTM-3.6%2.3%1.9%-0.8%2.1%
Op Mgn LTM-37.5%54.2%18.7%16.2%28.1%
Op Mgn 3Y Avg-38.6%54.1%17.4%22.7%30.7%
QoQ Delta Op Mgn LTM--0.1%0.3%0.0%-0.9%-0.0%
CFO/Rev LTM-37.5%49.7%20.8%60.4%43.6%
CFO/Rev 3Y Avg-37.1%50.0%19.1%51.3%43.5%
FCF/Rev LTM-30.9%45.4%13.0%59.8%38.2%
FCF/Rev 3Y Avg-31.5%46.1%11.3%50.9%38.8%

Valuation

BTOGICEMSCITRUVALUMedian
NameBit Orig.Intercon.MSCI TransUni.Value Li. 
Mkt Cap-85.344.615.60.330.1
P/S-7.014.63.59.98.5
P/EBIT-18.526.918.661.222.7
P/E-30.636.537.016.233.5
P/CFO-18.729.416.916.417.8
Total Yield-4.5%4.0%3.3%9.5%4.2%
Dividend Yield-1.2%1.2%0.6%3.3%1.2%
FCF Yield 3Y Avg-4.2%2.9%2.8%4.7%3.6%
D/E-0.20.10.30.00.2
Net D/E-0.20.10.3-0.20.2

Returns

BTOGICEMSCITRUVALUMedian
NameBit Orig.Intercon.MSCI TransUni.Value Li. 
1M Rtn-13.2%-11.8%2.8%-4.6%-5.5%-5.5%
3M Rtn-15.1%-19.4%4.2%-15.9%-0.5%-15.1%
6M Rtn91.9%-12.6%7.5%-4.0%-8.3%-4.0%
12M Rtn-82.9%-9.8%3.7%-22.1%-26.1%-22.1%
3Y Rtn-95.8%61.7%28.7%37.1%-25.8%28.7%
1M Excs Rtn-17.8%-10.3%3.9%-4.5%-6.7%-6.7%
3M Excs Rtn-11.3%-28.7%-4.4%-22.4%-10.4%-11.3%
6M Excs Rtn70.1%-34.3%-14.3%-25.8%-30.0%-25.8%
12M Excs Rtn-99.9%-26.9%-18.0%-39.7%-42.3%-39.7%
3Y Excs Rtn-172.7%-14.4%-42.2%-35.2%-110.8%-42.2%

Financials

Short Interest

Short Interest: As Of Date10152025
Short Interest: Shares Quantity2,302,336
Short Interest: % Change Since 9302025-41.1%
Average Daily Volume7,496,640
Days-to-Cover Short Interest1

SEC Filings

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Report DateFiling DateFiling
1231202440720256-K 12/31/2024
63020241226202420-F 6/30/2024
1231202342620246-K 12/31/2023
63020231031202320-F 6/30/2023
1231202233120236-K 12/31/2022
6302022825202220-F 6/30/2022
1231202151220226-K 12/31/2021
63020211115202120-F 6/30/2021
1231202060820216-K 12/31/2020
63020201117202020-F 6/30/2020
1231201963020206-K 12/31/2019
63020191106201920-F 6/30/2019
63020182192019424B4 6/30/2018
1231201710022018424B4 12/31/2017

Insider Activity

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