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BTC Digital Ltd.

BTCT Clue Score32
Cayman Islands Fiscal year ends December CIK 0001796514
$0.86 -15.31% Close, 12 Oct 2026
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Price $0.86 +174.43% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 31 Mar 2020. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2018Revenue1,424.2Fiscal year 2019Revenue1,447.9 +1.7%Fiscal year 2020Revenue897.0 −38.0%Net income−63.3EPS, diluted−0.96Fiscal year 2021Revenue729.0 −18.7%Net income−60.6EPS, diluted−5.01Fiscal year 2022Revenue11.8 −98.4%Operating income1.0Net income7.7EPS, diluted8.26Fiscal year 2023Revenue9.1 −23.3%Operating income−2.5Net income−2.8 −136.7%EPS, diluted−1.89Fiscal year 2024Revenue11.7 +28.7%Operating income−2.7Net income−2.0EPS, diluted−0.66Fiscal year 2025Revenue14.0 +20.3%Operating income−8.8Net income−9.1EPS, diluted−1.10
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 1,424.2 1,447.9 897.0 729.0 11.8 9.1 11.7 14.0
Growth +1.7% −38.0% −18.7% −98.4% −23.3% +28.7% +20.3%
Operating income n/a n/a n/a n/a 1.0 −2.5 −2.7 −8.8
Net income n/a n/a −63.3 −60.6 7.7 −2.8 −2.0 −9.1
Growth −136.7%
EPS, diluted n/a n/a −0.96 −5.01 8.26 −1.89 −0.66 −1.10

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2018Fiscal year 2019Fiscal year 2020Gross margin5.0%Net margin−7.1%Free cash flow margin−6.3%Fiscal year 2021Gross margin5.3%Net margin−8.3%Free cash flow margin−11.5%Fiscal year 2022Gross margin14.9%Operating margin8.8%Net margin65.0%Free cash flow margin−337.4%Fiscal year 2023Gross margin−12.5%Operating margin−27.3%Net margin−31.1%Free cash flow margin14.4%Fiscal year 2024Gross margin1.0%Operating margin−22.9%Net margin−17.0%Free cash flow margin−10.2%Fiscal year 2025Gross margin−22.5%Operating margin−62.7%Net margin−64.5%Free cash flow margin−98.1%
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin n/a n/a 5.0% 5.3% 14.9% −12.5% 1.0% −22.5%
Operating margin n/a n/a n/a n/a 8.8% −27.3% −22.9% −62.7%
Net margin n/a n/a −7.1% −8.3% 65.0% −31.1% −17.0% −64.5%
Free cash flow margin n/a n/a −6.3% −11.5% −337.4% 14.4% −10.2% −98.1%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2018Fiscal year 2019Fiscal year 2020Operating cash flow−52.6Capital expenditure−3.9Free cash flow−56.5Fiscal year 2021Operating cash flow−72.1Capital expenditure−11.5Free cash flow−83.5Fiscal year 2022Operating cash flow−31.0Capital expenditure−8.9Free cash flow−39.9Fiscal year 2023Operating cash flow3.8Capital expenditure−2.5Free cash flow1.3Fiscal year 2024Operating cash flow1.6Capital expenditure−2.7Free cash flow−1.2 −190.8%Fiscal year 2025Operating cash flow−5.3Capital expenditure−8.5Free cash flow−13.8
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow n/a n/a −52.6 −72.1 −31.0 3.8 1.6 −5.3
Capital expenditure n/a n/a −3.9 −11.5 −8.9 −2.5 −2.7 −8.5
Free cash flow n/a n/a −56.5 −83.5 −39.9 1.3 −1.2 −13.8
Growth −190.8%

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2018Shareholders’ equity−114.6Fiscal year 2019Cash23.3Shareholders’ equity−0.0Fiscal year 2020Cash13.8Shareholders’ equity−58.0Fiscal year 2021Cash26.4Shareholders’ equity5.3Fiscal year 2022Cash0.0Shareholders’ equity19.3Fiscal year 2023Cash0.0Shareholders’ equity19.4Fiscal year 2024Cash14.9Shareholders’ equity39.9Fiscal year 2025Cash0.4Shareholders’ equity37.2
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash n/a 23.3 13.8 26.4 0.0 0.0 14.9 0.4
Shareholders’ equity −114.6 −0.0 −58.0 5.3 19.3 19.4 39.9 37.2

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2018 31 Dec 2018 FY2019† 31 Dec 2019 FY2020† 31 Dec 2020 FY2021† 31 Dec 2021 FY2022† 31 Dec 2022 FY2023† 31 Dec 2023 FY2024† 31 Dec 2024 FY2025† 31 Dec 2025
Revenue and profit
1,424.2 1,447.9 897.0 729.0 11.8 9.1 11.7 14.0
Growth +1.7% −38.0% −18.7% −98.4% −23.3% +28.7% +20.3%
n/a n/a 93.0 75.9 10.1 10.2 11.6 17.2
n/a n/a 44.4 38.5 1.8 −1.1 0.1 −3.2
Growth −13.4% −95.4% −164.2% −2,847.0%
26.2 32.3 31.9 18.4 n/a n/a n/a n/a
n/a n/a 53.4 11.2 0.7 1.1 2.4 5.1
n/a n/a n/a n/a 1.0 −2.5 −2.7 −8.8
Growth −337.0%
n/a n/a −62.4 −63.8 1.0 −2.8 −2.0 −9.1
14.5 9.6 5.8 −20.2 n/a n/a n/a n/a
n/a n/a −63.3 −60.6 7.7 −2.8 −2.0 −9.1
Growth −136.7%
Per share
n/a n/a −1.13 −4.42 8.26 −1.89 −0.66 −1.10
n/a n/a −0.96 −5.01 8.26 −1.89 −0.66 −1.10
Growth
45.6 1.6 0.1 0.5 0.7 1.5 3.0 8.2
47.0 1.6 0.1 0.4 0.7 1.5 3.0 8.2
Growth

† The diluted share count jumps at 2019 and 2020 and 2021 and 2022 and 2023 and 2024 and 2025, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue shrank 56.5% a year over five years.
  • Gross margin is down 27.5 points on five years ago, at -22.5%.
  • A net loss in 5 of 6 years on file.