MeritValue

CoinShares Bitcoin ETF

BRRRdata completeness 38%2 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'operatingCashFlow'; no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

CoinShares Bitcoin ETF earns about 14% on equity, and has bought back 15% of its shares over 2 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2024FY 2025
Revenue——
Net income$307M1−$49.7M1
Operating cash flow——
Capital expenditure——
Free cash flow (derived)——
Total debt——
Cash & equivalents——
Diluted shares26.5M22.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$223.49
your share of equity
Profit it earned you last year
−$21.98
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $223.49 of net worth that earned you −$21.98 last year.

iii. Is this a good business?
Moat signal · return on equity
14% avg · 2y
FY24 37%FY25 -10%

It earned an average 14% on equity over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−15% shares · 2y

Share count is down 15% over 2 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 2 years of net income (need ≥3)
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2024-12-31 · accession 0001999371-26-005527 (NetIncomeLoss)