MeritValue

Bit Digital, Inc

BTBTdata completeness 88%10 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Bit Digital, Inc earns about -30% on invested capital, but has diluted owners by 365% over 5 years — worth asking whether the growth reaches owners. 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$96.1M1$32.3M1$44.9M2$108.1M2$113.6M2
Net income−$1.01M3−$105.3M4−$13.9M5$28.3M5−$80.3M5
Operating cash flow−$17.4M6−$8.5M7$1.11M8−$13M8−$288.9M8
Capital expenditure$46.8M9$19.3M10$66.7M11$94M11$285.9M11
Free cash flow (derived)−$64.2M6−$27.8M7−$65.6M8−$107M8−$574.9M8
Total debt$2.77M12$3.04M12———
Cash & equivalents$42.4M13$32.7M14$16.9M15$95.2M16$118.4M16
Diluted shares55.4M78.6M87.5M141.5M257.9M

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
$28.07
your share of equity
Profit it earned you last year
−$3.11
Free cash flow it threw off
−$22.29
Debt you’d be carrying
—

10 shares is a claim on $28.07 of net worth that earned you −$3.11 and generated −$22.29 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-30% avg · 5y
FY21 1%FY22 -139%FY23 -8%FY24 8%FY25 -11%

It earned an average -30% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+365% shares · 5y

Share count is up 365% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 10% over the same window.

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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
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. 20-F · period ending 2021-12-31 · accession 0001213900-23-033401 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001213900-26-035544 (Revenues)
  3. 20-F · period ending 2021-12-31 · accession 0001213900-24-023550 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001013762-25-000307 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001213900-26-035544 (NetIncomeLoss)
  6. 20-F · period ending 2021-12-31 · accession 0001213900-24-023550 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001013762-25-000307 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001213900-26-035544 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2021-12-31 · accession 0001213900-24-023550 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001013762-25-000307 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001213900-26-035544 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2021-12-31 · accession 0001213900-23-033401 (LongTermDebtNoncurrent)
  13. 20-F · period ending 2021-12-31 · accession 0001213900-23-033401 (CashAndCashEquivalentsAtCarryingValue)
  14. 20-F · period ending 2022-12-31 · accession 0001213900-24-023550 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001013762-25-000307 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001213900-26-035544 (CashAndCashEquivalentsAtCarryingValue)