MeritValue

BTCS Inc.

BTCSdata completeness 88%17 fiscal years on file
The thesis, from the filings

BTCS Inc. earns about -48% on equity, but has diluted owners by 385% 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$1.21M1$1.69M2$1.34M3$4.07M4$16.5M4
Net income−$16M5−$15.9M6$7.82M7−$1.27M8−$33.4M8
Operating cash flow−$4.86M9−$776,77710−$3.56M11−$3.53M12−$9.78M12
Capital expenditure$10,49113$5,40814$5,27615$2,64816$12,75916
Free cash flow (derived)−$4.87M9−$782,18510−$3.57M11−$3.53M12−$9.8M12
Total debt—————
Cash & equivalents$1.4M17$2.15M18$1.46M19$1.98M20$1.53M20
Diluted shares6.8M12.7M17.5M16.3M33.2M

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
$42
your share of equity
Profit it earned you last year
−$10.05
Free cash flow it threw off
−$2.95
Debt you’d be carrying
—

10 shares is a claim on $42 of net worth that earned you −$10.05 and generated −$2.95 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-48% avg · 5y
FY21 -133%FY22 -111%FY23 30%FY24 -4%FY25 -24%

It earned an average -48% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+385% shares · 5y

Share count is up 385% over 5 years — owners have been diluted. Worth asking what they got for it.

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. 10-K · period ending 2021-12-31 · accession 0001493152-23-010331 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-010797 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001493152-25-010973 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-012916 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-010331 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-010797 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001493152-25-010973 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-012916 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-010331 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-010797 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001493152-25-010973 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-012916 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-010331 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-010797 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001493152-25-010973 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-012916 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001493152-23-010331 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001493152-24-010797 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001493152-25-010973 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001493152-26-012916 (CashAndCashEquivalentsAtCarryingValue)