BitVentures Ltd
BVCdata completeness 88%5 fiscal years on fileData notes: no data for concept 'interestExpense'
BitVentures Ltd earns about -3% on equity, below its ~9% cost of capital, but has diluted owners by 164570% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $0.4 and $0.43 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $277.1M1 | $8.99M2 | $18.6M2 | $28M2 | $03 |
| Net income | $31.4M4 | −$6.27M5 | −$3.47M6 | −$743,0006 | −$5.37M6 |
| Operating cash flow | $50.5M7 | −$107,0008 | $9.45M9 | $2.56M9 | −$6.48M9 |
| Capital expenditure | $1.8M10 | — | $011 | $011 | $2,00011 |
| Free cash flow (derived) | $48.7M7 | — | $9.45M9 | $2.56M9 | −$6.48M9 |
| Total debt | — | $298,00012 | — | — | — |
| Cash & equivalents | $68M13 | $3.43M14 | $12.6M14 | $13.3M15 | $950,00015 |
| Diluted shares | 53,520 | 56.0M | 56.0M | 56.0M | 88.1M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $1.1 of net worth that earned you −$0.61 and generated −$0.74 of cash last year.
It earned about -3% on equity against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 164570% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 2 estimate methods that apply put fair value between $0.4 and $0.43 a share. They rest on different assumptions, so where they diverge is the story.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$2.56M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$2.56M
Different models answer different questions — which to trust when →
| Bear | 0.0% | $0.43 |
| Base | 0.0% | $0.43 |
| Bull | 5.0% | $0.53 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2021-06-30 · accession 0001104659-23-109753 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2022-06-30 · accession 0001410578-25-001209 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2025-06-30 · accession 0001437749-25-031287 (Revenues)
- 20-F · period ending 2021-06-30 · accession 0001104659-21-125058 (NetIncomeLoss)
- 20-F · period ending 2022-06-30 · accession 0001410578-25-001209 (NetIncomeLoss)
- 20-F · period ending 2023-06-30 · accession 0001437749-25-031287 (NetIncomeLoss)
- 20-F · period ending 2021-06-30 · accession 0001104659-21-125058 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-06-30 · accession 0001410578-25-001209 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-06-30 · accession 0001437749-25-031287 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2021-06-30 · accession 0001104659-21-125058 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-06-30 · accession 0001437749-25-031287 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2022-06-30 · accession 0001104659-22-107887 (ShortTermBorrowings)
- 20-F · period ending 2021-06-30 · accession 0001104659-21-125058 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2022-06-30 · accession 0001410578-25-001209 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2024-06-30 · accession 0001437749-25-031287 (CashAndCashEquivalentsAtCarryingValue)