MeritValue

Grayscale Bitcoin Trust ETF

GBTCdata completeness 38%2 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'stockholdersEquity'; no data for concept 'netInvestmentIncome'; no data for concept 'depreciationAmortization'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

i. The business — what you’d actually own
FigureFY 2024FY 2025
Revenue——
Net income$16.1B1−$993.5M1
Operating cash flow$21.5B2$3.7B2
Capital expenditure——
Free cash flow (derived)——
Total debt——
Cash & equivalents$03$03
Diluted shares——

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

iii. Is this a good business?
Moat signal · return on equity
— avg · 2y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 2y

Not enough history to read capital allocation.

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 v0.5.0
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 0001193125-26-071956 (ProfitLoss)
  2. 10-K · period ending 2024-12-31 · accession 0001193125-26-071956 (NetCashProvidedByUsedInOperatingActivities)
  3. 10-K · period ending 2024-12-31 · accession 0001193125-26-071956 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)