All three tenses have at least two readings, so the archetype blend applies as printed.
Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.
What did they actually do?
Has it survived what it has been through?
3 warning events since 2019; the latest 2026-04-30.
From the record
BTC Digital Ltd.'s filings since 2019 show 3 warning events: a late-report notice (Form NT 10-K or NT 10-Q, 3 times, the latest 2026-04-30) (its current reports).
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What has it actually done, year after year?
-36.6% a year over 6 filed years; profitable in 1 of 6.
From the record
BTC Digital Ltd.'s 6 filed years say what it did: revenue went from $137 million in fiscal 2020 to $14 million in fiscal 2025, down 36.6% a year; it rose in 2 of 5 years; the deepest fall was 93% from fiscal 2020 to fiscal 2023; net income was positive in 1 of 6 of those years (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
How has it treated the people who own it?
Share count grew 349.9% a year. 0% of cash flow returned. Insiders: 0 sales, 0 purchases.
From the record
Over the 4 fiscal years to 2025-12-31, BTC Digital Ltd.'s diluted share count grew about 349.9% a year, and dividends and buybacks returned about 0% of its operating cash flow over 3 years (its filed statements). Its officers and directors filed 0 sales and 0 purchases of their own stock on the open market in the year to 2026-09-30 (their Form 4 filings).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What are they doing right now?
Is it financially healthy right now?
ROE -24%: lost 24¢ per shareholder dollar. Leverage 7%: owes 7¢ per asset dollar.
From the record
Return on equity: in the fiscal year ended 2025-12-31, BTC Digital Ltd. lost about 24 cents for every dollar of shareholders' money, and gross profitability: its products earned less than nothing, about minus 8 cents per dollar of everything the company owns. Leverage: it owed about 7 cents per dollar of assets, and net share issuance: its share count grew 172.0% over the year (the filed statements).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
How strong is its position in its industry?
bottom 42% of 114 in its family; net margin -64.5%.
From the record
BTC Digital Ltd.'s standing among 114 graded names in its industry family: revenue of $14 million in fiscal 2025 ranks in the bottom 31% by size; a net margin of -64.5% ranks in the top 50%; revenue growth of 5.9% a year over the last 3 filed years ranks in the bottom 45% (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What are the people in charge doing?
SI estimate 5.5/10, confidence 20 of 100 (family median).
SI estimate Inferred, not read as filed
From the record
SI estimate, not a filed reading: BTC Digital Ltd.'s leadership is put at 5.5 of 10 with a confidence of 20 of 100, because no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 74 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.
What are they set up to do next?
How much room does it have to grow?
bottom 22% of 108 in its family for room to expand.
From the record
BTC Digital Ltd.'s room to grow, from the newest filed statements (fiscal 2025): cash of $350 thousand against no long-term debt tagged leaves 0.9% of its assets as net cash, bottom 26% of its family; cash from operations less capital spending is -98.1% of revenue (bottom 35%); a gross margin of -22.5% (bottom 5%) (its annual report).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What could actually drive growth from here?
top 45% of 100 in its family for growth drivers.
From the record
BTC Digital Ltd.'s growth drivers, from the filed years to fiscal 2025: revenue grew 5.9% a year over the last three filed years against -36.6% over all 6, speeding up (top 6% of its family); the newest year grew 20.3% (top 41%); research spending grew -40.9% a year (bottom 20%); capital spending grew -1.4% a year (bottom 45%) (its annual reports). BTC Digital Ltd. tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
Did its newest year beat what its own record pointed to?
bottom 35% of 78 in its family for expectations against reality.
From the record
BTC Digital Ltd.'s newest year against its own record: revenue of $14 million in fiscal 2025 came in 21.1% above the $12 million its prior three years' pace pointed to (top 36% of its family); net income of $9 million against a prior three-year average of $958 thousand (bottom 12%); a net margin of -64.5% against 5.6% before (bottom 30%) (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made