Despite a cash position of $45.8 million, the company carries a staggering accumulated deficit of $1.4 billion, which underscores the structural risks inherent in its current asset base.
| Total Current Assets | 149.25M | 24.55M | 8.94M | 96.94M | 389.74M | 232.82M | 317.66M | 383.75M |
| Cash & Short-Term Investments | 54.3M | 14.9M | 43K | 333K | 168.4M | 90.11M | 140.13M | 174.68M |
| Cash Only | 45.83M | 14.9M | 43K | 333K | 168.4M | 90.11M | 140.13M | 174.68M |
| Short-Term Investments | 8.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 32.58M | 5.68M | 5.49M | 8.9M | 15.47M | 9.05M | 9.12M | 13.08M |
| Days Sales Outstanding | 138.64 | 177.48 | 220.66 | 39.82 | 7.75 | 3.68 | 2.3 | 3.35 |
| Inventory | 0 | 0 | 0 | 22.32M | 121.22M | 9.25M | 108.21M | 108.88M |
| Days Inventory Outstanding | -0.15 | - | - | 117.39 | 91.47 | 5.56 | 52.29 | 63.28 |
| Other Current Assets | 62.37M | 1.38M | 803K | 61.38M | 73.66M | 118.76M | 52.47M | 10.19M |
| Total Non-Current Assets | 119.09M | 16.58M | 15.6M | 112.34M | 495.63M | 866.01M | 1.15B | 622.99M |
| Property, Plant & Equipment | 88.65M | 12.55M | 12.7M | 92.44M | 191.43M | 469.45M | 715.27M | 214.94M |
| Fixed Asset Turnover | 0.95x | 0.93x | 0.71x | 0.88x | 3.81x | 1.91x | 2.02x | 6.63x |
| Goodwill | 0 | 0 | 0 | 0 | 192.96M | 274.57M | 302.16M | 276.9M |
| Intangible Assets | 0 | 0 | 0 | 0 | 14.68M | 19.34M | 24.97M | 36.9M |
| Long-Term Investments | 69.33M | 4.02M | 2.9M | 19.9M | 24.4M | 24.55M | 26.08M | 23.43M |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 46.17M | 71.11M | 73.22M | 66.75M |
| Total Assets | 268.34M | 41.13M | 24.54M | 209.28M | 885.37M | 1.1B | 1.46B | 1.01B |
| Asset Turnover | 0.32x | 0.28x | 0.37x | 0.39x | 0.82x | 0.82x | 0.99x | 1.41x |
| Asset Growth % | 2061.92% | 67.58% | -88.27% | -76.36% | -19.43% | -24.92% | 45.38% | - |
| Total Current Liabilities | 1.98M | 893K | 5.1M | 76.31M | 714.85M | 1.17B | 1.27B | 1.04B |
| Accounts Payable | 1.1M | 115K | 128K | 3.46M | 0 | 2.6M | 2.25M | 2.03M |
| Days Payables Outstanding | 3.71 | 3.63 | 4.58 | 18.17 | - | 1.57 | 1.09 | 1.18 |
| Short-Term Debt | 0 | 484K | 125K | 6M | 6M | 184.09M | 13.15M | 11.79M |
| Deferred Revenue (Current) | 413K | 124K | 792K | 0 | 552.76M | 111.46M | 902.68M | 859.52M |
| Other Current Liabilities | 0 | 0 | 0 | 60.11M | 107.35M | 718.49M | 316.7M | 876.41M |
| Current Ratio | 75.21x | 27.49x | 1.75x | 1.27x | 0.55x | 0.20x | 0.25x | 0.37x |
| Quick Ratio | 75.21x | 27.49x | 1.75x | 0.98x | 0.38x | 0.19x | 0.16x | 0.26x |
| Cash Conversion Cycle | 134.78 | - | - | 139.04 | - | 7.68 | 53.5 | 65.45 |
| Total Non-Current Liabilities | 2.01M | 320K | 0 | 0 | 21.01M | 288.71M | 434.31M | 82.07M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 4.36M | 320K | 0 | 0 | 59.82M | 30.68M | 47.68M | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 4.43M | 1.17M | 2.01M | 23.1M |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | -78.79M | 249.68M | 384.62M | -11.17M |
| Total Liabilities | 3.99M | 1.21M | 5.1M | 76.31M | 848.79M | 1.46B | 1.71B | 1.12B |
| Total Debt | 2.35M | 853K | 125K | 6M | 101.64M | 345.92M | 567.77M | 0 |
| Net Debt | -43.48M | -14.05M | 82K | 5.67M | -66.76M | 255.8M | 427.64M | -174.68M |
| Debt / Equity | 0.01x | 0.02x | 0.01x | 0.05x | 2.78x | - | - | - |
| Debt / EBITDA | -0.11x | 0.85x | 0.19x | 0.47x | 9.63x | 17.64x | - | - |
| Net Debt / EBITDA | 2.05x | -14.00x | 0.12x | 0.44x | -6.33x | 13.04x | - | -1.64x |
| Interest Coverage | -1114.40x | -40.44x | -43.83x | 49.35x | -5.04x | - | -12.41x | 1233.95x |
| Total Equity | 264.35M | 39.92M | 19.44M | 132.97M | 36.58M | -362.54M | -242.94M | -114.6M |
| Equity Growth % | 2574.49% | 105.31% | -85.38% | 263.57% | 110.09% | -49.23% | -111.98% | - |
| Book Value per Share | 37.28 | 5.92 | 5.20 | 47.34 | 16.93 | -1321.52 | -1204.86 | -585.23 |
| Total Shareholders' Equity | 264.35M | 39.92M | 19.44M | 132.97M | 22.44M | -378.68M | -260.87M | -138.34M |
| Common Stock | 3.1M | 368K | 121K | 434.51K | 217K | 37K | 219K | 219K |
| Retained Earnings | -1.39B | -188.59M | -186.6M | -1.27B | -1.32B | -936.25M | -525.26M | -305.86M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | -60.34M | 0 | -146.08M |
| Minority Interest | 0 | 0 | 0 | 0 | 14.13M | 16.13M | 17.93M | 23.74M |
Operational viability and dilution
According to recent financial statements, BTCT's total assets surged from $41.1 million in 2024Q4 to $268.3 million by 2025Q2, yet this expansion appears disconnected from core operational performance, as the company continues to report significant accumulated deficits that suggest a fundamental erosion of shareholder value over time.
The rapid increase in asset value warrants skepticism, as it does not correlate with improved profitability or cash generation. Investors should monitor whether these assets represent high-quality mining infrastructure or if they are inflated by accounting adjustments that fail to reflect the true economic reality of the business.
As reported in quarterly filings, the company's net PPE of $88.7 million in 2025Q2 represents a significant portion of the balance sheet, yet the lack of corresponding revenue growth suggests these assets may be underperforming or failing to provide a competitive advantage in the mining sector.
The heavy reliance on PPE in a low-margin mining environment implies high maintenance and depreciation costs that further pressure the bottom line. Without clear evidence of high-efficiency hardware deployment, these assets may be subject to future impairment charges if Bitcoin prices or network difficulty trends turn unfavorable.
Based on the provided figures, BTCT's cash position of $45.8 million in 2025Q2 provides a temporary buffer, but the company's history of persistent operating losses suggests this liquidity is being consumed rapidly to support an unsustainable corporate structure rather than funding productive, revenue-generating mining operations.
While the current ratio of 75.21 appears superficially strong, it likely reflects accounting distortions rather than true operational liquidity. The company's inability to convert its cash reserves into sustainable profitability indicates that this liquidity may be exhausted sooner than the headline numbers suggest.
Financial disclosures reveal an accumulated deficit of $1.4 billion as of 2025Q2, a staggering figure that highlights the long-term destruction of capital inherited from the company's previous education business and underscores the extreme difficulty of achieving a turnaround in the current cryptocurrency mining and hardware resale environment.
This massive deficit serves as a critical warning that the company's current pivot is operating on a foundation of significant historical failure. Investors should be wary of the potential for further dilution or balance sheet restructuring as management attempts to address these deep-seated financial imbalances.
Quick answers to the most common questions about buying BTCT stock.
As of 2024, BTC Digital Ltd. (BTCT) had total assets of $41.1M including $24.6M in current assets.
BTC Digital Ltd. (BTCT) carries total debt of $0.9M, offset by $14.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
BTC Digital Ltd. (BTCT) has total shareholders' equity (book value) of $39.9M ($5.92 book value per share). Book value represents the net worth of the company belonging to common stock holders.
BTC Digital Ltd. (BTCT) reported a current ratio of 27.49x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.