BTC Digital Ltd.

BTCT

Consumer DefensiveEducation & Training ServicesNASDAQ

$1.19

Market Cap: $11.34M

BTC Digital Ltd. (BTCT) Valuation Summary

Updated Apr 23, 2026 22:31

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$1.08 – $4.71	$1.72	+33.3%
Revenue DCF 10Y	$0.87 – $2.96	$1.37	+6.5%
▸ Trading Multiples
EV/Revenue	$8.70 – $32.27	$18.76	+1354.6%

Valuation History

DCF Analysis

BTC Digital Ltd. (BTCT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.37

Market Price

$1.19

Upside / Downside

+14.9%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -22.9% to a target of 7.6% over 5 years, discounted at a WACC of 7.1%, BTC Digital Ltd. (BTCT) has an intrinsic value of $1.37 per share (range: $0.87 – $2.96).

Key Assumptions

Current Operating Margin

-22.9%

Target Operating Margin

7.6%

WACC

7.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

27.8%

Target CapEx/Rev

23.6%

D&A/Revenue

15.7%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2025	13	11.3%	-16.8%	-2	-2	2	(4)	-1	-2	-2
2026	12	-10.0%	-10.7%	-1	-1	2	(3)	-0	-2	-2
2027	11	-10.0%	-4.6%	-0	-0	2	(3)	-0	-1	-1
2028	9	-10.0%	1.5%	0	0	1	(2)	-0	-1	-0
2029	9	-10.0%	7.6%	1	1	1	(2)	-0	-0	-0
2030	8	-10.0%	7.6%	1	0	1	(2)	-0	0	0
2031	7	-10.0%	7.6%	1	0	1	(2)	-0	0	0
2032	6	-10.0%	7.6%	0	0	1	(2)	-0	0	0
2033	6	-10.0%	7.6%	0	0	1	(1)	-0	0	0
2034	5	-8.5%	7.6%	0	0	1	(1)	-0	0	0

Enterprise Value Bridge

Sum of PV(FCFF)-6

Terminal Value (Gordon Growth at 3.0%)1

PV of Terminal Value1

Enterprise Value-5

(–) Net Debt-14

Equity Value9

(÷) Shares Outstanding7

Fair Value per Share$1.37

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.6%	4.6%	7.6%	10.6%	13.6%
5.1%	$1	$1	$2	$2	$3
6.1%	$1	$1	$1	$2	$2
7.1%	$1	$1	$1	$2	$2
8.1%	$1	$1	$1	$2	$2
9.1%	$1	$1	$1	$2	$2

Current price: $1.19. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 32.2% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

BTC Digital Ltd. (BTCT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.72

Market Price

$1.19

Upside / Downside

+44.3%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-22.9%

Target Operating Margin

7.6%

WACC

7.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

27.8%

Target CapEx/Rev

23.6%

D&A/Revenue

15.7%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2025	13	11.3%	-16.8%	-2	-2	2	(4)	-1	-2	-2
2026	12	-10.0%	-10.7%	-1	-1	2	(3)	-0	-2	-2
2027	11	-10.0%	-4.6%	-0	-0	2	(3)	-0	-1	-1
2028	9	-10.0%	1.5%	0	0	1	(2)	-0	-0	-0
2029	9	-10.0%	7.6%	1	1	1	(2)	-0	0	0

Enterprise Value Bridge

Sum of PV(FCFF)-5

Terminal Value (Gordon Growth at 3.0%)4

PV of Terminal Value3

Enterprise Value-2

(–) Net Debt-14

Equity Value12

(÷) Shares Outstanding7

Fair Value per Share$1.72

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.6%	4.6%	7.6%	10.6%	13.6%
5.1%	$1	$1	$2	$3	$5
6.1%	$1	$1	$2	$3	$4
7.1%	$1	$1	$2	$2	$3
8.1%	$1	$1	$2	$2	$3
9.1%	$1	$1	$2	$2	$2

Current price: $1.19. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 32.2% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$18.76

Market Price

$1.19

Upside / Downside

+1474.2%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), BTC Digital Ltd. (BTCT) has a fair value of $18.76 based on 5 comparable companies in the Education & Training Services industry.

EV/Revenue Valuation — Education & Training Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
BTC Digital Ltd.BTCT	8	-0.5x	-0.0x
BranchOut Food Inc.BOF	57	4.6x	—
Coffee Holding Co., Inc.JVA	26	0.3x	0.4x
Beeline Holdings, Inc.BLNE	18	3.8x	2.4x
Skillful Craftsman Education Technology LimitedEDTK	16	17.4x	—
Bit Origin LtdBTOG	3	73.8x	—
Industry Median		4.6x	1.4x
(*) Revenue		12	121
= Enterprise Value		53	171
(-) Net Debt		-14	-14
Equity Value		68	185
(/) Outstanding shares		7	7
Fair Price		$10	$28

Selected Fair Value (avg of trailing + forward)

$18.76

+1474.2%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$1.08 – $4.71

$1.72

+33.3%

Revenue DCF 10Y

$0.87 – $2.96

$1.37

+6.5%

▸ Trading Multiples

EV/Revenue

$8.70 – $32.27

$18.76

+1354.6%

DCF Analysis

BTC Digital Ltd. (BTCT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.37

Market Price

$1.19

Upside / Downside

+14.9%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-22.9%

Target Operating Margin

7.6%

WACC

7.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

27.8%

Target CapEx/Rev

23.6%

D&A/Revenue

15.7%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2025	13	11.3%	-16.8%	-2	-2	2	(4)	-1	-2	-2
2026	12	-10.0%	-10.7%	-1	-1	2	(3)	-0	-2	-2
2027	11	-10.0%	-4.6%	-0	-0	2	(3)	-0	-1	-1
2028	9	-10.0%	1.5%	0	0	1	(2)	-0	-1	-0
2029	9	-10.0%	7.6%	1	1	1	(2)	-0	-0	-0
2030	8	-10.0%	7.6%	1	0	1	(2)	-0	0	0
2031	7	-10.0%	7.6%	1	0	1	(2)	-0	0	0
2032	6	-10.0%	7.6%	0	0	1	(2)	-0	0	0
2033	6	-10.0%	7.6%	0	0	1	(1)	-0	0	0
2034	5	-8.5%	7.6%	0	0	1	(1)	-0	0	0

Enterprise Value Bridge

Sum of PV(FCFF)-6

Terminal Value (Gordon Growth at 3.0%)1

PV of Terminal Value1

Enterprise Value-5

(–) Net Debt-14

Equity Value9

(÷) Shares Outstanding7

Fair Value per Share$1.37

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.6%	4.6%	7.6%	10.6%	13.6%
5.1%	$1	$1	$2	$2	$3
6.1%	$1	$1	$1	$2	$2
7.1%	$1	$1	$1	$2	$2
8.1%	$1	$1	$1	$2	$2
9.1%	$1	$1	$1	$2	$2

Current price: $1.19. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 32.2% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$18.76

Market Price

$1.19

Upside / Downside

+1474.2%

Verdict

Undervalued

EV/Revenue Valuation — Education & Training Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
BTC Digital Ltd.BTCT	8	-0.5x	-0.0x
BranchOut Food Inc.BOF	57	4.6x	—
Coffee Holding Co., Inc.JVA	26	0.3x	0.4x
Beeline Holdings, Inc.BLNE	18	3.8x	2.4x
Skillful Craftsman Education Technology LimitedEDTK	16	17.4x	—
Bit Origin LtdBTOG	3	73.8x	—
Industry Median		4.6x	1.4x
(*) Revenue		12	121
= Enterprise Value		53	171
(-) Net Debt		-14	-14
Equity Value		68	185
(/) Outstanding shares		7	7
Fair Price		$10	$28

Selected Fair Value (avg of trailing + forward)

$18.76

+1474.2%