Rankings Financial data & insurance broking BTCS
BTCS
29
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin and earnings quality−10
- Leverage and liquidation risk−10
- Capital allocation−7
Strengths
- No documented strengths.
How the score is built
From 100 to 29, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 0.96 USD
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −74%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−27 of −30
- −10Margin and earnings qualityRevenue of USD 16.6m TTM with a gross margin of only 27% and an operating loss of -6.8m; net income is -124m (ETH price fall, realised losses and write-downs). Compensation cost 5.2m in H1 2026 (1.5m a year earlier) against gross profit of about 2.5m. Operations do not even cover salaries.
- −5Quality of growthBuilder+ (block building) fell from 5.9m USD in Q4 2025 to 0.9m in Q2 2026, and validator revenue is almost gone (0.05m). Total revenue fell 12% y/y in Q2. The growth segment Imperium (1.5m) is in practice the return on the company's own leveraged ETH in DeFi, not third-party customers.
- −7Capital allocationETH was bought at an average cost price of about USD 2,773 (51,226 ETH for 142.1m) financed with ATM shares and Aave loans in 2025. In 2026 there have been forced sales to reduce loans: 10,000 ETH in February at about USD 1,870 and a total of USD 26.5m of ETH swapped into USDT in H1, i.e. losses locked in near the bottom.
- −5MoatNo moat: ETH ETFs (also with staking) give the same exposure without debt and operating costs, and BitMine and SharpLink are many times larger ETH treasuries. With market cap/crypto below 1, issuance above NAV, which was the growth engine, is closed.
Price
Today's multiples against the company's own history and its peers. · 3 findings−8 of −35
- −3Price versus NAV and own historyMarket cap USD 67.7m against about 125m in ETH (about 50,000 ETH x USD 2,499) looks cheap (0.54x), but after Aave loans (about 43m) and convertibles (17.8m), EV/crypto is about 1.0x and price/NAV about 1.0x. P/B is 1.74 against 0.89-1.26 in 2022-2025.
- −3Peers and alternativeOne pays about 1.0x NAV for a leveraged, cash-negative ETH holding, while SharpLink and BitMine (almost unleveraged) trade around 0.9-1.0x and an ETH ETF at 1.0x with no debt. There is no discount for leverage and operating costs.
- −2Absolute price levelNo earnings or FCF to price against: P/S 4.1, EV/revenue 7.0, FCF -7.8m USD TTM and earnings yield -183%.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 6 findings−30 of −35
- −10Leverage and liquidation riskDebt of approx. 61m USD (Aave 43.0m as of 17 Aug and convertibles 17.8m maturing in May and July 2027) versus ETH of approx. 125m, while cash was only 0.3m (cash + stablecoins) as of 30 Jun. The Aave loan was 48% of the collateral with ETH at around 1,570 USD in June. Every fall in ETH forces new sales, and a drop to approx. 1,100–1,200 USD (own estimate) could trigger liquidation.
- −6Concentration and volatilityAlmost all assets are ETH, and most of it sits as collateral in a single DeFi protocol (Aave), which the 10-Q itself calls a significant concentration. Beta 3.3 and a share price fall of 78% over 52 weeks.
- −6DilutionShare count has risen 153% over a year. In H1 2026, 2.96m shares were issued as compensation (approx. 6%), and the count went from 49.8m (30/6) to 52.5m (17/8). An ATM agreement with H.C. Wainwright is in place, and ETH per share has fallen from approx. 1,490 per m shares in autumn 2025 to approx. 950.
- −4Insider selling and managementInsiders sold 685,000 shares for 0.81m USD in the 90 days to the end of July 2026, including CEO Charles Allen (168,000 shares at 1.22 USD on 15 Jun, 10b5-1 plan), while compensation was tripled.
- −2Nasdaq requirementsThe stock traded around 0.98-1.03 USD in July 2026, i.e. close to or below Nasdaq's minimum bid price of 1 USD. It is now 1.29 USD, so the risk of a notice or a reverse stock split (latest 1:10 in 2021) has not gone away.
- −2Protocol and regulatory riskThe business rests on smart contracts (Aave, liquidity pools, Base) and on unsettled US regulation: the company itself calls the timing of the CLARITY Act uncertain, and Imperium's tokenised stock trading depends on the SEC's 'Covered Firm' exemption.
Plus
Only documented strengths. · 0 findings±0 of +15
- No findings recorded.
Caveats
What the score does not capture, or where the data is weak.
ETH treasury company with a small blockchain operation (Imperium DeFi, Builder+ block building, validators). It does not fit the industrials list and is placed under 'Finance, data & insurance brokerage' like Strategy and H100 Group, because the value is a leveraged crypto holding and not software. mNAV is calculated by us with ETH at USD 2,499 (CoinGecko 11/10/2026): about 50,000 ETH (51,226 as of 30/6 per the 10-Q; about 46,525 in Aave as of 17/8 plus about 2,880 staked) gives about USD 125m (about 133m including LP positions of 7.6m). Market value of 67.7m (52.47m shares × 1.29) gives market value/crypto of about 0.54x, but the debt is large: Aave about 43.0m (17/8) + convertibles 17.8m nominal, so EV/crypto is about 1.0x and price/NAV after debt about 0.95–1.05x (NAV about USD 1.25–1.40 per share). The ETH count after 17/8, the current Aave health factor and liquidation price are not disclosed; a liquidation level of about USD 1,100–1,200/ETH is our own estimate. Peer mNAV for SharpLink and BitMine dates from February 2026. Stockanalysis' SBC figure (0.18m TTM) does not match the 10-Q (2.96m shares issued as compensation in H1 2026). No analyst coverage (forecast 404), so formula points for upside and revisions become thin. The Nasdaq minimum-bid notice is not confirmed. cyclical = true, because earnings and NAV follow the ETH price.
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