Bit Origin

BTOG

Financial - Data & Stock Exchanges · Financial Services

Price

$3.73

+0.10 (+2.88%)

Market Cap

$1.1M

Exchange

NASDAQ Capital Market

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Based on the IPO prospectus (annual filing). This score will refine automatically once the company reports its first quarters.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+1988.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 4K (2021) → 77K (2025)

Winston Score History

The full picture

Bit Origin is a small company based in China that has shifted its business toward cryptocurrency mining and related digital asset operations. It uses specialized computers to mine Bitcoin and other cryptocurrencies, earning digital coins as rewards. The company has also explored other business lines, including restaurant operations in China, though crypto mining has become its primary focus.

Bit Origin earns revenue mainly by mining cryptocurrency and selling the coins it produces. It is a very small company with a market cap under $50 million and operates with deeply negative margins, meaning it spends far more than it earns. The company faces significant risks, including volatile cryptocurrency prices, regulatory uncertainty around digital assets in both China and the US, and intense competition from much larger mining operations with lower costs.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

YoY Growth Rate

Revenue data limited

EPS Growth

+35.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

39.0%ownership

Insiders own a meaningful stake in the company

Cash Runway

~6 months

$9M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

Bit Origin has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

0.0%

Thin — 0.0% gross margin

Profit after running costs

Operating Margin

-7574.9%

Losing money on operations — -7574.9%

Return on the money invested

ROCE

-76.7%

Weak — -76.7% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-98.6%

Shrinking sales (-98.6% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

N/A

Data not available

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-5799.7%

Burning cash (-5799.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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