London BTC Company Limited

BTC.L

Financial - Capital Markets · Financial Services

Price

2.00 GBp

-0.20 (-9.05%)

Market Cap

6.2M GBp

Exchange

London Stock Exchange

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 25, 2026 · filings through Feb 28, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count falling — buybacks

−75.5% over 3y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 253.7M (2022) → 62.2M (2025)

Winston Score History

The full picture

London BTC Company is a small financial services firm listed on the London Stock Exchange that focuses on cryptocurrency-related investments and services. It aims to give investors exposure to Bitcoin and digital assets through a publicly traded vehicle, targeting individuals and institutions who want crypto access without holding the assets directly.

The company generates revenue primarily through management fees and gains on its digital asset holdings. It operates mainly in the United Kingdom and is very small by market capitalization. The company currently runs at a significant operating loss, reflecting the early-stage nature of its business and the costs of maintaining a public listing relative to its revenue. The key risk is its heavy dependence on Bitcoin prices and broader crypto market sentiment, along with intense competition from larger, better-capitalized crypto investment products and ETFs that have gained traction globally.

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

Revenue data limited

EPS Growth

EPS data limited

R&D Spend

£90,766/ year

14.2% of revenue

2.0x the sector average (7%)

Research and development spending

Insider Activity

42.2%ownership

Insiders own a meaningful stake in the company

Cash Runway

~0 months

£35,843 cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Cash watch

London BTC Company Limited 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

29.7%

Modest — 29.7% gross margin

Profit after running costs

Operating Margin

-1642.2%

Losing money on operations — -1642.2%

Return on the money invested

ROCE

-580.5%

Weak — -580.5% 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

>+1,000%

—

Fast-growing sales (>+1,000% 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

-198.6%

Burning cash (-198.6%)

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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