BTC Digital Ltd.

AI-generated fair value estimate for this company.

Method: Net asset value (sum-of-parts) approach. FY2025 (12/31/25) balance sheet: total assets $39.93M, cash $0.35M, total liabilities $2.76M, plus about $7.0M net upfront cash from a June 2026 private placement. Applied a 50% haircut to non-cash assets ($39.58M becomes $19.79M) for rapid technological obsolescence of mining hardware and execution risk on the AI-hosting pivot. NAV = $19.79M plus $7.35M cash less $2.76M liabilities = $24.38M divided by 11.80M current shares outstanding = $2.07/share.

Reasoning: BTC Digital has no meaningful standalone bitcoin treasury and currently negative gross margin, making a cash-flow DCF unreliable; a discounted net-asset-value approach is more defensible for an asset-heavy, pre-profitability miner pivoting toward AI infrastructure hosting.