BTBTBit Digital

Crypto · Financial Services · Nasdaq

BTBT and 9 peers, year by year

The 9 Crypto companies closest to BTBT in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
BTBT Bit Digital	FY2025	$113.6M	+5.1%	-	−80.9%	−70.7%	−506.2%	−11.1%	-
EXOD Exodus Movement	FY2025	$121.6M	+4.5%	-	-	−9.3%	−21.2%	−4.6%	-
CIFR Cipher Digital	FY2025	$223.9M	+48.0%	-	−188.2%	−367.2%	−310.7%	−102.1%	3.41
BMNR Bitmine Immersion Technologies	FY2025	$6.1M	+84.1%	-	n/m	n/m	−85.5%	4.0%	-
WULF TeraWulf	FY2025	$168.5M	+20.3%	39.2%	−110.5%	−392.6%	−702.5%	n/m	n/m
FWDI Forward Industries	FY2025	$18.2M	−9.0%	28.5%	−46.1%	−918.1%	−24.9%	−11.4%	-
SBET Sharplink	FY2025	$28.1M	+666%	-	n/m	n/m	−62.6%	−30.4%	-
GEMI Gemini Space Station	FY2025	$179.6M	+26.3%	-	−192.5%	−324.6%	−122.6%	−107.8%	-
UPXI Upexi	FY2026	$25.0M	n/m	89.5%	−963.5%	−984.3%	−84.0%	n/m	n/m
BTCS BTCS	FY2025	$16.5M	+305%	12.2%	-	−202.2%	−59.4%	−23.9%	-

Revenuepeer median $28.1M

Sales growthpeer median +37.2%

Gross marginpeer median 33.9%

UPXI 89.5%
WULF 39.2%
FWDI 28.5%
BTCS 12.2%
BTBT -
EXOD -
CIFR -
BMNR -
SBET -
GEMI -

Operating marginpeer median −188.2%

Net marginpeer median −367.2%

FCF marginpeer median −84.0%

Return on equitypeer median −23.9%

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BTBT Dec	$3.7M	$7.0M	$7.9M	$4.6M	$21.1M	$96.1M	$32.3M	$44.9M	$108.1M	$113.6M
EXOD Dec	-	-	-	-	-	-	-	$56.2M	$116.3M	$121.6M
CIFR Dec	-	-	-	-	-	-	$3.0M	$126.8M	$151.3M	$223.9M
BMNR Aug	-	-	-	-	-	$0	$428K	$645K	$3.3M	$6.1M
WULF Dec	-	$17.2M	$18.2M	$17.6M	$13.4M	-	$15.0M	$69.2M	$140.1M	$168.5M
FWDI Sep	-	$24.8M	$34.5M	$37.4M	$34.5M	$39.0M	$38.2M	$36.7M	$20.0M	$18.2M
SBET Dec	-	-	-	-	-	-	$3.5M	$5.0M	$3.7M	$28.1M
GEMI Dec	-	-	-	-	-	-	-	$98.1M	$142.2M	$179.6M
UPXI Jun	-	-	-	-	$7.4M	$24.1M	$23.1M	$36.4M	$26.0M	$15.8M
BTCS Dec	$355K	$4K	-	-	-	$1.2M	$1.7M	$1.3M	$4.1M	$16.5M
Peer median	-	$17.2M	-	-	$13.4M	$12.7M	$3.5M	$36.7M	$26.0M	$28.1M

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BTBT Dec	-	+87.6%	+13.5%	−42.0%	+361%	+356%	−66.4%	+39.1%	+141%	+5.1%
EXOD Dec	-	-	-	-	-	-	-	-	+107%	+4.5%
CIFR Dec	-	-	-	-	-	-	-	n/m	+19.3%	+48.0%
BMNR Aug	-	-	-	-	-	-	-	+50.9%	+413%	+84.1%
WULF Dec	-	-	+5.6%	−3.3%	−23.8%	-	-	+361%	+102%	+20.3%
FWDI Sep	-	-	+39.3%	+8.4%	−7.8%	+13.2%	+8.5%	−4.0%	−17.7%	−9.0%
SBET Dec	-	-	-	-	-	-	-	+41.9%	−26.1%	+666%
GEMI Dec	-	-	-	-	-	-	-	-	+44.9%	+26.3%
UPXI Jun	-	-	-	-	-	+225%	+85.0%	+250%	−28.7%	−39.2%
BTCS Dec	−29.8%	−98.7%	-	-	-	-	+39.5%	−20.8%	+204%	+305%
Peer median	-	-	-	-	-	-	+39.5%	+46.4%	+44.9%	+26.3%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BTBT Dec	-	-	-	-	-	-	-	-	-	-
EXOD Dec	-	-	-	-	-	-	-	-	-	-
CIFR Dec	-	-	-	-	-	-	-	-	-	-
BMNR Aug	-	-	-	-	-	-	−30.2%	34.5%	23.0%	-
WULF Dec	-	33.2%	34.3%	30.6%	29.1%	-	26.3%	53.5%	49.8%	39.2%
FWDI Sep	-	16.9%	19.0%	17.6%	19.3%	20.8%	23.0%	22.8%	25.9%	28.5%
SBET Dec	-	-	-	-	-	-	37.7%	30.9%	24.7%	-
GEMI Dec	-	-	-	-	-	-	-	-	-	-
UPXI Jun	-	-	-	-	34.7%	49.4%	64.5%	57.7%	49.3%	68.7%
BTCS Dec	25.7%	96.4%	-	-	-	77.9%	74.8%	73.1%	23.2%	12.2%
Peer median	-	33.2%	-	-	29.1%	49.4%	32.0%	44.0%	25.3%	33.9%

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BTBT Dec	5.9%	−19.6%	−24.0%	−43.6%	7.4%	6.1%	−331.8%	−37.0%	25.5%	−80.9%
EXOD Dec	-	-	-	-	-	-	-	-	-	-
CIFR Dec	-	-	-	-	-	-	n/m	−15.9%	−28.9%	−188.2%
BMNR Aug	-	-	-	-	-	-	−400.8%	−374.0%	−73.9%	n/m
WULF Dec	-	−2.7%	1.2%	−5.4%	−13.3%	-	−291.0%	−42.5%	−54.4%	−110.5%
FWDI Sep	-	2.4%	0.8%	−8.3%	−5.7%	−2.0%	1.5%	0.4%	−10.8%	−46.1%
SBET Dec	-	-	-	-	-	-	−409.3%	−179.6%	−130.1%	n/m
GEMI Dec	-	-	-	-	-	-	-	−317.5%	−116.6%	−192.5%
UPXI Jun	-	-	-	-	−65.3%	5.9%	−28.1%	−33.7%	−86.4%	−79.1%
BTCS Dec	−410.0%	n/m	-	-	-	-	-	-	-	-
Peer median	-	-	-	-	−13.3%	-	−291.0%	−42.5%	−73.9%	−110.5%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BTBT Dec	4.3%	−13.6%	−44.8%	−211.6%	−10.8%	−1.1%	−326.0%	−30.9%	26.2%	−70.7%
EXOD Dec	-	-	-	-	-	-	-	22.8%	97.1%	−9.3%
CIFR Dec	-	-	-	-	-	-	n/m	−20.3%	−29.5%	−367.2%
BMNR Aug	-	-	-	-	-	-	−468.9%	−382.0%	−99.5%	n/m
WULF Dec	-	−1.3%	0.8%	−4.6%	−3.3%	-	−603.9%	−106.1%	−51.7%	−392.6%
FWDI Sep	-	2.3%	4.0%	−9.6%	−5.1%	1.3%	−3.6%	−10.2%	−9.8%	−918.1%
SBET Dec	-	-	-	-	-	-	−436.5%	−287.6%	275.8%	n/m
GEMI Dec	-	-	-	-	-	-	-	−325.7%	−111.5%	−324.6%
UPXI Jun	-	-	-	-	−72.6%	12.4%	−8.9%	−48.0%	−91.0%	−86.5%
BTCS Dec	n/m	n/m	-	-	-	n/m	−939.0%	583.6%	−31.2%	−202.2%
Peer median	-	-	-	-	−5.1%	-	−452.7%	−48.0%	−31.2%	−324.6%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BTBT Dec	−$1.2M	−$2.0M	−$5.8M	-	−$5.5M	−$64.2M	−$27.8M	−$65.6M	−$107.0M	−$574.9M
EXOD Dec	-	-	-	-	-	-	-	$625K	−$12.3M	−$25.8M
CIFR Dec	-	-	-	-	-	-	−$60.1M	−$114.7M	−$227.0M	−$695.9M
BMNR Aug	-	-	-	-	-	−$504K	−$4.4M	−$1.4M	−$106K	−$5.2M
WULF Dec	−$1.1M	−$25K	$682K	−$955K	−$549K	-	−$95.2M	−$70.9M	−$292.4M	−$1.2B
FWDI Sep	$720K	−$138K	$901K	−$2.0M	−$331K	−$596K	$1.4M	$905K	$455K	−$4.5M
SBET Dec	-	-	-	-	-	-	−$6.0M	$571K	−$22.8M	−$17.6M
GEMI Dec	-	-	-	-	-	-	-	−$208.0M	−$110.2M	−$220.1M
UPXI Jun	-	-	-	-	−$6.1M	$1.5M	−$5.6M	−$735K	−$1.0M	−$8.8M
BTCS Dec	−$843K	−$1.5M	−$508K	-	-	−$4.9M	−$782K	−$3.6M	−$3.5M	−$9.8M
Peer median	−$843K	−$138K	$682K	-	−$549K	−$550K	−$5.6M	−$1.4M	−$12.3M	−$17.6M

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BTBT Dec	−32.4%	−28.2%	−73.6%	-	−26.0%	−66.8%	−86.2%	−145.9%	−99.0%	−506.2%
EXOD Dec	-	-	-	-	-	-	-	1.1%	−10.6%	−21.2%
CIFR Dec	-	-	-	-	-	-	n/m	−90.4%	−150.1%	−310.7%
BMNR Aug	-	-	-	-	-	-	n/m	−220.4%	−3.2%	−85.5%
WULF Dec	-	−0.1%	3.7%	−5.4%	−4.1%	-	−633.2%	−102.4%	−208.8%	−702.5%
FWDI Sep	-	−0.6%	2.6%	−5.4%	−1.0%	−1.5%	3.6%	2.5%	2.3%	−24.9%
SBET Dec	-	-	-	-	-	-	−170.5%	11.5%	−623.0%	−62.6%
GEMI Dec	-	-	-	-	-	-	-	−212.0%	−77.5%	−122.6%
UPXI Jun	-	-	-	-	−82.2%	6.3%	−24.4%	−2.0%	−4.0%	−55.7%
BTCS Dec	−237.3%	n/m	-	-	-	−401.6%	−46.2%	−266.3%	−86.7%	−59.4%
Peer median	-	-	-	-	−4.1%	−1.5%	−46.2%	−90.4%	−77.5%	−62.6%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BTBT Dec	2.0%	−8.0%	−30.5%	n/m	−6.1%	−0.6%	−117.1%	−9.1%	6.1%	−11.1%
EXOD Dec	-	-	-	-	-	-	-	12.3%	43.9%	−4.6%
CIFR Dec	-	-	-	-	−7.9%	-	−11.4%	−5.2%	−6.5%	−102.1%
BMNR Aug	-	-	-	-	-	−42.8%	−27.1%	−39.4%	−80.6%	4.0%
WULF Dec	−0.5%	−1.7%	1.1%	−6.6%	−3.7%	-	−77.1%	−33.0%	−29.6%	n/m
FWDI Sep	7.4%	6.5%	12.4%	−46.7%	−27.0%	7.0%	−22.0%	−142.8%	−65.7%	−11.4%
SBET Dec	-	-	-	-	-	-	n/m	n/m	n/m	−30.4%
GEMI Dec	-	-	-	-	-	-	-	n/m	n/m	−107.8%
UPXI Jun	-	-	-	-	n/m	14.0%	−7.1%	−62.8%	n/m	−15.2%
BTCS Dec	n/m	n/m	n/m	n/m	n/m	−132.6%	−111.0%	29.9%	−3.7%	−23.9%
Peer median	-	-	-	-	−7.9%	−17.9%	−24.5%	−33.0%	−18.1%	−19.6%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BTBT Dec	-	-	-	-	-	0.02	0.03	-	-	-
EXOD Dec	-	-	-	-	-	-	-	-	-	-
CIFR Dec	-	-	-	-	-	-	-	0.00	0.05	3.41
BMNR Aug	-	-	-	-	-	-	-	-	-	-
WULF Dec	0.24	0.24	0.23	0.24	-	-	1.06	0.56	0.00	n/m
FWDI Sep	-	0.00	0.02	0.01	0.23	0.21	0.22	0.42	0.20	-
SBET Dec	-	-	-	-	-	-	0.69	n/m	0.00	-
GEMI Dec	-	-	-	-	-	-	-	-	-	-
UPXI Jun	-	-	-	-	-	-	-	1.00	0.09	0.23
BTCS Dec	n/m	-	n/m	-	-	-	-	-	-	-
Peer median	-	-	-	-	-	-	0.69	0.49	0.05	-

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
BTBT Dec	$6.19	−$0.14	−$0.24	−$0.62	−$0.07	−$0.02	−$1.34	−$0.16	$0.19	−$0.31
EXOD Dec	-	-	-	-	-	-	-	-	-	-
CIFR Dec	-	-	-	-	-	-	−$0.16	−$0.10	−$0.14	−$2.15
BMNR Aug	-	-	-	-	-	−$0.40	−$1.00	−$1.00	−$1.32	$13.39
WULF Dec	−$0.03	−$0.11	$0.07	−$0.41	−$0.22	-	−$0.82	−$0.35	−$0.21	−$1.66
FWDI Sep	$0.70	$0.70	$1.50	−$3.80	−$1.90	$0.50	−$1.40	−$3.39	−$1.77	−$24.59
SBET Dec	-	-	-	-	-	-	−$6.13	−$5.17	$27.62	−$7.37
GEMI Dec	-	-	-	-	-	-	-	−$66.25	−$32.24	−$15.52
UPXI Jun	-	-	-	-	−$10.60	$4.20	−$8.60	−$18.94	−$23.03	−$1.73
BTCS Dec	−$4.89	−$0.37	−$0.07	−$0.11	−$0.86	−$3.09	−$1.25	$0.45	−$0.08	−$1.00
Peer median	−$0.03	−$0.11	$0.07	−$0.41	−$1.38	$0.05	−$1.25	−$2.20	−$0.77	−$1.94

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out BTBT and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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