BIT ORIGIN Ltd
BTOG · Finance Services · EDGAR filings ↗
Grade
F34Near-cash-out crypto micro-cap with collapsed revenue pivoting into a Dogecoin treasury strategy.
Strengths
- Current ratio 9.5 (85th pct) on a tiny balance sheet
- Mining wind-down reduced cost of revenue to nil
Risks
- Cash of only ~$56K (7.8th pct) and revenue down 98.6% — effectively non-viable as an operating business
- Operating margin -75x and OCF margin -58x; convertible-note covenants and crypto-price dependence
Notable findings
- Net lossNet loss (net margin -11064.5%)
- Revenue declineRevenue -98.6% YoY
Key metrics
Gross margin
100.0%
Operating margin
-7574.9%
Net margin
-11064.5%
Return on equity
-112.0%
Return on assets
-123.6%
Revenue growth (QoQ)
-98.6%
Current ratio
9.5×
Tangible book value
$4M
Cash & investments
$56K
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2025-10-31 | 2025-06-30 | 0001104659-25-105009 ↗ |
| 20-F | 2024-12-26 | 2024-06-30 | 0001410578-24-002113 ↗ |
| 20-F | 2023-10-31 | 2023-06-30 | 0001410578-23-002160 ↗ |
| 20-F | 2022-08-25 | 2022-06-30 | 0001410578-22-002742 ↗ |
| 20-F | 2021-11-15 | 2021-06-30 | 0001410578-21-000293 ↗ |
| 20-F | 2020-11-17 | 2020-06-30 | 0001104659-20-126431 ↗ |
| 20-F | 2019-11-06 | 2019-06-30 | 0001104659-19-060596 ↗ |