BTC Digital Ltd. (BTCT) Balance Sheet
BTCT balance sheet, 2025
December 31, 2025 · U.S. dollars$39.9M assets = $2.8M liabilities + $37.2M equity
Both columns are drawn to the same scale: what BTCT owns equals what it owes plus shareholders’ equity. Hover a block for its value.
BTCT financial health
Descriptive bands, not a rating. Fiscal 2025.
BTCT balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $654.2M2016 | $39.9M2025 | −42.8%/yr | |
| Total liabilities | $957.5M2016 | $2.8M2025 | −69.0%/yr | |
| Shareholders’ equity | −$304.0M2016 | $37.2M2025 | — | |
| Cash & short-term investments | $187.4M2016 | $7.9M2025 | −46.9%/yr | |
| Total debt | $11.8M2018 | $2.5M2025 | −40.4%/yr | |
| Net cash (debt) | $13.6M2018 | $5.4M2025 | −$8.2M | |
| Working capital | −$339.3M2016 | $16.8M2025 | +$356.1M | |
| Book value per share | $5.202023 | $4.522025 | −6.8%/yr | |
| Current ratio | 0.522016 | 7.792025 | +7.27 | |
| Debt / equity | 0.012023 | 0.072025 | +0.06 | |
| Shares outstanding | 3.7M2023 | 8.2M2025 | +48.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BTCT assets
BTCT liabilities and equity
BTCT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
BTCT balance sheet
| 2025 | 2024 | 2023 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $7.9M | $14.9M | $43,000 | $25.4M | $372.0M | $187.4M |
| Cash & equivalents | $350,000 | $14.9M | $43,000 | $25.4M | $321.8M | $187.4M |
| Short-term investments | $7.6M | — | — | — | $50.2M | — |
| Receivables | $6.9M | $5.7M | $5.5M | $15.6M | $13.0M | $18.5M |
| Inventory | $0 | $0 | $2.6M | $8.5M | $7.2M | $4.3M |
| Other current assets | $4.5M | $4.0M | $803,000 | $334.3M | $181.8M | $162.4M |
| Total current assets | $19.3M | $24.6M | $8.9M | $383.8M | $573.9M | $372.7M |
| Property, plant & equipment (net) | $16.3M | $12.6M | $12.7M | $214.9M | $195.4M | $150.5M |
| Goodwill & intangible assets | $0 | $0 | $0 | $313.8M | $53.5M | $53.5M |
| Long-term investments | $4.3M | $4.0M | $2.9M | $0 | $0 | $0 |
| Other non-current assets | $0 | $0 | $0 | $94.2M | $82.7M | $77.5M |
| Total assets | $39.9M | $41.1M | $24.5M | $1.01B | $905.6M | $654.2M |
| Liabilities | ||||||
| Accounts payable | $0 | $115,000 | $128,000 | $2.0M | $7.1M | $6.9M |
| Short-term debt | $2.2M | $533,000 | $125,000 | $11.8M | — | — |
| Deferred revenue | — | $124,000 | $792,000 | $124.9M | — | — |
| Total current liabilities | $2.5M | $893,000 | $5.1M | $1.04B | $908.8M | $711.9M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $335,000 | $369,000 | $0 | — | — | — |
| Other long-term liabilities | $286,000 | $320,000 | $1 | $82.1M | $269.8M | $245.5M |
| Total liabilities | $2.8M | $1.2M | $5.1M | $1.12B | $1.18B | $957.5M |
| Shareholders' equity | ||||||
| Common stock & paid-in capital | $553,000 | $368,000 | $121,000 | $219,000 | — | $23.0M |
| Retained earnings (deficit) | −$197.6M | −$188.6M | −$186.6M | −$305.9M | −$363.1M | −$401.6M |
| Accumulated other comprehensive income | — | — | — | −$218,999 | $140,013 | — |
| Minority interest | — | $0 | $0 | — | — | — |
| Total shareholders' equity | $37.2M | $39.9M | $19.4M | −$138.3M | −$274.5M | −$304.0M |
| Key figures | ||||||
| Total debt | $2.5M | $853,000 | $125,000 | $11.8M | — | — |
| Net cash (debt) | $5.4M | $14.0M | −$82,000 | $13.6M | — | — |
| Working capital | $16.8M | $23.7M | $3.8M | −$655.5M | −$334.8M | −$339.3M |
| Tangible book value | $37.2M | $39.9M | $19.4M | −$452.2M | −$328.0M | −$357.5M |
| Book value per share | $4.52 | $5.92 | $5.20 | — | — | — |
| Shares outstanding | 8.2M | 6.7M | 3.7M | — | — | — |
| Current ratio | 7.79 | 27.49 | 1.75 | 0.37 | 0.63 | 0.52 |
| Quick ratio | 5.97 | 23.04 | 1.08 | 0.04 | 0.42 | 0.29 |
| Debt / equity | 0.07 | 0.02 | 0.01 | — | — | — |
| Equity / assets | 93.1% | 97.1% | 79.2% | −13.7% | −30.3% | −46.5% |
| Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $350,000 | $350,000 | $3.7M | $6.4M | $7.6M | $14.9M | $27,000 | $1.1M | $754,000 | $43,000 | $370,762 | $1.6M |
| Cash & equivalents | $350,000 | $350,000 | $350,000 | $6.4M | $6.4M | $14.9M | $27,000 | $287,000 | $32,000 | $43,000 | $42,972 | $1.6M |
| Short-term investments | — | — | $3.4M | — | $1.2M | — | $736,000 | $815,000 | $722,000 | — | $327,790 | — |
| Receivables | $6.9M | $6.2M | $6.2M | $4.5M | $4.5M | $5.5M | $1.7M | $441,000 | $1.7M | $5.5M | $5.5M | $39.7M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | −$91,000 | $815,000 | $0 | $2.6M | $0 | $12.3M |
| Other current assets | $12.1M | $12.7M | $9.3M | $9.9M | $8.7M | $4.2M | $8.3M | $7.3M | $6.2M | $803,000 | $3.1M | $13.4M |
| Total current assets | $19.3M | $19.3M | $19.3M | $20.8M | $20.8M | $24.6M | $9.9M | $9.7M | $8.7M | $8.9M | $8.9M | $67.1M |
| Property, plant & equipment (net) | $16.3M | $16.3M | $16.3M | $12.4M | $12.3M | $12.6M | $11.1M | $12.1M | $13.0M | $12.7M | $12.7M | $98.2M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $4.3M | $0 | $4.2M | $0 | $4.0M | $4.0M | $2.9M | $2.9M | $2.9M | $0 | $2.9M |
| Other non-current assets | $4.3M | $0 | $4.3M | $0 | $4.2M | $0 | $0 | $0 | $0 | $0 | $2.9M | $18.0M |
| Total assets | $39.9M | $39.9M | $39.9M | $37.5M | $37.3M | $41.1M | $25.1M | $24.7M | $24.6M | $24.5M | $24.5M | $186.1M |
| Liabilities | ||||||||||||
| Accounts payable | — | $0 | $152,847 | $153,000 | $152,552 | $115,000 | $0 | $90,000 | $155,000 | $128,000 | $127,918 | $1.1M |
| Short-term debt | $2.2M | — | $2.2M | — | $47,859 | — | $544,000 | $510,000 | $308,000 | $125,000 | $124,920 | $3.3M |
| Deferred revenue | — | — | — | — | $124,000 | — | $289,000 | $670,000 | $792,000 | $792,000 | — | — |
| Total current liabilities | $2.5M | $2.5M | $2.5M | $277,000 | $276,189 | $893,000 | $4.6M | $5.1M | $4.3M | $5.1M | $5.1M | $4.8M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | — | $335,000 | — | $328,000 | — | $369,000 | — | — | — | $0 | — | — |
| Other long-term liabilities | $286,000 | $286,000 | $286,000 | $280,000 | $279,180 | $320,000 | $0 | $0 | $0 | $0 | $0 | $48.8M |
| Total liabilities | $2.8M | $2.8M | $2.8M | $557,000 | $555,370 | $1.2M | $4.6M | $5.1M | $4.3M | $5.1M | $5.1M | $53.6M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $553,000 | — | $553,000 | — | $431,733 | — | $180,000 | $139,000 | $139,000 | $121,000 | $120,922 | $564,939 |
| Retained earnings (deficit) | −$197.6M | −$197.6M | −$197.6M | −$193.4M | −$192.9M | −$188.6M | −$188.6M | −$188.0M | −$187.3M | −$186.6M | −$186.5M | −$1.34B |
| Minority interest | — | — | — | — | — | $0 | — | — | — | — | — | — |
| Total shareholders' equity | $37.2M | $37.2M | $37.2M | $36.9M | $36.8M | $39.9M | $20.4M | $19.6M | $20.3M | $19.4M | $19.4M | $132.6M |
| Key figures | ||||||||||||
| Total debt | $2.5M | — | $2.5M | — | $327,040 | — | $544,000 | $510,000 | $308,000 | $125,000 | $124,920 | $3.3M |
| Net cash (debt) | −$2.2M | — | $1.2M | — | $7.2M | — | −$517,000 | $592,000 | $446,000 | −$82,000 | $245,842 | −$1.7M |
| Working capital | $16.8M | $16.8M | $16.8M | $20.6M | $20.5M | $23.7M | $5.3M | $4.6M | $4.4M | $3.8M | $3.8M | $62.3M |
| Tangible book value | $37.2M | $37.2M | $37.2M | $36.9M | $36.8M | $39.9M | $20.4M | $19.6M | $20.3M | $19.4M | $19.4M | $132.6M |
| Book value per share | $3.97 | $3.90 | $3.97 | $4.91 | $5.19 | $6.20 | $3.03 | $3.00 | $3.33 | $4.78 | — | $41.25 |
| Shares outstanding | 9.4M | 9.5M | 9.4M | 7.5M | 7.1M | 6.4M | 6.7M | 6.5M | 6.1M | 4.1M | — | 3.2M |
| Current ratio | 7.79 | 7.79 | 7.79 | 75.21 | 75.21 | 27.49 | 2.14 | 1.91 | 2.03 | 1.75 | 1.75 | 14.07 |
| Quick ratio | 2.91 | 2.65 | 4.03 | 39.52 | 43.78 | 22.82 | 0.37 | 0.30 | 0.58 | 1.08 | 1.15 | 8.66 |
| Debt / equity | 0.07 | — | 0.07 | — | 0.01 | — | 0.03 | 0.03 | 0.02 | 0.01 | 0.01 | 0.02 |
| Equity / assets | 93.1% | 93.1% | 93.1% | 98.5% | 98.5% | 97.1% | 81.5% | 79.4% | 82.6% | 79.2% | 79.2% | 71.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed May 11, 2026); data from EODHD.
BTCT financial position
At the end of fiscal 2025 (December 31, 2025), BTC Digital had total assets of $39.9 million (down 2.9% from a year earlier), total liabilities of $2.8 million and shareholders' equity of $37.2 million. It held $7.9 million in cash and short-term investments against $2.5 million of debt, a net cash position of $5.4 million. Its current ratio was 7.79. In the latest quarter (ended March 31, 2026) total assets were $39.9 million and equity $37.2 million.
Related: BTCT income statement, BTCT cash flow statement, BTCT key metrics. See the BTCT stock overview for the latest quote and news.
BTCT balance sheet FAQ
What are BTC Digital's total assets?
BTC Digital reported total assets of $39.9 million at the end of fiscal 2025 (December 31, 2025), compared with $41.1 million a year earlier.
How much debt does BTC Digital have?
BTC Digital had $2.5 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.07.
How much cash does BTC Digital have?
BTC Digital held $7.9 million in cash and short-term investments at the end of fiscal 2025; with $2.5 million of debt that is net cash of $5.4 million.
What is BTC Digital's book value?
BTC Digital's shareholders' equity (book value) was $37.2 million at the end of fiscal 2025, or $4.52 per share.
What is BTC Digital's current ratio?
BTC Digital had current assets of $19.3 million and current liabilities of $2.5 million, a current ratio of 7.79 (it can cover its short-term obligations).