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BTOG

BIT ORIGIN Ltd

BTOG

BIT ORIGIN Ltd • NASDAQ
$0.27 ▲ 3.61% (+0.01)
Market Cap $15.16 M
52w High $1.48
52w Low $0.12
Dividend Yield 0%
P/E -0.97
Volume 858.90K
Outstanding Shares 55.64M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $0 $3.813M ▼ $-5.61M ▲ 0% $-0.68 ▲ $-4.692M ▼
Q4-2024 $0 ▼ $8.084M ▲ $-10.474M ▼ 0% ▲ $-1.52 ▲ $778.05K ▲
Q2-2024 $2.888M ▼ $5.89M ▼ $-7.058M ▲ -244.391% ▲ $-1.98 ▲ $-5.85M ▼
Q4-2023 $4.2M ▲ $21.72M ▲ $-24.212M ▼ -576.476% ▼ $-7.22 ▼ $-4.176M ▼
Q2-2023 $2.061M $1.681M $-4.005M -194.323% $-1.22 $-1.486M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $208.443K ▼ $4.034M ▼ $5.933M ▲ $-1.132M ▼
Q4-2024 $1.409M ▼ $6.685M ▼ $5.775M ▲ $1.663M ▼
Q2-2024 $6.888M ▲ $13.465M ▲ $4.512M ▲ $8.954M ▼
Q4-2023 $16.274K ▼ $13.336M ▼ $3.075M ▲ $10.261M ▼
Q2-2023 $32.887K $36.557M $2.797M $33.76M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-2.805M ▲ $-2.925M ▲ $1.546M ▲ $0 ▼ $0 ▲ $-2.925M ▲
Q4-2024 $-10.473M ▼ $-3.309M ▲ $-2.696M ▼ $525.502K ▼ $-6.888M ▼ $-3.309M ▲
Q2-2024 $-7.058M ▲ $-4.62M ▼ $3.719M ▼ $7.773M ▲ $3.436M ▲ $-4.62M ▼
Q4-2023 $-24.212M ▼ $-3.596M ▼ $3.981M ▲ $-402.189K ▼ $-16.613K ▲ $-3.711M ▼
Q2-2023 $-4.005M $-3.166M $288.25K $2.893M $-7.324M $-3.166M

Five-Year Company Overview

Income Statement

Income Statement The company is essentially pre‑revenue at this point, with only token sales in recent years and no meaningful gross profit. Operating results are consistently negative, reflecting ongoing costs to keep the business running without a solid revenue engine behind it yet. Losses have been relatively small in absolute terms but persistent, which signals that the business model is still in the build‑out or experimentation phase rather than a stable operating mode.

Balance Sheet

Balance Sheet The balance sheet is very thin, with only a small base of assets and minimal cash reported. Equity has been eroding as losses accumulate, and a slice of funding now comes from debt, which increases financial risk given the tiny asset base. Overall financial cushion appears limited, leaving little room for major missteps or prolonged underperformance. The reverse split in 2023 also hints at past pressure to maintain listing requirements.

Cash Flow

Cash Flow Cash flow from operations has been steadily negative for several years, even though the business is small, indicating that the company consumes cash rather than generates it. Investment spending is light, which helps limit outflows but also highlights that growth initiatives may be constrained by a lack of capital. The pattern suggests an ongoing need to rely on external funding or asset sales rather than internally generated cash to support operations and strategy.

Competitive Edge

Competitive Edge BIT ORIGIN is trying to reposition itself from a small, struggling operation into a niche crypto and GPU‑related player. It is tiny compared with larger crypto miners or cloud providers, and it lacks the scale, financial strength, and long operating history that many competitors enjoy. Its differentiation comes mainly from its Dogecoin‑focused strategy and its partnership in decentralized GPU cloud services, but these are early, unproven, and set against significant volatility, regulatory uncertainty, and listing‑compliance challenges. At present, its competitive position is more speculative than established.

Innovation and R&D

Innovation and R&D The company’s main innovation push is strategic rather than traditional lab‑style R&D. It is experimenting with AI‑driven optimization of mining, amassing a Dogecoin treasury, and acting as a channel partner for decentralized GPU cloud services. Management also talks about future Dogecoin‑based services and payment tools, but these are still conceptual. Execution risk is high: limited financial resources, pledged crypto holdings, and a small team make it harder to turn these ideas into scalable, cash‑generating products.

Summary

BIT ORIGIN sits at the intersection of crypto, AI, and cloud computing but from a very small and financially fragile base. The income statement shows ongoing losses with almost no revenue, the balance sheet is thin, and cash flows are consistently negative, all of which point to reliance on external capital and a narrow margin for error. Strategically, the company is trying to stand out through a Dogecoin‑centric approach and a decentralized GPU cloud partnership, which could be interesting niches but are still largely unproven and highly volatile. Overall, this is an early‑stage, high‑uncertainty story where future outcomes depend heavily on successful execution of its pivot and access to stable funding.

NEWS

September 30, 2025 · 9:00 AM UTC

BitGo and Bit Origin Announce Partnership to Secure and Expand Digital Asset Treasury Holdings

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