Bit Origin Limited (BTOG) | Investment Case

1. Company Snapshot

1.a. Company Description

Bit Origin Limited engages in the wholesale and retail of feed raw material in China.It distributes feed raw materials consisting of soybean meal and soybean oil.The company sells its products to animal husbandry businesses, feed solution manufacturers, and trading companies.

The company was formerly known as China Xiangtai Food Co., Ltd.and changed its name to Bit Origin Limited in April 2022.Bit Origin Limited was incorporated in 2018 and is headquartered in Chongqing, China.

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1.b. Last Insights on BTOG

Bit Origin Ltd's recent performance has been negatively impacted by a non-compliance notification from Nasdaq regarding the minimum bid price requirement. This is a concerning development, as the company had previously regained compliance on December 31, 2024. The notification letter indicates that the company's stock price has fallen below the required minimum, putting its listing at risk. This development is a significant negative driver for the company and its investors.

1.c. Company Highlights

Last Price	0.21
Change Percentage	0.23%
Open	0.2
Previous Close	0.21
Market Cap ( Millions)	12
Volume	873596
Year High	1.07
Year Low	0.12
M A 50	0.33
M A 200	0.3

FCF Yield	-19.24%
Dividend Yield	0.00%
ROE	-674.76%
Debt / Equity	0.00%
Net Debt / EBIDTA	0.91%
Price To Book	3.24
Price Earnings Ratio	-1.35
Price To FCF	-5.2
Price To sales	301.47
EV / EBITDA	-1.93

2. Transcript Summary

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3. NewsRoom

Bit Origin (NASDAQ:BTOG) Trading Down 6.6% – Here’s What Happened

Nov -04

Source: defenseworld.net

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

Sep -30

Source: businesswire.com

Bit Origin Receives 180-Day Extension from Nasdaq to Regain Compliance with Minimum Bid Price Requirement

Aug -29

Source: globenewswire.com

Bit Origin Announces Completion of Share Capital Reduction

Aug -04

Source: globenewswire.com

Bit Origin Acquires Over 40 Million Dogecoin (DOGE) to Advance Treasury Strategy

Jul -21

Source: globenewswire.com

Bit Origin Secures $500 Million Equity and Debt Facilities to Launch Dogecoin Treasury

Jul -17

Source: globenewswire.com

Bit Origin Ltd Regains Compliance with Nasdaq Listing Requirements of Minimum Stockholders' Equity

Jul -03

Source: globenewswire.com

Bit Origin Ltd Announces Court Hearing on June 5, 2025, for Share Capital Reduction

May -16

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.80%)

6. Segments

Cryptocurrencies Mining

Expected Growth: 12.8%

Increasing adoption of cryptocurrencies, advancements in mining technologies, and growing demand for secure and efficient transaction verification processes drive the growth of the cryptocurrency mining market.

7. Detailed Products

Blockchain Development

Custom blockchain development services for businesses, including smart contract development, decentralized application development, and blockchain consulting.

Cryptocurrency Trading Platform

A white-label cryptocurrency trading platform for businesses, featuring advanced trading tools, real-time market data, and robust security measures.

Digital Wallet Solutions

Secure and user-friendly digital wallet solutions for storing, sending, and receiving cryptocurrencies and tokens.

Blockchain Consulting

Expert blockchain consulting services for businesses, including blockchain strategy development, technology selection, and implementation roadmap creation.

Smart Contract Audit

Comprehensive smart contract audit services to identify vulnerabilities and ensure the security and integrity of smart contracts.

8. Bit Origin Limited's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Bit Origin Limited is moderate due to the availability of alternative products and services in the market.

Bargaining Power Of Customers

The bargaining power of customers is high due to the presence of a large number of customers with significant purchasing power.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the presence of multiple suppliers and the company's ability to negotiate prices.

Threat Of New Entrants

The threat of new entrants is moderate due to the presence of barriers to entry, such as high capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several established competitors and the need to differentiate products and services.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	16.83%
Debt Cost	10.87%
Equity Weight	83.17%
Equity Cost	10.99%
WACC	10.97%
Leverage	20.23%

11. Quality Control: Bit Origin Limited passed 3 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Nocera

A-Score: 5.1/10

Value: 6.8

Growth: 5.4

Quality: 4.2

Yield: 0.0

Momentum: 9.0

Volatility: 5.0

1-Year Total Return ->

TDH Holdings

A-Score: 4.9/10

Value: 6.5

Growth: 5.0

Quality: 6.5

Yield: 0.0

Momentum: 5.0

Volatility: 6.3

1-Year Total Return ->

Mama's Creations

A-Score: 4.6/10

Value: 0.6

Growth: 8.8

Quality: 5.9

Yield: 0.0

Momentum: 8.5

Volatility: 3.7

1-Year Total Return ->

Lifeway Foods

A-Score: 4.2/10

Value: 2.2

Growth: 8.2

Quality: 6.2

Yield: 0.0

Momentum: 5.0

Volatility: 3.3

1-Year Total Return ->

Bit Origin

A-Score: 3.5/10

Value: 8.2

Growth: 4.4

Quality: 5.8

Yield: 0.0

Momentum: 1.5

Volatility: 1.0

1-Year Total Return ->

Orior

A-Score: 2.9/10

Value: 8.6

Growth: 0.9

Quality: 3.2

Yield: 3.1

Momentum: 0.0

Volatility: 1.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

22.32%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

10.97%

Bit Origin Limited - KYG216211188

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on BTOG

1.c. Company Highlights

Strong Momentum

More Volatile

Lower Quality

Medium Volatility

Average Quality

Fairly Valued

Average Growth

Stable Momentum

Weak Momentum

Cheaper

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.80%)

6. Segments

Cryptocurrencies Mining

Expected Growth: 12.8%

7. Detailed Products

Blockchain Development

Cryptocurrency Trading Platform

Digital Wallet Solutions

Blockchain Consulting

Smart Contract Audit

8. Bit Origin Limited's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Bit Origin Limited passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

0.21$

Current Price

0.21$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA