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BTCT

BTC Digital Ltd.
CIK 0001796514 ยท EDGAR โ†—
cleanelevatedtriggeredno dataplanned
75.5
composite ยท 3 signals ยท TRIGGERED

Every card below shows the score and the exact filing data it was computed from โ€” no unexplained numbers. Some signals (P-02, P-03, P-08, P-09, P-10, P-11) pull live documents from SEC EDGAR the first time you view this company; a few of those (P-03, P-10, P-11) use AI to read the filing text, but every AI claim must quote the actual document verbatim or it's discarded โ€” never a guess.

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Signals

P-13 ยท FY 2025-12-31 ยท TRIGGERED100.0

Zombie / distress

Zombie: interest coverage below 1.0x for 3 consecutive years
trend: flat
Trend
Source: 20-F on SEC.gov (filed 2026-05-11) โ†—
Evidence โ€” inputs and thresholds
{
  "icr_by_year": {
    "2025-12-31": -142.081,
    "2024-12-31": -55.792,
    "2023-12-31": -39.381,
    "2022-12-31": 52.35
  },
  "consecutive_years_below_1": 3,
  "altman_z_double_prime": -0.73,
  "definitions": {
    "zombie": "ICR<1 for 3+ consecutive FYs (BIS 2018)",
    "z_distress": "<1.1 distress, 1.1-2.6 gray, >2.6 safe"
  },
  "inputs": {
    "ebit_t": -8809000,
    "interest_expense_t": 62000
  },
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/1796514/000121390026054456/0001213900-26-054456-index.htm",
    "form": "20-F",
    "filed": "2026-05-11"
  }
}
P-01 ยท FY 2025-12-31 ยท CLEAN3.8

Earnings quality

Beneish M-Score -3.37 โ€” no manipulation profile
trend: flat
Trend
Source: 20-F on SEC.gov (filed 2026-05-11) โ†—
Evidence โ€” inputs and thresholds
{
  "m_score": -3.367,
  "threshold": -1.78,
  "ratios": {
    "DSRI": 0.945,
    "GMI": 1,
    "AQI": 1.089,
    "SGI": 1.203,
    "DEPI": 1,
    "SGAI": 1,
    "LVGI": 2.856,
    "TATA": -0.095
  },
  "defaulted_to_neutral": [
    "GMI",
    "DEPI",
    "SGAI"
  ],
  "sloan_accruals": -0.0938,
  "inputs": {
    "revenue_t": 14041000,
    "revenue_t1": 11675000,
    "total_assets_t": 39925000,
    "net_income_t": -9061000,
    "cfo_t": -5258000
  },
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/1796514/000121390026054456/0001213900-26-054456-index.htm",
    "form": "20-F",
    "filed": "2026-05-11"
  }
}
P-12 ยท FY 2025-12-31 ยท CLEAN12.7

Restatement predictor

F-Score 0.38 โ€” at or below the population base rate
trend: flat
Trend
Source: 20-F on SEC.gov (filed 2026-05-11) โ†—
Evidence โ€” inputs and thresholds
{
  "f_score": 0.382,
  "probability": 0.00141,
  "components": {
    "rsst": -0.0938,
    "drec": 0.0184,
    "dinv": null,
    "soft": 0.5912,
    "dcs": 0.1388,
    "droa": -0.1786,
    "issue": 0
  },
  "model": "Dechow et al. 2011, Model 1 (simplified RSST)",
  "thresholds": {
    "elevated": 1,
    "triggered": 1.85
  },
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/1796514/000121390026054456/0001213900-26-054456-index.htm",
    "form": "20-F",
    "filed": "2026-05-11"
  }
}