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Side-by-side financial comparison of Bit Digital, Inc (BTBT) and Circle Internet Group, Inc. (CRCL). Click either name above to swap in a different company.
Circle Internet Group, Inc. is the larger business by last-quarter revenue ($739.8M vs $32.3M, roughly 22.9× Bit Digital, Inc). Circle Internet Group, Inc. runs the higher net margin — 29.0% vs -582.6%, a 611.6% gap on every dollar of revenue. Circle Internet Group, Inc. produced more free cash flow last quarter ($-14.7M vs $-574.9M).
Digital Equipment Corporation, using the trademark Digital, was a major American company in the computer industry from the 1960s to the 1990s. The company was co-founded by Ken Olsen and Harlan Anderson in 1957. Olsen was president until he was forced to resign in 1992, after the company had gone into precipitous decline.
Circle is a payments technology company. Funded by Jeremy Allaire and Sean Neville in 2013, it is currently headquartered in New York City and issues two types of stablecoin: USDC, which has a conversion rate pegged to the U.S. dollar, and EURC, which is euro-denominated. It also issues USYC, a tokenized money market fund.
BTBT vs CRCL — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $32.3M | $739.8M |
| Net Profit | $-188.4M | $214.4M |
| Gross Margin | — | — |
| Operating Margin | -597.0% | 11.0% |
| Net Margin | -582.6% | 29.0% |
| Revenue YoY | — | 5113.5% |
| Net Profit YoY | — | 202.0% |
| EPS (diluted) | $-0.53 | $0.64 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $32.3M | — | ||
| Q3 25 | $30.5M | $739.8M | ||
| Q2 25 | $25.7M | $658.1M | ||
| Q1 25 | $25.1M | — | ||
| Q2 24 | — | $6.8M |
| Q4 25 | $-188.4M | — | ||
| Q3 25 | $150.9M | $214.4M | ||
| Q2 25 | $14.9M | $-482.1M | ||
| Q1 25 | $-57.7M | — | ||
| Q2 24 | — | $32.9M |
| Q4 25 | -597.0% | — | ||
| Q3 25 | — | 11.0% | ||
| Q2 25 | 45.7% | -49.5% | ||
| Q1 25 | -208.6% | — | ||
| Q2 24 | — | — |
| Q4 25 | -582.6% | — | ||
| Q3 25 | 495.3% | 29.0% | ||
| Q2 25 | 58.0% | -73.3% | ||
| Q1 25 | -229.9% | — | ||
| Q2 24 | — | 486.5% |
| Q4 25 | $-0.53 | — | ||
| Q3 25 | $0.47 | $0.64 | ||
| Q2 25 | $0.07 | $-4.48 | ||
| Q1 25 | $-0.32 | — | ||
| Q2 24 | — | $0.00 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $118.4M | $1.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $724.0M | $3.0B |
| Total Assets | $1.2B | $76.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $118.4M | — | ||
| Q3 25 | $179.1M | $1.3B | ||
| Q2 25 | $181.2M | $1.1B | ||
| Q1 25 | $57.6M | — | ||
| Q2 24 | — | $457.5M |
| Q4 25 | $724.0M | — | ||
| Q3 25 | $906.2M | $3.0B | ||
| Q2 25 | $633.2M | $2.4B | ||
| Q1 25 | $417.4M | — | ||
| Q2 24 | — | $460.9M |
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.1B | $76.8B | ||
| Q2 25 | $723.4M | $64.2B | ||
| Q1 25 | $485.2M | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-288.9M | $-10.7M |
| Free Cash FlowOCF − Capex | $-574.9M | $-14.7M |
| FCF MarginFCF / Revenue | -1778.0% | -2.0% |
| Capex IntensityCapex / Revenue | 884.4% | 0.5% |
| Cash ConversionOCF / Net Profit | — | -0.05× |
| TTM Free Cash FlowTrailing 4 quarters | $-943.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-288.9M | — | ||
| Q3 25 | $-240.0M | $-10.7M | ||
| Q2 25 | $17.7M | $303.7M | ||
| Q1 25 | $17.4M | — | ||
| Q2 24 | — | — |
| Q4 25 | $-574.9M | — | ||
| Q3 25 | $-256.8M | $-14.7M | ||
| Q2 25 | $-64.5M | $296.3M | ||
| Q1 25 | $-47.6M | — | ||
| Q2 24 | — | — |
| Q4 25 | -1778.0% | — | ||
| Q3 25 | -843.1% | -2.0% | ||
| Q2 25 | -251.3% | 45.0% | ||
| Q1 25 | -189.4% | — | ||
| Q2 24 | — | — |
| Q4 25 | 884.4% | — | ||
| Q3 25 | 55.4% | 0.5% | ||
| Q2 25 | 320.3% | 1.1% | ||
| Q1 25 | 258.8% | — | ||
| Q2 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | -1.59× | -0.05× | ||
| Q2 25 | 1.19× | — | ||
| Q1 25 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BTBT
| Cloud Services | $19.3M | 60% |
| Digital Asset Mining | $5.5M | 17% |
| Colocation Services | $3.8M | 12% |
| Other | $3.7M | 11% |
CRCL
Segment breakdown not available.
