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Side-by-side financial comparison of BTC Digital Ltd. (BTCT) and TON Strategy Co (TONX). Click either name above to swap in a different company.
TON Strategy Co is the larger business by last-quarter revenue ($5.7M vs $4.1M, roughly 1.4× BTC Digital Ltd.). BTC Digital Ltd. runs the higher net margin — 0.4% vs -3968.6%, a 3969.0% gap on every dollar of revenue. BTC Digital Ltd. produced more free cash flow last quarter ($-3.1M vs $-8.0M).
BTC Digital Ltd. is a cryptocurrency enterprise focused primarily on Bitcoin mining operations. It manages high-performance computing hardware clusters to validate blockchain transactions and earn Bitcoin rewards, with core operations spanning North America and parts of Southeast Asia, serving the global digital asset ecosystem.
BTCT vs TONX — Head-to-Head
Income Statement — Q4 FY2024 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.1M | $5.7M |
| Net Profit | $17.0K | $-227.9M |
| Gross Margin | 17.4% | 64.3% |
| Operating Margin | -10.6% | -159.2% |
| Net Margin | 0.4% | -3968.6% |
| Revenue YoY | — | 694.2% |
| Net Profit YoY | — | -7047.9% |
| EPS (diluted) | — | $-3.89 |
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 | — | $5.7M | ||
| Q3 25 | — | $3.6M | ||
| Q2 25 | — | $2.1M | ||
| Q1 25 | — | $1.3M | ||
| Q4 24 | $4.1M | $723.0K | ||
| Q3 24 | $2.6M | — | ||
| Q2 24 | $2.3M | — | ||
| Q1 24 | $2.6M | — |
| Q4 25 | — | $-227.9M | ||
| Q3 25 | — | $84.3M | ||
| Q2 25 | — | $-2.4M | ||
| Q1 25 | — | $-2.6M | ||
| Q4 24 | $17.0K | $-3.2M | ||
| Q3 24 | $-571.0K | — | ||
| Q2 24 | $-704.0K | — | ||
| Q1 24 | $-731.0K | — |
| Q4 25 | — | 64.3% | ||
| Q3 25 | — | 75.4% | ||
| Q2 25 | — | 71.2% | ||
| Q1 25 | — | 73.4% | ||
| Q4 24 | 17.4% | 81.5% | ||
| Q3 24 | -10.2% | — | ||
| Q2 24 | -9.2% | — | ||
| Q1 24 | -4.8% | — |
| Q4 25 | — | -159.2% | ||
| Q3 25 | — | -601.5% | ||
| Q2 25 | — | -138.2% | ||
| Q1 25 | — | -203.8% | ||
| Q4 24 | -10.6% | -513.1% | ||
| Q3 24 | -21.2% | — | ||
| Q2 24 | -27.0% | — | ||
| Q1 24 | -40.3% | — |
| Q4 25 | — | -3968.6% | ||
| Q3 25 | — | 2336.8% | ||
| Q2 25 | — | -111.9% | ||
| Q1 25 | — | -196.5% | ||
| Q4 24 | 0.4% | -440.9% | ||
| Q3 24 | -22.3% | — | ||
| Q2 24 | -30.2% | — | ||
| Q1 24 | -27.6% | — |
| Q4 25 | — | $-3.89 | ||
| Q3 25 | — | $2.23 | ||
| Q2 25 | — | $-1.79 | ||
| Q1 25 | — | $-2.51 | ||
| Q4 24 | — | $10.41 | ||
| Q3 24 | $-0.21 | — | ||
| Q2 24 | $-0.27 | — | ||
| Q1 24 | $-0.30 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $14.9M | $39.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $39.9M | $406.5M |
| Total Assets | $41.1M | $411.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $39.5M | ||
| Q3 25 | — | $53.9M | ||
| Q2 25 | — | $10.4M | ||
| Q1 25 | — | $12.2M | ||
| Q4 24 | $14.9M | $12.5M | ||
| Q3 24 | $27.0K | — | ||
| Q2 24 | $287.0K | — | ||
| Q1 24 | $32.0K | — |
| Q4 25 | — | $406.5M | ||
| Q3 25 | — | $639.1M | ||
| Q2 25 | — | $19.4M | ||
| Q1 25 | — | $14.6M | ||
| Q4 24 | $39.9M | $16.2M | ||
| Q3 24 | $20.4M | — | ||
| Q2 24 | $19.6M | — | ||
| Q1 24 | $20.3M | — |
| Q4 25 | — | $411.2M | ||
| Q3 25 | — | $661.9M | ||
| Q2 25 | — | $23.7M | ||
| Q1 25 | — | $18.4M | ||
| Q4 24 | $41.1M | $20.6M | ||
| Q3 24 | $25.1M | — | ||
| Q2 24 | $24.7M | — | ||
| Q1 24 | $24.6M | — |
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 | $-1.8M | $-8.0M |
| Free Cash FlowOCF − Capex | $-3.1M | $-8.0M |
| FCF MarginFCF / Revenue | -75.4% | -139.3% |
| Capex IntensityCapex / Revenue | 31.2% | 0.1% |
| Cash ConversionOCF / Net Profit | -107.53× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-3.8M | $-20.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-8.0M | ||
| Q3 25 | — | $-9.4M | ||
| Q2 25 | — | $-2.3M | ||
| Q1 25 | — | $-1.1M | ||
| Q4 24 | $-1.8M | $-1.9M | ||
| Q3 24 | $-284.0K | — | ||
| Q2 24 | $3.5M | — | ||
| Q1 24 | $172.0K | — |
| Q4 25 | — | $-8.0M | ||
| Q3 25 | — | $-9.4M | ||
| Q2 25 | — | $-2.3M | ||
| Q1 25 | — | $-1.1M | ||
| Q4 24 | $-3.1M | $-2.0M | ||
| Q3 24 | $-294.0K | — | ||
| Q2 24 | $77.0K | — | ||
| Q1 24 | $-433.0K | — |
| Q4 25 | — | -139.3% | ||
| Q3 25 | — | -261.4% | ||
| Q2 25 | — | -107.8% | ||
| Q1 25 | — | -87.0% | ||
| Q4 24 | -75.4% | -279.9% | ||
| Q3 24 | -11.5% | — | ||
| Q2 24 | 3.3% | — | ||
| Q1 24 | -16.3% | — |
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 5.1% | ||
| Q4 24 | 31.2% | 22.1% | ||
| Q3 24 | 0.4% | — | ||
| Q2 24 | 146.8% | — | ||
| Q1 24 | 22.8% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | -0.11× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -107.53× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BTCT
Segment breakdown not available.
TONX
| Market Live | $4.8M | 83% |
| Other | $960.0K | 17% |
