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BVC, BitVentures Limited
An asset manager, paid a fee on the money it runs for other people.
The business
What it sells, where the money comes from, the kind of company it is.
The business in brief
What this business is and what moves its needle, from its own SEC filings.
- Situation
- Unprofitable. No meaningful revenue yet; the record is the cash on hand against the burn.
- What moves the needle
- Assets under management and the fee rate on them. What decides it: net flows in or out, the market's move on the assets already there (the firm rises and falls with the indices it invests in), the drift toward cheaper passive products, and the operating leverage on a largely fixed cost base.
- Is it a good business?
- Operating margin has been modest for a fee business (median −18%). It earns this on little capital, so return on equity has run near −42%, the leverage of a model that needs almost no plant to grow. A high return that does not fade can mark a moat, but whether the assets stay (net flows, not last year's market) is what the flow disclosures and the 10-K settle, not the multiple.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2021–2026
realized figures from each filing · older years to the left| 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | 2026’26 | TTMTTMJun 2026 | |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| $277M | $9M | $19M | $28M | $0 | $498K | $498K | RevenueRevenue |
| 15.4% | −61.0% | −17.9% | −2.8% | — | −454.8% | −454.8% | Operating marginOp. mgn |
| 11.3% | −69.8% | −18.7% | −2.7% | — | 687.6% | −149.2% | Net marginNet mgn |
| $31M | ($6M) | ($3M) | ($743K) | ($5M) | $3M | ($743K) | Net incomeNet inc. |
| Cash flow & returns | |||||||
| $49M | — | $9M | $3M | ($6M) | $4M | $4M | Owner earningsOwner earn. |
| 284% | -106% | -108% | -29% | -55% | 25% | -5% | Return on equityROE |
| 284% | −106% | −108% | −29% | −55% | 25% | −5% | Retained to equityRetained/eq |
| Balance sheet | |||||||
| $237M | $266M | $17M | $17M | $10M | $14M | $14M | Total assetsAssets |
| $68M | $3M | $13M | $13M | $10M | $11M | $11M | Cash & investmentsCash+inv |
| $11M | $6M | $3M | $3M | $10M | $14M | $14M | Shareholders’ equityEquity |
| Per share | |||||||
| 2.7M | 2.8M | 2.8M | 2.8M | 4.4M | 8.4M | 56.0M | Shares out (diluted)Shares |
| $103.55 | $3.21 | $6.64 | $10.01 | $0.00 | $0.06 | $0.01 | Revenue / shareRev/sh |
| $11.72 | $-2.24 | $-1.24 | $-0.27 | $-1.22 | $0.41 | $-0.01 | EPS (diluted)EPS |
| $18.18 | — | $3.37 | $0.92 | $-1.47 | $0.46 | $0.07 | Owner earnings / shareOE/sh |
| $4.13 | $2.11 | $1.14 | $0.92 | $2.21 | $1.65 | $0.25 | Book value / shareBVPS |
Share counts before 2024 are restated ×1/20 for a stock split, so per-share figures sit on one basis.
The diluted share count moved ×1.57 into 2025 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×1.91 into 2026 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×6.64 into TTM — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
| 5-yr | 5-yr | |
|---|---|---|
| Revenue / share | −77.6%/yr | −77.6%/yr |
| Owner earnings / share | −52.1%/yr | −52.1%/yr |
| EPS | −49.0%/yr | −49.0%/yr |
| Capital spending / share | −39.4%/yr | −39.4%/yr |
| Book value / share | −16.7%/yr | −16.7%/yr |
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
Is it a good business?
- Operating margin −454.8%Thin for a fee businessOperating income ($2M) ÷ revenue $498KIndustry peers: median -21%
What this means
The heart of a asset manager: how much of each fee dollar survives the cost of running the business. Fees ride on assets under management, so the swing factors are net flows in or out and the market's move on the assets already there; the cost base is largely fixed, which lifts margins in a bull market and squeezes them in a bear one. A high margin held for years, through a market it does not control, is the operational mark of a real franchise.
- Net margin −149.2%SlimNet income ($743K) ÷ revenue $498K
What this means
What reaches the owner after tax and interest. For a capital-light fee business this should be a wide share of revenue; when it is thin despite a high operating margin, debt taken on for acquisitions is usually the reason, so read it next to the balance sheet.
- Return on equity −5%Below the cost of equityNet income ($743K) ÷ equity $14MIndustry peers: median -5%
What this means
Because the business ties up little capital, a healthy fee stream throws off a high return on the equity behind it. Read it with the buyback record: returning capital lifts this ratio honestly, but heavy debt taken to do so can flatter it.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Jun 30, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
- Cash & short-term investments$11M
- Receivables$2K
- Inventory$34K
- Other current assets$145K
- Accounts payable$15K
- Other current liabilities$245K
From the company's latest filing.
Acquisitions & goodwill
from the balance sheet & the 6-year cash-flow recordGoodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.
None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.
Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend summed across the company's full tagged history, write-downs across the 6-year record, from the company's own filings.
Peers, Capital Markets & Asset Management
The same industry, side by side on fee margins. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.
| Company | Revenuelatest FY, USD | Op. marginmedian over the record | Net marginmedian over the record | ROEmedian over the record |
|---|---|---|---|---|
| DBRGDigitalBridge Group Inc. | $94M | -16.2% | -26.0% | -5% |
| VALUValue Line Inc. | $33M | 18.1% | 48.1% | 26% |
| WTFWaton Financial Limited | $11M | -50.9% | -55.9% | -24% |
| GSIWGarden Stage Limited | $7M | — | -79.0% | -57% |
| TOPTOP Financial Group Limited | $5M | -99.9%2y | -102.0%2y | -10%2y |
| PLUTPlutus Financial Group Limited | $1M | -53.7% | -42.0% | -10% |
| BVCBitVentures Limited | $498K | -17.9% | -2.7% | -42% |
| VINPVinci Compass Investments Ltd. Class A | as filed: R$118M | 159.7%1y | 100.0%1y | 16% |
| Group median | — | -17.9% | -34.0% | -10% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. BitVentures Limited reports in USD, and every figure here (owner earnings, book value, the share count) is on that ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share. A US ADR price in dollars bundles the ADR-to-ordinary ratio, so it will not reconcile with these figures and would throw the multiple off.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what BitVentures Limited has delivered.
—
9.0% = the 4.98% 10-year Treasury (Oct 29, 2026) + 4.02 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Prefilled with the 10-year Treasury (4.98%, as of Oct 29, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner earnings $4M on 8M shares outstanding, per the 20-F cover, as of 2026-06-30; net cash $11M. The if-converted diluted count is 56M, 560% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
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