Forensic Analysis · General / Diversified · as of Jun 27, 2026
BitVentures Ltd (BVC)
A forensic read on BitVentures Ltd built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
4.7
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-107.7%
ROE
$1.6B
Market cap
BitVentures Ltd earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 4.7, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-33%Return on invested capital.Return on invested capital is -33% and slipping from 65% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+19.1%/yrShare-count dilution.Diluted share count changed +57% over the last 3 years to FY2025 (+19.1%/yr). The count is GROWING — existing holders are being diluted. That's ~19.1% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~57%.
$5MGoodwill impairments.Took $5M of goodwill writedowns across 1 year(s) (FY2023 ($5M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Debt / Equity0.03x
Free Cash Flow$-6.5M
Return on Equity-55.2%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on BitVentures Ltd:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about BVC's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown