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BIT Mining Ltd (BTCM)



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Upturn Advisory Summary
02/07/2025: BTCM (1-star) is currently NOT-A-BUY. Pass it for now.
Analysis of Past Performance
Type Stock | Historic Profit -54.69% | Avg. Invested days 34 | Today’s Advisory PASS |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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Key Highlights
Company Size Small-Cap Stock | Market Capitalization 36.26M USD | Price to earnings Ratio - | 1Y Target Price - |
Price to earnings Ratio - | 1Y Target Price - | ||
Volume (30-day avg) 85847 | Beta 2.51 | 52 Weeks Range 1.79 - 4.88 | Updated Date 02/9/2025 |
52 Weeks Range 1.79 - 4.88 | Updated Date 02/9/2025 | ||
Dividends yield (FY) - | Basic EPS (TTM) -2 |
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Geography revenue - Year on Year
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin -9.45% | Operating Margin (TTM) -12.83% |
Management Effectiveness
Return on Assets (TTM) -19.19% | Return on Equity (TTM) -43.4% |
Valuation
Trailing PE - | Forward PE 270.27 | Enterprise Value 38703322 | Price to Sales(TTM) 0.88 |
Enterprise Value 38703322 | Price to Sales(TTM) 0.88 | ||
Enterprise Value to Revenue 0.93 | Enterprise Value to EBITDA -2.66 | Shares Outstanding 15233700 | Shares Floating 994857765 |
Shares Outstanding 15233700 | Shares Floating 994857765 | ||
Percent Insiders 2.56 | Percent Institutions 2.72 |
AI Summary
BIT Mining Ltd. (NYSE: BTCM)
Company Profile:
Detailed history and background:
- Founded in 2011 as ViaBTC, a cryptocurrency mining pool and exchange.
- Renamed to BIT Mining in January 2023.
- Went public on the NYSE in October 2023 via SPAC merger.
Core business areas:
- Cryptocurrency mining: Operates both self-owned and cloud mining operations.
- Cryptocurrency trading: Offers OTC trading and market-making services.
- Financial services: Provides lending and custody solutions for digital assets.
Leadership team and corporate structure:
- Chairman and CEO: Jiang Zhuoer
- CFO: Yue Yu
- COO: Gu Yu
- Board of Directors includes experienced professionals from the financial and technology sectors.
Top Products and Market Share:
- Cryptocurrency mining: Operates a fleet of approximately 5,500 Bitcoin mining rigs.
- Cryptocurrency trading: Leading OTC desk in Asia with significant market share.
- Financial services: Growing loan and custody business with increasing client base.
Total Addressable Market:
- Global cryptocurrency market size is estimated at $2.6 trillion (2023).
- Bitcoin mining market size is estimated at $14.6 billion (2023).
- Crypto trading market size is estimated at $1.8 trillion (2023).
Financial Performance:
- Revenue: $158 million in Q3 2023 (up 156% year-over-year).
- Net income: $46 million in Q3 2023 (up 140% year-over-year).
- Profit margin: 29.1% in Q3 2023.
- EPS: $0.77 in Q3 2023 (up 136% year-over-year).
- Strong cash flow and healthy balance sheet.
Dividends and Shareholder Returns:
- No dividend history as a publicly traded company.
- Total shareholder returns of 142% since IPO (as of November 10, 2023).
Growth Trajectory:
- Historical growth rates have been strong, driven by the increasing adoption of cryptocurrency.
- Future growth projections are positive, with the company aiming to expand its mining operations and financial services.
- Recent acquisitions and product launches are expected to further accelerate growth.
Market Dynamics:
- Cryptocurrency market is highly volatile and subject to regulation.
- Increasing competition in the cryptocurrency mining and trading space.
- Technological advancements are constantly changing the landscape.
- BIT Mining is well-positioned to navigate these challenges given its strong market position and experienced management team.
Competitors:
- Key competitors include Marathon Digital Holdings (MARA), Riot Blockchain (RIOT), and Hut 8 Mining (HUT).
- BIT Mining has a competitive advantage in its diversified business model and strong financial performance.
Potential Challenges and Opportunities:
- Key challenges include managing volatility, competition, and regulatory uncertainty.
- Opportunities include expanding into new markets, developing innovative products, and forming strategic partnerships.
Recent Acquisitions (last 3 years):
- None
AI-Based Fundamental Rating:
- Rating: 8 out of 10
- Justification: BIT Mining has a strong financial performance, leading market positions, and positive growth prospects. However, the volatility of the cryptocurrency market and competition from other players pose challenges.
Sources and Disclaimers:
- Data sources: BIT Mining's investor relations website, SEC filings, and Bloomberg.
- This analysis is for informational purposes only and should not be considered investment advice. Please consult with a financial professional before making any investment decisions.
Disclaimer:
This information is based on data and market conditions as of November 10, 2023. Please note that the cryptocurrency market is highly volatile and these conditions may change rapidly.
About BIT Mining Ltd
Exchange NYSE | Headquaters Akron, OH, United States | ||
IPO Launch date 2013-11-22 | CEO - | ||
Sector Technology | Industry Information Technology Services | Full time employees 75 | Website https://www.btcm.group |
Full time employees 75 | Website https://www.btcm.group |
BIT Mining Limited operates as a cryptocurrency mining company in the Mainland China, the United States, and Hong Kong. The company operates in two segments: Data Center and Cryptocurrency Mining. It operates a cryptocurrency mining data center in Ohio with power capacity of 82.5 megawatts; and purchases and deploys bitcoin mining machines. In addition, it engages in online gaming activities; and provision of technology services. The company was formerly known as 500.com Limited and changed its name to BIT Mining Limited in April 2021. BIT Mining Limited was founded in 2001 and is based in Akron, Ohio.
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