# The Bitcoin Fund (QBTC.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Financial Services. Price C$99.31, market value C$475 million.

## Valuation
- **P/E (trailing): 1.6×** (5-yr avg 2.1×, 3-yr avg 1.7×). The Bitcoin Fund trades at 1.6× trailing earnings, well below its own five-year average of 2.1×: cheap by its own standards. The Financial Services median in the September 2026 study was 13.1×.
- **Price / sales: 2.3×**. Each dollar of revenue is priced at 2.3×.
- **Price / book: 1.3×**. The shares trade at 1.3× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 0.3×**. Enterprise value is 0.3× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: -6.1%** (5-yr avg -3.0%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.
- **Earnings yield: 62.2%**. The inverse of the P/E: 62.2% of the price is earned each year.

## Profitability
- **Gross margin: 86.7%**. The Bitcoin Fund keeps 86.7% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 180.2%**. 180.2% of revenue is left after running the business, an exceptional level.
- **Net margin: -30.0%**. The company reported a net loss over the last twelve months.
- **Return on equity: -9.7%**. Return on equity is negative because earnings are negative.
- **Return on assets: 101.3%**. Each dollar of assets produces 101.3% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): 36.3%** (3-yr 20.4%/yr, 5-yr 393.5%/yr). Revenue grew 36.3% over the last year, against 393.5% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -110.7%**. Earnings per share fell 110.7%, slower than revenue, so margins compressed.

## Financial health
- **Piotroski F-score: 4/9**. 4 of 9 checks pass: mixed.
- **Cash and short-term investments: C$373 million**. Leverage ratios are shown differently for banks and insurers, whose balance sheets are built on deposits and reserves; use return on equity and the regulatory capital in the filings instead.

## Dividends
- **Dividend: none**. The Bitcoin Fund does not currently pay a dividend, but it returned 51.3% of its market value through buybacks over the last year.

## Price and momentum
- **Total return (1 yr): -31.9%** (YTD -12.9%, 3-mo 25.5%). The shares are down 31.9% over twelve months including dividends.
- **From 52-week high: -41.3%** (33.7% above the low). Trading 41% below its 52-week high, deep in a drawdown.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 66**. An RSI of 66 is neutral.
- **Beta (1 yr): 1.21** (volatility 46%). Beta of 1.21 against the S&P/TSX Composite: the shares move roughly with the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=QBTC.TO · Page: https://foliofundamentals.com/stocks/qbtc.to

Not investment advice.