Stock fact sheet · data as of
Grayscale Bitcoin Adopters ETF (BCOR): fair value, margin of safety and Wheel Score
Financial Services · Asset Management - Cryptocurrency · United States · Blend
Is BCOR undervalued?
Grayscale Bitcoin Adopters ETF (BCOR) closed at 25.68 on 16 Oct 2026, 647% above the GLS average fair value of 3.44. 8 of the 8 models that produced a number value the shares below the current price. A gap this wide usually means the market is paying for growth or a story the trailing numbers do not show yet; the models work from filed results, not forecasts, so they are conservative by design.
The 8 models disagree widely: GLS Growth gives 0.1857 while DDM gives 11.77. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
The nightly engine files BCOR under Blend.
Nine valuation models for BCOR
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 5.87 | -77% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 4.64 | -82% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 1.02 | -96% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 0.2538 | -99% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 0.1857 | -99% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | - | - | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10%; no value tonight |
| Payback Time | 3.04 | -88% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 11.77 | -54% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 0.7051 | -97% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | 1,034.49 | +3928% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 0.0000 | -100% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
On financial health BCOR scores 8/9 (Piotroski): most of the nine tests - positive earnings and cash flow, falling debt, rising margins and turnover - are passed, which is the kind of balance sheet a wheel trader is happy to be assigned. The GLS Moat score is low at 2.5 out of 10, which says the ten-year record of revenue, earnings, margins and returns on capital has been inconsistent - growth and shocks rather than steady compounding.
Returns on capital are thin or negative - ROIC 0.4%, ROE 0.4%, ROA 0.3% - with debt at 0.05 times equity and a free-cash-flow yield of 3572.5%.
The dividend yield is 3.12% at a payout ratio of 0%; for a wheel trader holding assigned shares the dividend adds to the covered-call premium, and the ex-dividend date is worth knowing before a call is sold. Revenue comes mainly from Commission Revenue 57%, Asset based Revenue 44% (quarter Q3 FY2023).
Institutional ownership scores 5/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 8 / 9 | ROIC | 0.4% |
|---|---|---|---|
| GLS Moat | 2.5 / 10 | ROE | 0.4% |
| Debt / equity | 0.05 | ROA | 0.3% |
| Free-cash-flow yield | 3572.5% | Payout ratio | 0% |
| Institutions | 5 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 23: No options
BCOR has no listed options in the nightly snapshot, so there is nothing to sell and the stock cannot be wheeled however good the business; the Wheel Score is capped at 39 and shown as "No options" (23 here). The valuation and quality numbers still apply to owning the shares outright.
Volume runs at 2k shares a day on a market cap of $3M, with a beta of 2.47 - a high beta, so the stock tends to move more than the market and a strike can be gapped through; the Stability part of the Wheel Score gives that 2 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 0 / 25 | -647% margin of safety | |
| Health | 18 / 20 | Piotroski 8/9 | |
| Moat | 4 / 15 | moat 2.5/10 | |
| Premium | 0 / 20 | no option data | |
| Stability | 2 / 20 | 2k shares/day, $3M cap, beta 2.47 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for BCOR in the nightly calendar.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Asset Management - Cryptocurrency
The 8 companies below are the closest to Grayscale Bitcoin Adopters ETF by market cap within the Asset Management - Cryptocurrency industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| BLOX Nicholas Crypto Income ETF | 12.24 | 54.58 | +78% | 45Weak | $14M |
| HYPD Hyperion DeFi, Inc. | 3.15 | 4.95 | +36% | 39No options | $48M |
| SDEV Stablecoin Development Corp. | 1.02 | 350.83 | +100% | 39No options | $52M |
| BCHG Grayscale Bitcoin Cash Trust | 2.13 | - | - | 15No options | $68M |
| GDLC Grayscale CoinDesk Crypto 5 ETF | 37.16 | 212.02 | +82% | 32No options | $506M |
| FWDI Forward Industries, Inc. | 7.15 | 0.3723 | -1821% | 34Weak | $545M |
| ETHE Grayscale Ethereum Staking ETF | 19.47 | 124.16 | +84% | 45Weak | $2.3B |
| GBTC Grayscale Bitcoin Trust ETF | 63.53 | 106.84 | +41% | 45Weak | $44.0B |
⚖ Compare BCOR with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about BCOR
Is BCOR undervalued right now?
No: at 25.68 the stock trades 647% above the GLS average fair value of 3.44 (data as of 16 Oct 2026), well beyond what trailing earnings, cash flow and book value support.
What is the Wheel Score of BCOR and what does it mean?
BCOR has no listed options in our nightly snapshot, so it cannot be wheeled; its Wheel Score is capped at 39 and shown as "No options".
What is the GLS fair value for BCOR?
3.44 per share as of 16 Oct 2026 - the simple average of the 8 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Grayscale Bitcoin Adopters ETF report earnings next?
No upcoming earnings date is recorded for BCOR in our calendar as of 16 Oct 2026; the Calendars page is refreshed every morning.
Does BCOR have listed options, and how liquid are they?
No. The nightly options snapshot found no listed contracts on BCOR, so the wheel strategy cannot be run on it and the Wheel Score is capped at 39.