Stock fact sheet · data as of
Nicholas Crypto Income ETF (BLOX): fair value, margin of safety and Wheel Score
Ticker symbol BLOX · Financial Services · Asset Management - Cryptocurrency · United States · Fund / Note
Is BLOX undervalued?
BLOX has a margin of safety of 80%: the stock closed at 10.53 on 5 Nov 2026 against a GLS average fair value of 52.43. 2 of the 2 valuation models that produced a number sit above the price. Our scans treat a discount this large as a strong starting point for a cash-secured put, not as a verdict - the fair value is a model output, and a wide gap can mean the models are missing something the market knows.
The average is built from just 2 models (10 Cap, DDM) - the rest returned nothing because an input they need (dividends, free cash flow, book value) is zero or negative - so treat it with more caution than usual.
BLOX looks like a fund, note or preferred share rather than an operating company, so the nightly engine files it under Fund / Note: the valuation models are not built for it, and its Wheel Score is capped at 45.
Nine valuation models for BLOX
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 | - | - | Present value of the projected free cash flows, discounted at the cost of capital; no value tonight |
| Graham Number | - | - | The most a defensive investor pays for the earnings and book value per share; no value tonight |
| Graham Growth | - | - | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields; no value tonight |
| Lynch | - | - | EPS × the earnings growth rate (PEG of 1), growth capped at 25%; no value tonight |
| GLS Growth | - | - | EPS compounded ten years at the blended growth rate, discounted back at 15% a year; no value tonight |
| 10 Cap | 20.57 | +95% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | 84.29 | +700% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | - | - | Earnings power value: current EPS capitalised at 9% with no growth; no value tonight |
| Zombie (liquidation) | 91.19 | +766% | 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
Nicholas Crypto Income ETF scores only 4 of 9 on the Piotroski F-score, which fails the "Piotroski 6 or more" Wheel Trade Filter. A reading this low means several of the basic tests - positive earnings, positive operating cash flow, falling debt, no new share issuance - are not met. There is no GLS Moat score for BLOX: funds, notes and second share lines get none, and so does a company with fewer than two years of accounts on file. The Moat part of the Wheel Score is zero.
Returns on capital are thin or negative - ROIC -6.3%, ROE -6.3%, ROA -3.1% - with debt at 0.00 times equity and a free-cash-flow yield of 488.1%.
The dividend yield is high at 54.40% (payout ratio 0%). A yield this size is often the market's way of pricing a risk to the payout, so the health score and cash flow matter more than usual. Revenue comes mainly from Services 95%, Products and Licenses 5% (fiscal year FY2016).
Institutional ownership scores 1/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 4 / 9 | ROIC | -6.3% |
|---|---|---|---|
| GLS Moat | - / 10 | ROE | -6.3% |
| Debt / equity | 0.00 | ROA | -3.1% |
| Free-cash-flow yield | 488.1% | Payout ratio | 0% |
| Institutions | 1 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 35: Weak
With a Wheel Score of 35 Nicholas Crypto Income ETF sits in the Weak band. It fails filter 1, options that actually trade - options too quiet (882 open interest, 235 a day); and filter 2, a real business, not a gamble - a fund or note, not a company; and filter 4, financially healthy - Piotroski 4/9 (under 6); and filter 8, big enough - market cap $12M (under $1.0B); Moat (weak) is its weakest part.
Implied volatility is 59% on the near-the-money contracts 20-60 days out - inside the 35-60% sweet spot the Wheel Score rewards most: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is thin - 882 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 299k shares a day on a market cap of $12M, with a beta of 3.15 - 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 rates that weak.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | options too quiet (882 open interest, 235 a day) |
| 2 | A real business, not a gamble | Fails | a fund or note, not a company |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Fails | Piotroski 4/9 (under 6) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Fails | market cap $12M (under $1.0B) |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 80% below fair value | |
| Premium | Strong | implied volatility 59% | |
| Moat | Weak | no moat score | |
| Health | Fair | Piotroski 4/9 | |
| Red Flags | Weak | Red Flags score 65/100 | |
| Option trading | Weak | 235 contracts a day, 882 open interest | |
| Stability | Weak | beta 3.15, $12M company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for BLOX 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 9 companies below are the closest to Nicholas Crypto Income 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 |
|---|---|---|---|---|---|
| HYPD Hyperion DeFi, Inc. | 3.07 | 4.95 | +38% | 26No options | $47M |
| SDEV Stablecoin Development Corp. | 0.9670 | 54.28 | +98% | 27No options | $50M |
| BCOR Grayscale Bitcoin Adopters ETF | 23.86 | 3.44 | -595% | 13No options | $2M |
| BCHG Grayscale Bitcoin Cash Trust | 2.10 | - | - | 5No options | $67M |
| FWDI Forward Industries, Inc. | 6.43 | 0.3738 | -1620% | 14Weak | $491M |
| GDLC Grayscale CoinDesk Crypto 5 ETF | 36.09 | 212.02 | +83% | 20No options | $491M |
| SATS Strive, Inc. 15.00% Series A Perpetual SATS Preferred Stock | 95.01 | - | - | 33Weak | $665M |
| ETHE Grayscale Ethereum Staking ETF | 19.37 | 124.34 | +84% | 41Weak | $2.2B |
| GBTC Grayscale Bitcoin Trust ETF | 61.78 | 106.84 | +42% | 45Weak | $42.8B |
⚖ Compare BLOX with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about BLOX
Is BLOX undervalued right now?
By the GLS models, yes: at 10.53 the stock is 80% below the average fair value of 52.43 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of BLOX and what does it mean?
BLOX scores 35 out of 100 (Weak) - it fails Wheel Trade Filters 1, 2, 4, 8. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for BLOX?
52.43 per share as of 5 Nov 2026 - the simple average of the 2 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 Nicholas Crypto Income ETF report earnings next?
No upcoming earnings date is recorded for BLOX in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does BLOX have listed options, and how liquid are they?
Yes. The nightly snapshot found 32 listed contracts with 882 open interest across all expiries and implied volatility of 59% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.