Stock fact sheet · data as of
Nicholas Crypto Income ETF (BLOX): fair value, margin of safety and Wheel Score
Financial Services · Asset Management - Cryptocurrency · United States · Speculative / Distressed
Is BLOX undervalued?
BLOX has a margin of safety of 78%: the stock closed at 12.24 on 16 Oct 2026 against a GLS average fair value of 54.58. 2 of the 2 valuation models that produced a number sit above the price. Our screens 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.
The nightly engine files BLOX under Speculative / Distressed - negative earnings or a Piotroski score of 3 or less - which caps its Wheel Score at 45 and keeps it out of the Sunday Scan.
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 | +68% | 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 | 88.60 | +624% | 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 | +645% | 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 Sunday Scan's "6 or more" rule. 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. On durability BLOX scores 7.1/10 on the GLS Moat - a middle reading; the Scorecard on the Quote page's Financials tab shows which ten-year lines are steady and which are not.
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 419.9%.
The dividend yield is high at 49.19% (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 | 7.1 / 10 | ROE | -6.3% |
| Debt / equity | 0.00 | ROA | -3.1% |
| Free-cash-flow yield | 419.9% | Payout ratio | 0% |
| Institutions | 1 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 45: Weak
With a Wheel Score of 45 Nicholas Crypto Income ETF sits in the Weak band, capped at 45 because the engine files it as Speculative / Distressed. The parts - Value 25/25, Health 9/20, Moat 11/15, Premium 20/20, Stability 5/20 - show where: Stability (5/20) scores lowest.
Implied volatility is 50% on the near-the-money contracts 20-60 days out - inside the 35-60% range the Wheel Score pays full marks for: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is thin - 1,748 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 522k shares a day on a market cap of $14M, with a beta of 2.96 - 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 5 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 25 / 25 | 78% margin of safety | |
| Health | 9 / 20 | Piotroski 4/9 | |
| Moat | 11 / 15 | moat 7.1/10 | |
| Premium | 20 / 20 | implied volatility 50% | |
| Stability | 5 / 20 | 522k shares/day, $14M cap, beta 2.96 |
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 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 8 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. | 3.15 | 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 |
| BCOR Grayscale Bitcoin Adopters ETF | 25.68 | 3.44 | -647% | 23No options | $3M |
| 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 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 12.24 the stock is 78% below the average fair value of 54.58 (data as of 16 Oct 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 45 out of 100 (Weak). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for BLOX?
54.58 per share as of 16 Oct 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 16 Oct 2026; the Calendars page is refreshed every morning.
Does BLOX have listed options, and how liquid are they?
Yes. The nightly snapshot found 174 listed contracts with 1,748 open interest across all expiries and implied volatility of 50% 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.