BTCS Inc. (BTCS): fair value, margin of safety and Wheel Score

Is BTCS undervalued?

BTCS Inc. (BTCS) closed at 1.04 on 5 Nov 2026, 40% above the GLS average fair value of 0.7425. 1 of the 1 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.

Only 1 of the nine models produced a value (DDM); the others need a dividend, positive free cash flow or positive book value the company does not have yet, so the average rests on a narrow base.

The nightly engine files BTCS under Speculative - it is losing money or its Piotroski health score is 3 or lower - which caps its Wheel Score at 45 and keeps it out of the Sunday Scan. It also carries the Income tag (Income = a dividend yield of 4% or more).

Nine valuation models for BTCS

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.

Quality and financial health

Financial health is weak: BTCS passes 2 of the nine Piotroski tests. Our scans drop the stock at the health filter; a low score is often the reason a stock looks cheap on the valuation models. The GLS Moat score is low at 2.2 out of 10: returns on capital, margins or the balance sheet have not shown a lasting edge yet - often a young company, a thin-margin business or one that has only recently turned profitable.

Returns on capital are thin or negative - ROIC -15.7%, ROE -23.9%, ROA -15.5% - with debt at 0.53 times equity and negative free cash flow.

The dividend yield is high at 4.85% (payout ratio -3%). 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 Validator Revenue 100% (quarter Q4 FY2022).

Institutional ownership scores 2/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales; the last recorded insider buy was on 30 Sep 2026.

Wheel Score 9: Weak

BTCS scores 9 out of 100 on the Wheel Score, in the Weak band (under 50): it fails filter 1, options that actually trade - options too quiet (2,102 open interest, 81 a day); and filter 2, a real business, not a gamble - speculative (a loss, or a weak Piotroski score); and filter 3, below fair value - trades 40% above our fair value; and filter 4, financially healthy - Piotroski 2/9 (under 6); and filter 6, no serious red flags - Red Flags score 45 (under 60); and filter 7, a premium worth selling - implied volatility 97% (over 80%); and filter 8, big enough - market cap $55M (under $1.0B); and filter 9, not a penny stock - price 1.04 (under $5), and the parts are thin too - value weak, premium weak, moat weak, health weak, red flags weak, option trading weak, stability weak. The score is not a judgement on the company; it says the price, quality and premium do not line up for selling puts on it today.

Implied volatility is 97%, above the 80% ceiling of the Wheel Trade Filter on premium. The premium looks generous, but moves of that size can blow through any strike. Chain open interest is 2,102 contracts across all expiries - enough for the wheel at normal size.

Volume runs at 1.1M shares a day on a market cap of $55M, with a beta of 3.33 - 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.

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

BTCS Inc. reports earnings on 6 Nov 2026 - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.

Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.

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