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Bitcoin Group SE (ADE) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Bitcoin Group SE stock €23.35, price €23.02, upside +1.4%, quality 36 out of 100. Rating: fairly valued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Financial Services DE · ISIN DE000A1TNV91

BG Bitcoin Group SE logo Thin data Nov 10, 2026

Bitcoin Group SE

ADE · XETRA
Fairly valued, weak quality

The stock costs about what our calculation considers fair.

Low debt
Revenue last quarter +21% vs. a year ago.
Fair value €23.35 · Fairly valued
0.4% dividend yield · Token dividend
Quality 36/100
Weak Growth (revenue 5y −7.7 %/yr in EUR)
Loss-making · -12.9% net margin (TTM)
Negative free cash flow
Trails peers (2/10)
Narrow moat 18/100 · thin data
Thin data
Estimate
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

€68.84 €17.37 Fair Value €23.35 Sep 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.

How to read this chart

60‑month range €17.37 – €68.84 · fair‑value band €17.51 – €29.18 · the €23.02 price screens below the €23.35 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 10, 2026.

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Company profile

Bitcoin Group SE, an investment holding company, engages in the cryptocurrency and blockchain businesses internationally. The company operates a trading platform for the digital currencies under the Bitcoin.de. It also provides financial services.

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The company was founded in 2008 and is based in Herford, Germany. Bitcoin Group SE is a subsidiary of Priority AG.

Stock analysis

Bitcoin Group SE (ADE) currently trades at €23.02, while our estimate is €23.35, so the stock looks roughly fairly valued today (gap 1.4%).

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: €17.51 (bear) to €29.18 (bull), the price of €23.02 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 36/100 (below-average quality), in the Financial Services sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Bitcoin Group SE reported revenue of €10.0M in FY2025 versus €25.4M in FY2021, a compound −20.7%/yr. Reported net income was −€1.3M in FY2025.

Key figures

Market cap €116M Micro · P/S ratio 11.4 · EPS (TTM) €−0.2600 · Dividend yield 0.4% · Net margin −12.9% · Return on equity −0.5% · Return on assets (EBIT) 1.0% (5-year average) · Operating margin −25.1%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 18 out of 100 (low confidence).

What moves the price

The share trades about 35% below its 52-week high and 5% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −2% fair-value upside, at 1%, ADE screens cheaper than that median.

Fair Value

Bear €17.51 Fair Value €23.35 Bull €29.18
Price €23.02 · Upside +1.4%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 36/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 7
How much profit the company makes from its sales and capital
Quality Growth 45
Are margins and returns getting better?
Cashflow 12
Do the profits arrive as real cash?
Financial strength 71
Debt, balance sheet and risk of trouble
Investment 4
Does it invest with discipline instead of growing at any price?
Low Volatility 46
How calm the share price moves, does not count
Price momentum 26
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 4
Distance to the 52-week high, does not count
New shares 82
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 0/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+7.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−7.7%
Start year 2020 (pandemic). Over 10 years: +29.1% a year
Revenue growth 18 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−4.9%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
69.4% (2020) → −26.1% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 658 stocks

Beats the industry median on 2/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 36 · Bottom 25%
Fair Value upside +1.4% · Below median
Profitability
Return on assets −0.4% · Below median
Net margin (12 months) −12.9% · Bottom 25%
Operating margin (12 months) −25.1% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 21.1% · Above median
Dividend yield (12 months) 0.4% · Bottom 25%
Balance sheet
Debt / equity 0.02× · Below median

Valuation Multiplesvs Asset Management median · lower = cheaper

P/B 0.51× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months) 11.51× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)35 · sector 37
FUTURE (revenue growth)100 · sector 36
PAST (return on equity)0 · sector 23
HEALTH (low debt)99 · sector 95
DIVIDEND (yield)9 · sector 78

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Raymond James Financial, Inc RJF $168.11 $281.42 +67% vs ADE
Apollo Global Management, Inc APO $122.74 $197.52 +61% vs ADE
Ameriprise Financial, Inc AMP $519.96 $639.69 +23% vs ADE
Exor N.V EXO €74.30 €76.42 +3% vs ADE
State Street Corporation STT $171.62 $168.03 −2% vs ADE
Northern Trust Corporation NTRS $177.89 $133.48 −25% vs ADE
Ares Management Corporation ARES $139.41 $99.35 −29% vs ADE
Brookfield Asset Management Ltd BAM $53.49 $31.26 −42% vs ADE
Blackstone Inc BX $122.53 $52.29 −57% vs ADE
KKR & Co KKR $100.85 $27.63 −73% vs ADE

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Bitcoin Group SE: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Bitcoin Group SE Fair Value". https://www.fairvalue-calculator.com/stock/ADE

Frequently asked questions

Is Bitcoin Group SE (ADE) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is €23.35 versus a price of €23.02, about +1% upside (fairly valued).
What is the fair value of ADE?
Our estimate for Bitcoin Group SE is €23.35 (as of Nov 10, 2026), built from audited fundamentals. The current price: €23.02.
What is the quality score of ADE?
Bitcoin Group SE has a Quality Score of 36/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Bitcoin Group SE (ADE)?
Our calculated price target is the estimate of €23.35 (as of Nov 10, 2026). Cautious scenario €17.51, optimistic scenario €29.18. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the Bitcoin Group SE stock forecast for 2026?
Our estimate puts fair value at €23.35, about +1% upside versus a price of €23.02 (fairly valued). Cautious scenario €17.51, optimistic scenario €29.18. The calculation is refreshed regularly with new filings.
What is the revenue of Bitcoin Group SE (ADE)?
Bitcoin Group SE reported trailing-twelve-month revenue of about €10.0M (latest available figure, as of Nov 10, 2026).
Does Bitcoin Group SE pay a dividend?
Bitcoin Group SE currently shows a dividend yield of 0.43% relative to its recent price (as of Nov 10, 2026).
How much is the dividend of Bitcoin Group SE (ADE) and when is the ex-dividend date?
Bitcoin Group SE pays a dividend of €0.1 per share a year, a dividend yield of 0.4%. The last ex-dividend date was Aug 31, 2026. A dividend has been paid every year since at least 2022. Our assessment: Token dividend. At a yield of 0.4% the dividend is symbolic. On paper it is not fully covered by earnings or free cash flow, but at this size that hardly matters: even scrapping it entirely would cost less than 0.4% a year, and coverage ratios on amounts this small swing with ordinary working-capital movements. Judge this company on its business, not on its dividend.
What is the intrinsic value of Bitcoin Group SE (ADE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bitcoin Group SE it is €23.35 per share (as of Nov 10, 2026), against a price of €23.02.
Is Bitcoin Group SE stock overvalued or undervalued in 2026?
As of Nov 10, 2026, ADE trades below its calculated fair value: price €23.02, fair value €23.35, a gap of about +1% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ADE?
No. The price is what the market pays today (€23.02); the fair value is what the company's own numbers justify (€23.35). For Bitcoin Group SE the two are €0.3300 per share apart. That gap is exactly why we show both numbers side by side.
How much is Bitcoin Group SE worth?
The market values Bitcoin Group SE at about €116M (market capitalisation, as of Nov 10, 2026). Per share that is €23.02; our models calculate a fair value of €23.35 per share.
What do the bullish and bearish scenarios say about ADE?
Our models span a range for Bitcoin Group SE: cautious scenario €17.51, base €23.35, optimistic €29.18 per share (as of Nov 10, 2026, price €23.02). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Bitcoin Group SE (ADE)?
Balance-sheet figures for Bitcoin Group SE (as of Nov 10, 2026): return on equity −0.5%, debt of 0.02 per unit of equity. They feed the Quality Score of 36/100, which measures business quality independently of the share price.
How far is ADE from its 52-week high?
Bitcoin Group SE trades at €23.02, about 35% below its 52-week high of €35.55 and 5% above the low of €22.00 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of €23.35 is for.
Which stocks are comparable to Bitcoin Group SE?
From the same area (Financial Services) we also value Blackstone Inc, KKR & Co, Brookfield Asset Management Ltd, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Bitcoin Group SE stock attractive at the current price?
The data as of Nov 10, 2026: price €23.02, calculated fair value €23.35 (+1%), Quality Score 36/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. Bitcoin Group SE currently trades 1% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Bitcoin Group SE (ADE)?
The closing price on Nov 10, 2026 was €23.02. Our estimate is €23.35, about +1% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bitcoin Group SE right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of Bitcoin Group SE

How large is the market capitalisation of Bitcoin Group SE (ADE)?
The market capitalisation of Bitcoin Group SE is €116M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Bitcoin Group SE (ADE)?
The price-to-sales ratio of Bitcoin Group SE is 11.4 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Bitcoin Group SE (ADE)?
Earnings per share at Bitcoin Group SE are €−0.2600. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Bitcoin Group SE (ADE)?
The dividend yield of Bitcoin Group SE is 0.4%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Bitcoin Group SE (ADE)?
The net margin of Bitcoin Group SE is −12.9% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Bitcoin Group SE (ADE)?
The return on equity (ROE) of Bitcoin Group SE is −0.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Bitcoin Group SE (ADE)?
On an EBIT basis the return on assets of Bitcoin Group SE is 1.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Bitcoin Group SE (ADE)?
The operating margin of Bitcoin Group SE is −25.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Bitcoin Group SE (ADE)?
Revenue at Bitcoin Group SE is growing +21.1% versus a year earlier (3y avg +5.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Bitcoin Group SE (ADE)?
Earnings per share at Bitcoin Group SE are growing −72.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Bitcoin Group SE (ADE) generate?
The free cash flow of Bitcoin Group SE is −€3.2M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Bitcoin Group SE (ADE) hold?
Bitcoin Group SE holds more cash than debt, €8.2M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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