ARTC vs BIII

Art Technology Acquisition Corp vs Black Spade Acquisition III Co — Valuation Comparison 2026

By CirclFi Research Team · Updated 2026-06-03 · Data from SEC EDGAR, FRED & GDELT

Quick Summary — BIII scores higher on quality with 4.1/10 vs ARTC's 3.4/10. ARTC trades at $9.93 while BIII trades at $9.94. Both analyzed daily using SEC EDGAR data across 13 institutional models.

ARTC

Blank Checks
Art Technology Acquisition Corp
Quality
3.4
out of 10
Value Trap
Price
$9.93
Last close
Models
7/13
Active
VS

BIII

Blank Checks
Black Spade Acquisition III Co
Quality
4.1
out of 10
Value Trap
Price
$9.94
Last close
Models
7/13
Active
ARTC
2 models active
Quality 3.4/10 — below average
BIII
2 models active
Quality 4.1/10 — below average

ARTC vs BIII — Fair Value Comparison

ARTC
$0$4$8$12 Price$9.93 Bayesian …$2.65 (-73.2%) Dynamic N…$3.92 (-60.5%)
BIII
$0$4$8$12 Price$9.94 Bayesian …$0.14 (-98.5%) Dynamic N…$3.50 (-64.7%)
Market Price Model 1 Model 2

Model-by-Model Comparison

ModelType ARTC Fair ValueARTC Upside BIII Fair ValueBIII Upside
Bayesian DCF Intrinsic $2.65 -73.2% $0.14 -98.5%
First Chicago Scenario $•••.•• ••.•% $•••.•• ••.•%
ML-RIV Intrinsic $•••.•• ••.•% $•••.•• ••.•%
Dynamic NAV Asset-Based $3.92 -60.5% $3.50 -64.7%
PWERM Option-Based $•••.•• ••.•% $•••.•• ••.•%
Sentiment SOTP Hybrid $•••.•• ••.•% $•••.•• ••.•%
CUCE Ensemble Ensemble $•••.•• ••.•% $•••.•• ••.•%

ARTC vs BIII — Which Stock Is More Undervalued in 2026?

BIII scores higher with a 4.1/10 quality rating vs ARTC's 3.4/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

How Do ARTC and BIII Valuations Compare?

At $9.93, ARTC trades +73.2% above its Bayesian DCF fair value of $2.65, while BIII at $9.94 trades +98.5% above its estimate of $0.14. BIII shows a wider gap between price and intrinsic value.

Quality of Company: ARTC vs BIII

ARTC earns a Quality of Company score of 3.4/10 compared to BIII's 4.1/10. The scores are closely matched, indicating similar fundamental quality profiles. The QOC score synthesizes 32 signals spanning profitability margins, revenue growth, free cash flow, capital allocation, and leverage.

Value Trap Risk: ARTC vs BIII

Review the value trap analysis for both ARTC and BIII to assess whether apparent undervaluation reflects genuine opportunity or hidden fundamental risk.

Both in Blank Checks

Both ARTC and BIII operate in Blank Checks, which has 19 stocks tracked by CirclFi. Same-industry comparisons provide the most direct insight into relative valuation since both companies face similar regulatory environments, market dynamics, and competitive pressures. Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN), and ensemble methods (CUCE).

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