BTOG vs ICE

Bit Origin Limited vs Intercontinental Exchange Inc. — Valuation Comparison 2026

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

Quick Summary — ICE scores higher on quality with 9.1/10 vs BTOG's 2.4/10. BTOG trades at $1.82 while ICE trades at $142.38. Both analyzed daily using SEC EDGAR data across 13 institutional models.

BTOG

Financial Data & Stock Exchanges
Bit Origin Limited
Quality
2.4
out of 10
Value Trap
Price
$1.82
Last close
Models
11/13
Active
VS

ICE

Financial Data & Stock Exchanges
Intercontinental Exchange Inc.
Quality
9.1
out of 10
Value Trap
17
SAFE
Price
$142.38
Last close
Models
12/13
Active
BTOG
RCMH-DCF sees +120.4% upside
Quality 2.4/10 — below average
ICE
Quality Score 9.1/10 — top tier
Limited to 2/13 visible models

BTOG vs ICE — Fair Value Comparison

BTOG
$0$2$3$5 Price$1.82 Bayesian …$0.47 (-74.0%) RCMH-DCF$3.83 (+120.4%)
ICE
$0$56$112$168 Price$142.38 Bayesian …$68.53 (-51.9%) Earnings …$41.88 (-70.6%)
Market Price Model 1 Model 2

Model-by-Model Comparison

ModelType BTOG Fair ValueBTOG Upside ICE Fair ValueICE Upside
Bayesian DCF Intrinsic $0.47 -74.0% $68.53 -51.9%
Earnings Power Value Intrinsic $41.88 -70.6%
EROIC Spread Intrinsic $•••.•• ••.•% $•••.•• ••.•%
First Chicago Scenario $•••.•• ••.•% $•••.•• ••.•%
Markov DDM Intrinsic $•••.•• ••.•% $•••.•• ••.•%
ML-RIV Intrinsic $•••.•• ••.•% $•••.•• ••.•%
Dynamic NAV Asset-Based $•••.•• ••.•% $•••.•• ••.•%
PWERM Option-Based $•••.•• ••.•% $•••.•• ••.•%
Regime Cross-Sectional Relative $•••.•• ••.•% $•••.•• ••.•%
Sentiment SOTP Hybrid $•••.•• ••.•% $•••.•• ••.•%
CUCE Ensemble Ensemble $•••.•• ••.•% $•••.•• ••.•%
FTNN Topology Relative $•••.•• ••.•% $•••.•• ••.•%
RCMH-DCF Intrinsic $3.83 +120.4% $182.68 +28.3%

BTOG vs ICE — Which Stock Is More Undervalued in 2026?

ICE scores higher with a 9.1/10 quality rating vs BTOG's 2.4/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

How Do BTOG and ICE Valuations Compare?

At $1.82, BTOG trades +74.0% above its Bayesian DCF fair value of $0.47, while ICE at $142.38 trades +51.9% above its estimate of $68.53. BTOG shows a wider gap between price and intrinsic value.

Quality of Company: BTOG vs ICE

BTOG earns a Quality of Company score of 2.4/10 compared to ICE's 9.1/10. This is a significant quality gap — the higher-scoring company demonstrates materially stronger fundamentals across profitability, growth consistency, and balance sheet health. The QOC score synthesizes 32 signals spanning profitability margins, revenue growth, free cash flow, capital allocation, and leverage.

Value Trap Risk: BTOG vs ICE

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

Both in Financial Data & Stock Exchanges

Both BTOG and ICE operate in Financial Data & Stock Exchanges, which has 13 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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