Hard to say, MD, but BTC always trades at a discount to the...

Hard to say, MD, but BTC always trades at a discount to the share valuations it has on its books. They are all unlisted companies, and who knows what they're about or how they're going, really- in a financial sense. CNN held shares in an unlisted company, and the unlisted company raised capital, CNN got diluted to almost nothing, and had to write down almost the entire value of its holdings- that may be one of the reasons CNN is not doing so well today.

BTC has $877k cash, equal to 1.18c per share. It may one day get a proposal from some folks who want to make a backdoor listing ("BTC Resources"?) but until then, it's a toughy. It may give back some of the proceeds from its NDL sale- because BTC said giving back capital was their strategy- and this may cause a small pump in their SP- as it has done in the past- but valuing/holding unlisted biotechs? Risky business.