Not to go all off-topic, but another alternative is that you could just conclude that with very few exceptions, the entire Bitcoin securities universe is currently populated with junk -- and not even bother.

Otherwise sensible people, who would never touch such junk if it were denominated in dollars or pounds, nonetheless will plough significant chunks of capital into these things if they happen to be denominated in Bitcoin. Otherwise sensible people, who would normally care a great deal about factors like management competence or the logical coherence of a business plan, suddenly become entirely happy to throw a stack of BTC at some guy named Guido (no offense to all the Guido people out there) just because Guido includes words like "venture" or "mining" in a prospectus.

If, instead of treating their BTC like play money and throwing it into this kind of junk, folks just took a portion of their available dollars and invested that capital into random selections from the S&P 500, they would likely do much, much better.