Bitcoin Well (TSXV:BTCW,OTCQB:BCNWF) is a two-business-unit organization providing an ecosystem of products and services to make it easy for everyday people to use bitcoin. The company was established in Canada in 2013, has reached significant revenue growth year-over-year since, and has recently expanded the Online Bitcoin Portal to the US market.
Bitcoin Well earns revenue through its two core business lines, which include:
Bitcoin Well earns consistent cash flow through its existing fleet of Bitcoin ATMs. The company reinvests this cash flow into the Online Bitcoin Portal, which is a scalable growth product the company believes will see exponential adoption during the bitcoin bull run – which appears to be underway.
The Bitcoin market often makes headlines when it reaches new heights or lows, but it’s shown consistent growth over the long term. The price of Bitcoin surpassed the US$72,000 mark in March 2024 and is expected to continuously captivate investors’ interest as it follows the typical halving price cycle.
Bitcoin Well has passed significant milestones since its establishment in 2013:
Every product or service offered by the company is wrapped in the security of its non-custodial ecosystem. This is a hot topic right now as multiple custodial exchanges have collapsed in the last few years. The non-custodial ecosystem is widely seen by knowledgeable investors as the safest way to buy bitcoin.
In 2024, Bitcoin Well launched Cash Vouchers, which allow Canadian customers to make cash payments when buying bitcoin from the Bitcoin Portal. Cash Vouchers eliminate the barriers when using digital payments to use the Bitcoin Portal. Bitcoin Well is the only company able to offer this service.
The company intends to utilize its unique positioning of a large network of Bitcoin ATMs and a growing online Bitcoin Portal to begin combining the benefits and set itself out as a true differentiator. These unique differences allow for Bitcoin Well to offer their customer a stickier product with more offerings than other competitors which could open the door for a subscription model or other alternative customer revenue models.
The Bitcoin Well business strategy is embodied in two core product lines, designed to make it easier for everyday people to use bitcoin as part of their financial plans. Both offerings cater to different types of customers.
With more than 190 Bitcoin ATMs across Canada, the Bitcoin Well ATM network provides users a way to buy bitcoin quickly and safely with cash. This well-established, cash-flowing Bitcoin ATM business provides revenue to support the company’s accretive future growth.
This is the most scalable and future-oriented product. It offers the fastest and safest way for North Americans to buy, sell and use bitcoin. Launched in Q4 2022, this offering currently generates monthly revenues exceeding $4.5 million.
Adam O’Brien is a husband, father of four and a bitcoin entrepreneur with a mission to enable independence. Since founding Bitcoin Well in 2013, he has made it easy to buy, sell and use bitcoin both online in the bitcoin-only portal, and in person at Bitcoin ATMs across Canada. Today, Bitcoin Well is a publicly traded organization (BTCW) and is one of the largest bitcoin companies in the country... And it's just getting started!
Jason Vandenberg brings more than 20 years of experience across diverse financial leadership positions and has an established record of leading multiple companies through substantial growth, both organically and through business acquisitions. He has experience with micro-cap companies listed on the TSXV and was involved with the company as they went public in 2021.
Chantel Lillycrop has 10 years of experience in leadership, business development and operations. She has a deep-rooted passion for streamlining processes, optimizing efficiency and fostering collaboration with her teams and external partners. Her mission is to drive the company’s growth while ensuring operational excellence.
James Kerr is an accredited product builder with nearly a decade of experience working with teams to build solutions for both B2B and B2C users. Kerr loves solving problems, challenging conventions, and working with creative people to build and grow products that make the world a better place.
Dave Bradley is widely considered one of the leading experts in Canada on bitcoin and blockchain technology. Before his current role, Bradley founded the world’s first bricks-and-mortar bitcoin store and co-founded the successful company, Bull Bitcoin, which is Canada’s longest-serving bitcoin brokerage. He also serves as a vice-president for the Canadian Blockchain Consortium.
Terry Rhode was one of Rosenau Transport's longest-serving employees and a partial owner. Before starting with Rosenau Transport in 1998, he was a management consultant and advised various businesses on ways to streamline their operations. Rhode is well-versed in every aspect of administration including accounting and IT, operations, change management, project management, sales, and pricing.
Mitchell Demeter brought the world its first Bitcoin ATM in 2013 to Vancouver, BC. After a successful exit, he moved to be the president of Netcoins, a Canadian online cryptocurrency brokerage wholly owned by BIGG Digital Assets. Demeter is a serial entrepreneur with a range of experience in blockchain, exchanges and currency trading. He currently sits on the board of Neptune Digital Assets and advises several other cryptocurrency and fintech businesses including Secure Digital Markets and Inetco Systems.
Mark Binns has a long history and deep experience in the bitcoin and cryptocurrency markets, and valuable connections in the Canadian and US capital markets. Binns is the former CEO of Netcoins, a leading Canadian cryptocurrency broker, and BIGG Digital Assets, a diversified public Canadian digital asset company.
(TheNewswire)
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Edmonton, Alberta January 3, 2025 TheNewswire - Bitcoin Well Inc. (" Bitcoin Well " or the " Company ") ( TSXV: BTCW; OTCQB: BCNWF ), the non-custodial bitcoin business on a mission to enable independence announces that it has purchased approximately 2.469 bitcoin at an average price of CAD$141,373 to add to their bitcoin reserve. The Company holds 10.000 BTC at year end, purchased at an average price of CAD$137,738.50.
Further, the Company announces a record setting 2,700 new customer registrations in December (+60% compared to September 2024) and over 2,400 new customer registrations in November (+47% compared to August 2024). In aggregate in Q4 2024 the Company added over 7,000 new customer registrations (+45% Quarter over Quarter growth compared to Q3 2024).
Lastly, the Company achieved over CAD$5,000,000 in transaction volume on the Bitcoin Portal in Canada in December 2024 (+13% over November's approximately CAD$4,400,000 in transaction volume). The Company achieved consolidated transaction volume of approximately CAD$13,000,000 in Q4, a 37% Quarter over Quarter increase compared to Q3 2024.
"I am very pleased with our growth to close out the year," said Adam O'Brien, founder and CEO of Bitcoin Well. "We continue to see success as our team delivers monthly, quarterly and yearly growth. Now, with 10 bitcoin on the Company's balance sheet I am expecting an excellent year for our team, our customers and our shareholders."
About Bitcoin Well
Bitcoin Well is on a mission to enable independence. We do this by making bitcoin useful to everyday people to give them the convenience of modern banking and the benefits of bitcoin. We like to think of it as future-proofing money. Our existing Bitcoin ATM and Online Bitcoin Portal business units drive cash flow to help fund this mission.
Join our investor community and follow us on Nostr , , and to keep up to date with our business.
Bitcoin Well contact information
To book a virtual meeting with our Founder & CEO Adam O'Brien please use the following link: https://bitcoinwell.com/meet-adam
For additional investor & media information, please contact:
Adam O'Brien
Tel: 1 888 711 3866
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .
Forward-looking information
Certain statements contained in this news release may constitute forward-looking information, which is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", or the negative thereof and similar expressions. All statements herein other than statements of historical fact constitute forward-looking information including, but not limited to, statements in respect of Bitcoin Well's business plans, strategy and outlook and its preliminary unaudited revenue. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information including, but not limited to, the risk factors described in Bitcoin Well's annual information form and management's discussion and analysis for the year ended December 31, 2023. Forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents Bitcoin Well's expectations as of the date hereof and is subject to change. Bitcoin Well disclaims any intention or obligation to revise any forward-looking information, except as required by applicable securities legislation.
Copyright (c) 2025 TheNewswire - All rights reserved.
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Bitcoin Well Inc. (" Bitcoin Well " or the " Company ") ( TSXV: BTCW; OTCQB: BCNWF ), the non-custodial bitcoin business on a mission to enable independence, is pleased to announce that it has entered into an agreement with Haywood Securities Inc. (" Haywood ") to act as lead agent and sole bookrunner, together with a syndicate of agents (the " Agents "), in connection with a best-efforts private placement of up to approximately $2,000,000 convertible debenture units (the " Debenture Units ") at a price of $1,000 per Debenture Unit (the " Offering "). Each Debenture Unit shall consist of: (i) one 8% $1,000 principal amount unsecured convertible debenture (each, a " Debenture "); and (ii) 4,347 common share purchase warrants of the Company (each, a " Warrant ").
Further, the Company announces the purchase of approximately 7.53088112 BTC for $1,035,882.82 CAD at an average price of $137,551.34 CAD per bitcoin.
The Company intends to use the net proceeds from the Offering for working capital, general corporate purposes and for further additions to the strategic bitcoin reserve. The Offering is expected to close on or about December 17 , 2024, or such other date as the Company and Haywood may agree, each acting reasonably (the " Closing Date ").
"Adding bitcoin to the balance sheet feels great!" said Adam O'Brien, founder and CEO of the Company. "We look forward to closing a successful Offering which will afford us access to additional capital to add more bitcoin to our treasury. I am excited to offer our shareholders exposure to bitcoin alongside our growing bitcoin business. We have seen good growth so far this quarter and we expect that adding bitcoin to the balance sheet will continue to give the Company opportunities in the future."
The Debentures will bear interest of 8% per annum, payable semi-annually in arrears, on the first business day in July and January of each year, with the first interest payment to be made on July 2, 2025 (the " Interest Payment Date ") and maturing on the date that is 60 months following the Closing Date (the " Maturity Date "). The Company shall pay, on each Interest Payment Date, all interest in the form of common shares of the Company (the " PIK Interest Payment ") or in cash, at the sole discretion of the Company. In the event the Company elects to make a PIK Interest Payment, it shall deliver such number of Common Shares, within 10 business days of the Interest Payment Date, as is determined by dividing the accrued and unpaid interest due and payable on the Interest Payment Date by the 10 day volume weighted average trading price (" VWAP ") of the Common Shares on the TSX Venture Exchange (the " TSXV "), immediately preceding the Interest Payment Date.
The Debentures will be unsecured obligations of the Company and subordinated in right of payment to the prior payment in full of all secured indebtedness of the Company. The Debentures will rank pari passu with all existing subordinated debentures and all additional subordinated debentures issued by the Company from time to time. The Debentures will also be effectively subordinated to claims of creditors of the Company's subsidiaries except to the extent the Company is a creditor of such subsidiaries ranking at least pari passu with such other creditors.
Each $1,000 principal amount of Debentures will be convertible into 4,347 common shares of the Company (the " Common Shares ") at the option of the holder thereof, at a conversion price of $0.23 per Common Share (the " Conversion Price "), at any time prior to the close of business on the earlier of: (i) the Maturity Date; (ii) the business day immediately preceding the date fixed by the Company pursuant to the Debenture Conversion Notice (as hereinafter defined), and (iii) the business day immediately preceding the payment date if subject to repurchase pursuant to a change of control, subject to adjustment in certain circumstances pursuant to a trust indenture to be entered into between the Company and trust company. Beginning on the date that is four months and one day following the Closing Date, if the VWAP of the Common Shares on the TSXV is greater than $0.32 for a period of 10 consecutive trading days, the Company may, within 10 business days of the occurrence of such event, force the conversion of the Debentures by giving notice (the " Debenture Conversion Notice ") to the holders of the Debentures, and issuing a concurrent press release, and, in such case, the conversion date of the Debentures shall be the date specified by the Company in the Debenture Conversion Notice, provided such date shall not be less than 30 trading days following delivery of the Debenture Conversion Notice.
Each Warrant will be exercisable to acquire one Common Share for an exercise price of $0.30 for a period of 60 months following the Closing Date. If, at any time following the Closing Date and prior to the expiry date of the Warrants, the VWAP of the Common Shares on the TSXV is greater than $0.42 for a period of 10 consecutive trading days, the Company may, within 10 business days of the occurrence of such event, accelerate the expiry date of the Warrants by giving notice (the " Warrant Acceleration Notice "), and issuing a concurrent press release, and, in such case, the expiry date of the Warrants shall be the date specified by the Company in the Warrant Acceleration Notice, provided such date shall not be less than 30 trading days following delivery of the Warrant Acceleration Notice.
The Agents will have an option (the " Agent's Option ") to offer for sale up to an additional $300,000 of Debenture Units, by Haywood, on behalf of the Agents providing notice to the Company at any time up to 48 hours prior to the Closing Date.
The Company has agreed to (a) pay to the Agents a commission of 7% cash (3.5% in respect of presidents list orders); (b) issue to the Agents compensation options entitling the Agents to acquire that number of Debenture Units equal to 7% (3.5% in respect of presidents list orders) of the aggregate number of Debenture Units sold pursuant to the Offering at an exercise price of each such Debenture Unit of $1,000; and (c) issue to Haywood such number of Debenture Units as is equal to the greater of $100,000 and 7% of the gross proceeds of the Offering (3.5% in respect of presidents list orders) at a deemed price per such Debenture Unit of $1,000.
All securities issued pursuant to the Offering will be subject to a statutory hold period of four months and one day following the Closing Date. The Offering remains subject to certain conditions including, but not limited to, receipt of all necessary regulatory approvals, including the approval of the TSXV.
It is anticipated that certain directors of the Company will participate in the Offering for minimum gross proceeds of $500,000. Such participation will be considered to be a "related party transaction" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (" MI 61-101 "). The Company intends to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the related party participation in the Offering as neither the fair market value (as determined under MI 61- 101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it will involve interested parties, is expected to exceed 25% of the Company's market capitalization (as determined under MI 61-101).
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities offered hereby have not been and will not be registered under the United States Securities Act of 1933, as amended (the " 1933 Act ") or any state securities laws and may not be offered or sold in the United States or to U.S. persons (as defined in Regulation S under the 1933 Act) unless the securities have been registered under the 1933 Act and all applicable state securities laws, or are otherwise exempt from such registration.
About Bitcoin Well
Bitcoin Well is on a mission to enable independence. We do this by making bitcoin useful to everyday people to give them the convenience of modern banking and the benefits of bitcoin. We like to think of it as future-proofing money. Our existing Bitcoin ATM and Online Bitcoin Portal business units drive cash flow to help fund this mission.
Join our investor community and follow us on Nostr , LinkedIn , Twitter and YouTube to keep up to date with our business.
Bitcoin Well contact information
To book a virtual meeting with our Founder & CEO Adam O'Brien please use the following link: https://bitcoinwell.com/meet-adam
For additional investor & media information, please contact:
Tel: 1 888 711 3866
ir@bitcoinwell.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .
Forward-looking information
Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", or the negative thereof and similar expressions. All statements herein other than statements of historical fact constitute forward-looking information, including but not limited to statements in respect of: closing of the Offering; TSXV approval of the Offering; exercise of the Agent's Option; use of proceeds from the Offering; and Bitcoin Well's business plans, strategy and outlook. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Bitcoin Well actual results could differ materially from those anticipated in this forward-looking information as a result of inability to obtain TSXV approval, regulatory decisions, competitive factors in the industries in which Bitcoin Well operates, prevailing economic conditions, and other factors, many of which are beyond the control of Bitcoin Well.
Bitcoin Well believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents Bitcoin Well's expectations as of the date hereof, and is subject to change after such date. Bitcoin Well disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation. For more information, see the Cautionary Note Regarding Forward Looking Information found in the Bitcoin Well's quarterly Management Discussion and Analysis.
News Provided by GlobeNewswire via QuoteMedia
(TheNewswire)
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Edmonton, Alberta November 14, 2024 TheNewswire - Bitcoin Well Inc. (" Bitcoin Well " or the " Company ") ( TSXV: BTCW; OTCQB: BCNWF ), the non-custodial bitcoin business on a mission to enable independence announces an update to the Bitcoin Super Company vision and a strategic bitcoin reserve fund.
Bitcoin Portal has become the nucleus of the Company, surpassing Bitcoin ATM revenue and growth potential
Bitcoin Well Infinite has seen tremendous growth in November thanks to the launch in the USA and abroad
Commitment to a strategic bitcoin reserve fund
Adam O'Brien, founder and CEO of the Company, is quoted as updating the Bitcoin Super Company vision in a shareholder address:
"This is an update to the Press Release dated February 21, 2024 titled Bitcoin Well PROVIDES PRELIMINARY YEAR END UPDATE AND BITCOIN SUPER COMPANY VISION (the "Bitcoin Super Company Release" or "the Release" or "the Bitcoin Super Company"). In the Release we highlighted the need to expand past being a Bitcoin ATM business, and highlighted the importance of the Bitcoin Portal as the catalyst to that expansion.
I am happy to report that The Bitcoin Portal is now the nucleus of our business, offering scale, growth and efficiency that is unmatched by any network of Bitcoin ATMs. We are thrilled with the user and revenue growth in the early stages of what looks like the most historic bitcoin bull run ever.
Today I want to speak directly to our shareholders and update you all on what Bitcoin Well intends to do with the growth and success of the Bitcoin Portal and subsequent business units. As I highlighted in the Bitcoin Super Company Release, I firmly believe that the future of our publicly traded company is to have subsidiary companies or business units all driving bitcoin adoption and safe bitcoin ownership. We have seen substantial success with the Bitcoin Well Infinite launch in the USA and abroad as our 3rd business unit (following the Bitcoin ATMs and the Bitcoin Portal).
These customers utilize Bitcoin Well Infinite for the white-glove-service experience when buying bitcoin directly to self custody. We anticipate continued growth in this area. We also anticipate continued growth to the Bitcoin Portal, currently approaching 28,000 total registrations across Canada and the USA.
This growth will provide the Company opportunities to expand our mission to enable independence, within the vision of the Bitcoin Super Company. Part of those opportunities will include paying down debt to increase cash-flow and enterprise value, as well as the potential investment into other profitable and adjacent businesses. However, I am excited to announce our commitment to a strategic bitcoin reserve fund as part of the Bitcoin Well treasury.
A strategic bitcoin reserve fund will allow Bitcoin Well to allocate excess working capital to the balance sheet denominated in bitcoin. We intend to eventually be able to add to this bitcoin reserve fund in "micro allocations", with portions of each transaction going to the reserve fund directly and automatically. This is the ultimate dollar cost average savings strategy and we believe there is no better asset to use than bitcoin.
Finally, I would like to take this opportunity to thank all our shareholders for their continued support over the last year. I am humbled to have the opportunity to continue to grow our business as we march towards our mission to enable independence."
About Bitcoin Well
Bitcoin Well is on a mission to enable independence. We do this by making bitcoin useful to everyday people to give them the convenience of modern banking and the benefits of bitcoin. We like to think of it as future-proofing money. Our existing Bitcoin ATM and Online Bitcoin Portal business units drive cash flow to help fund this mission.
Join our investor community and follow us on Nostr , , and to keep up to date with our business.
Bitcoin Well contact information
To book a virtual meeting with our Founder & CEO Adam O'Brien please use the following link: https://bitcoinwell.com/meet-adam
For additional investor & media information, please contact:
Adam O'Brien
Tel: 1 888 711 3866
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .
Forward-looking information
Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", or the negative thereof and similar expressions. All statements herein other than statements of historical fact constitute forward-looking information.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information, including, but not limited to the following: economic and financial conditions, volatility in the capital or credit markets; the level of demand and financial performance of the cryptocurrency and digital asset industry, the occurrence of force majeure events; the extent to which the Company is successful in gaining new long-term users or retaining existing users; developments and changes in laws and regulations, disruptions to the Company's technology network; inability to obtain financing; competitive factors; and such other factors as discussed in the "Risk Factors" section of the Company's MD&A for the year ended December 31, 2023.
Bitcoin Well actual results could differ materially from those anticipated in this forward-looking information as a result of the foregoing risk factors and other factors, many of which are beyond the control of Bitcoin Well.
Bitcoin Well believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents Bitcoin Well expectations as of the date hereof, and is subject to change after such date. Bitcoin Well disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.
For more information, see the Cautionary Note Regarding Forward Looking Statements found in the Bitcoin Well MD&A.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
(TheNewswire)
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Edmonton, Alberta TheNewswire - November 12, 2024 Bitcoin Well Inc. (" Bitcoin Well " or the " Company ") ( TSXV: BTCW; OTCQB: BCNWF ), the non-custodial bitcoin business on a mission to enable independence, today announced financial and operating results for the third quarter and nine months ended September 30, 2024.
Revenue of $21.0 million for the 3-months ended September 30 , 2024 (Q3 2023: $13.4 million, +57%); and $60.5 million for the 9-months ended September 30, 2024 (2023: $40.9 million, +48%).
Revenue growth driven by continued growth on the Bitcoin Portal which grew 209% in Q3 2024 when compared to Q3 2023.
Unique registrations grew by more than 4,800 in Q3 to a total of over 25,000 as of September 30, 2024 (representing growth of 23% from June 30, 2024 and 127% from December 31, 2023).
As of November 4, 2024 the Company has over 27,000 unique registrations
Financial overview
For the three months ended, | For the nine months ended, | |||||||
Sept 30, 2024 | Sept 30, 2023 | Sept 30, 2024 | Sept 30, 2023 | |||||
Revenue | $ 21,010,424 | $ 13,412,337 | $ 60,454,337 | $ 40,941,790 | ||||
Gross Profit | 905,298 | 1,110,325 | 2,750,218 | 3,398,365 | ||||
Adjusted EBITDA (1) | (611,367) | (69,489) | (1,681,563) | (616,901) | ||||
Adjusted Cash Flow (1) | (806,613) | (490,260) | (2,243,400) | (1,962,839) | ||||
Net loss | (949,226) | (1,843,108) | (7,948,965) | (6,819,735) | ||||
Total comprehensive loss | (1,372,989) | (2,208,561) | (4,632,583) | (4,038,470) | ||||
(1) See Non-IFRS Measures.
Overall revenue in the second quarter of 2024 was $21.0 million, compared to $13.4 million in Q3 2023 (+57%), driven by higher transaction volumes on the Bitcoin Portal. Revenue from the Company's Online segment grew to $15.1 million in Q3 2024 from $4.9 million last year, an improvement of 209%. On a year-to date basis, revenue increased to $60.5 million, compared to $40.9 million in the first nine months of 2023 (+48%). Revenue from the Online segment grew to $41.4 million for the nine-month period from $16.6 million last year, marking growth of 148% YoY.
"We are proud of the growth of the Bitcoin Portal," said Adam O'Brien, founder and CEO of Bitcoin Well. "We have been working hard to create the best bitcoin platform which empowers our customers to take and use bitcoin in self custody. Our growth is a symbol that we have achieved product market fit. Now we are focused on exponential growth by tapping into the toughest and most resilient community in the world; the bitcoin community."
Overall gross profit declined to $0.9 million in Q3 2024 from $1.1 million last year (-18%) and for the nine months ended September 30, 2024 declined to $2.8 million from $3.4 million last year (-19%). The decline is primarily driven by a change in sales mix, with lower margin online transactions now making up a larger proportion relative to the high margin Bitcoin ATM sales. The Company sees this as a necessary stepping stone to successfully transition the business into a highly scalable online bitcoin platform.
The Company is experiencing a significant rate of growth on its Bitcoin Portal, which has now exceeded 27,000 unique signups as at November 4, 2024. This represents user growth of 23% from June 30, 2024 and 127% from December 31, 2023.
In addition, the Company's initiatives to increase the gross profit on the Bitcoin Portal have been successful. Gross profit from the Bitcoin Portal was $0.2 million for the 3-months ended September 30, 2024 (Q3 2023: $15 thousand, +1,198%) and $0.5 million for the 9-months ended September 30, 2024 (2023: $0.3 million, +86%).
Further, gross margin has improved to 1.3% in Q3 2024 from just 0.3% in the same quarter last year (+313% improvement), and these initiatives continue. This includes building products such as Lite Accounts and Cash Vouchers, and in the future, the ability to buy gift cards to popular merchants and stores with bitcoin.
Adjusted EBITDA declined to negative $0.6 million in Q3 2024 from negative $0.1 million in Q3 2023 and to negative $1.7 million for the nine months ended September 30, 2024 from negative $0.6 million last year. These declines were primarily due to higher marketing expenses and professional fees.
Year-to-date in 2024, the Company has made significant investments in marketing and advertising initiatives to promote usage of the Bitcoin Portal. Marketing and advertising expenses in Q3 2024 were $0.5 million, reflecting a $0.3 million increase from Q3 2023 (nine months ended September 30, 2024 - increased to $0.9 million from $0.3 million last year). The higher professional fees in 2024 was due to non-recurring legal fees incurred to vigorously litigate against Rapid Cash ATM Ltd. due to their alleged breach of contract in October 2023.
This news release should be read in concert with the full disclosure documents. The Bitcoin W ell condensed consolidated interim financial statements and MD&A for the three and nine months ended September 30, 2024 and 2023 will be available on the Bitcoin Well website ( www.bitcoinwell.com ), via SEDAR+ ( www.sedarplus.ca ) or can be requested from the Company.
The Company uses certain terms in this news release, such as ‘Adjusted EBITDA' and ‘Adjusted Cash Flow', which do not have a standardized or prescribed meaning under International Financial Reporting Standards (IFRS), and accordingly, these measurements may not be comparable with the calculation of similar measurements used by other companies.
Please refer to the "Non-IFRS Financial Measures" section in the Company's Management Discussion & Analysis for the period ended September 30, 2024 ("MD&A") for applicable definitions, calculations, and rationale for use. Non-IFRS measures are provided as supplementary information by which readers may wish to consider the Company's performance, but should not be relied upon for comparative or investment purposes.
See the table below for a reconciliation of each non-IFRS measure to its nearest IFRS measure:
Three months ended | Nine months ended | |||||||
Sept 30, 2024 | Sept 30, 2023 | Sept 30, 2024 | Sept 30, 2023 | |||||
Net loss | $ | (949,226) | $ | (1,843,108) | $ | (7,948,965) | $ | (6,819,735) |
Financing fees | 633,995 | 626,,169 | 1,955,175 | 1,601,669 | ||||
Depreciation and accretion | 134,310 | 350,136 | 554,775 | 1,119,799 | ||||
Fair value change – crypto loans (1) | (43,366) | (780,365) | 5,873,575 | 3,092,371 | ||||
Share based compensation | 62,515 | 332,330 | 325,928 | 503,063 | ||||
Foreign exchange (gain) loss | (79,012) | (97) | 106,847 | 18,414 | ||||
(Gain) loss on debt settlement | - | - | (20,000) | 5,178 | ||||
Loss (gain) on disposal of equipment | 2,607 | (18,904) | (1,090) | 7,992 | ||||
Fair value change – crypto inventory (1) | 159 | 542 | (296,673) | (12,401) | ||||
Realized gain on digital assets (1) | (373,349) | - | (2,231,135) | (374,958) | ||||
Income tax expense | - | 1,263,808 | - | 241,707 | ||||
Adjusted EBITDA | $ | (611,367) | $ | (69,489) | $ | (1,681,563) | $ | (616,901) |
Less: financing fees | (633,995) | (626,169) | (1,955,175) | (1,601,669) | ||||
Add: non-cash interest items (2) | 378,749 | 205,398 | 1,193,338 | 255,731 | ||||
Adjusted Cash Flow | $ | (866,613) | $ | (490,260) | $ | (2,443,400) | $ | (1,962,839) |
(1) Non-cash, fair value change on the revaluation of cryptocurrency loans is largely offset by revaluation changes in inventory and gains (losses) on digital assets, which are recorded in both income (if realized) and other comprehensive Income (if unrealized).
(2) Non-cash interest items include interest on cryptocurrency loans that were settled in common shares or are intended to be settled in common shares as well as non-cash interest on the line of credit where the accrued interest is added to the principal balance of the loan
About Bitcoin Well
Bitcoin Well is on a mission to enable independence. We do this by making bitcoin useful to everyday people to give them the convenience of modern banking and the benefits of bitcoin. We like to think of it as future-proofing money. Our existing Bitcoin ATM and Online Bitcoin Portal business units drive cash flow to help fund this mission.
Join our investor community and follow us on Nostr , , and to keep up to date with our business.
Bitcoin Well contact information
To book a virtual meeting with our Founder & CEO Adam O'Brien please use the following link: https://bitcoinwell.com/meet-adam
For additional investor & media information, please contact:
Adam O'Brien
Tel: 1 888 711 3866
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .
Forward-looking information
Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", or the negative thereof and similar expressions. All statements herein other than statements of historical fact constitute forward-looking information including, but not limited to statements in respect of: revenue growth from the Bitcoin Portal in 2024 and 2025; improving gross margins from the Online Segment; and Bitcoin Well's business plans, strategy and outlook.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information, including, but not limited to the following: economic and financial conditions, volatility in the capital or credit markets; the level of demand and financial performance of the cryptocurrency and digital asset industry, the occurrence of force majeure events; the extent to which the Company is successful on gaining new long-term users or retaining existing users; developments and changes in laws and regulations, disruptions to the Company's technology network; inability to obtain financing; competitive factors; and such other factors as discussed in the "Risk Factors" section of the Company's MD&A for the year ended December 31, 2023.
Bitcoin Well actual results could differ materially from those anticipated in this forward-looking information as a result of the foregoing risk factors and other factors, many of which are beyond the control of Bitcoin Well.
Bitcoin Well believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents Bitcoin Well expectations as of the date hereof, and is subject to change after such date. Bitcoin Well disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.
For more information, see the Cautionary Note Regarding Forward Looking Statements found in the Bitcoin Well MD&A.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
(TheNewswire)
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Edmonton, Alberta TheNewswire - November 4, 2024 Bitcoin Well Inc. (" Bitcoin Well " or the " Company ") ( TSXV: BTCW; OTCQB: BCNWF ), the non-custodial bitcoin business on a mission to enable independence, announces +18% month over month growth in their active user rate, while processing nearly 5,000 revenue generating transactions, the highest number on the Bitcoin Portal in a single month.
In October, the Company achieved 1,529 active users, signalling 18% growth over September. This is a 23% increase from July 2024 and over 260% year over year.
Further, the Company now has over 5,280 customers that have made at least 1 revenue generating transaction on the Bitcoin Portal in the last 12 months. This is a yearly active user rate of roughly 20%. In other words, 1 in 5 customers that make a Bitcoin Well account make at least one transaction throughout the year, many of them making multiple in a 12 month period.
We are hopeful to see this trend and the high customer retention rate continue, which becomes more impactful as we continue to add more customer registrations each month. The Company added nearly 2,000 new customer registrations in the month of October for a total of nearly 27,000 total customer registrations currently signed up on the Bitcoin Portal as at the end of October.
"When you compare our monthly active user rate against our yearly active user rate you can really see how the Bitcoin Portal is positioned to grow," said Adam O'Brien, founder and CEO of the Company. "I think it's a testament to the fact that we have built an incredible platform that makes bitcoin in self custody easy to use. Word is getting out about our self custody bitcoin platform and we're ready to scale!"
About Bitcoin Well
Bitcoin Well is on a mission to enable independence. We do this by making bitcoin useful to everyday people to give them the convenience of modern banking and the benefits of bitcoin. We like to think of it as future-proofing money. Our existing Bitcoin ATM and Online Bitcoin Portal business units drive cash flow to help fund this mission.
Join our investor community and follow us on Nostr , , and to keep up to date with our business.
Bitcoin Well contact information
To book a virtual meeting with our Founder & CEO Adam O'Brien please use the following link: https://bitcoinwell.com/meet-adam
For additional investor & media information, please contact:
Adam O'Brien
Tel: 1 888 711 3866 - ir@bitcoinwell.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .
Forward-looking information
Certain statements contained in this news release may constitute forward-looking information, which is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", or the negative thereof and similar expressions. All statements herein other than statements of historical fact constitute forward-looking information including, but not limited to, statements in respect of Bitcoin Well's business plans, strategy and outlook. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information including, but not limited to, the risk factors described in Bitcoin Well's annual information form and management's discussion and analysis for the year ended December 31, 2023. Forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents Bitcoin Well's expectations as of the date hereof and is subject to change. Bitcoin Well disclaims any intention or obligation to revise any forward-looking information, except as required by applicable securities legislation.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Bitcoin surged above US$107,800 this past weekend, fueled by factors like MicroStrategy's (NASDAQ:MSTR) recent Bitcoin purchases, and anticipation of an interest rate cut from the Fed.
Bitcoin historically performs well in December, and experts are saying that it's in "Santa Claus mode."
Adding to the excitement, Strike CEO Jack Mallers hinted on Tim Pool's podcast that the US government may designate Bitcoin as a reserve asset through the Dollar Stabilization Act. Meanwhile, Digital Chamber founder Perianne Boring pointed to the stock-to-flow model on Fox Business, which predicts Bitcoin could hit US$800,000 by 2025's end.
The cryptocurrency market kicked off the week at a market cap of US$3.9 trillion, up 0.3 percent in 24 hours.
As open interest neared US$70 billion on Monday (December 16), traders eyed figures between US$120,000 and US$154,000 as Bitcoin’s next target based on bull flag pattern and Fibonacci extension analysis.
Despite the bullish sentiment, Bitcoin experienced volatility on Tuesday (December 17). After retaking US$107,500 overnight and climbing to a new all-time high of US$108,135 following the opening bell, its price quickly sank below US$106,000, triggering around US$1.3 billion in liquidations.
Bitcoin performance, December 14 to 17, 2024.
Chart via CoinGecko.
This brief pullback confirmed a resistance zone between US$108,000 and US$111,000. Rekt Capital attributed this retracement to a typical pattern seen during price discovery phases.
Bitcoin's volatility continued into Wednesday (December 18), and it declined steadily before and after the Fed's meeting. The central bank announced a cut of 25 basis points as anticipated, but indicated that future reductions in 2025 may be less aggressive than initially projected. This shift in approach is attributed to recent economic data suggesting that the labor market is cooling and that inflation is stagnating above the Fed's 2 percent target.
Chair Jerome Powell also asserted that the Fed is not allowed to own Bitcoin, potentially disrupting President-elect Donald Trump's plan to implement a strategic reserve when he takes office in January.
This caused significant drops throughout the crypto market, with Bitcoin falling 3.75 percent in the two hours following Powell’s address. This was followed by further declines below US$100,000 on Wednesday evening.
Bitcoin performance, December 18 to 20, 2024.
Chart via CoinGecko.
On Thursday (December 19), Bitcoin fell to an intraday low of US$95,700, and the market cap for the crypto sector was down by 6 percent after Wall Street markets wrapped. Ether and Solana recorded losses of over 10 percent, while XRP slid 8.5 percent, reversing gains from earlier in the week ahead of the launch of Ripple’s stablecoin, RLUSD.
Losses extended into Friday morning, with Bitcoin dropping to US$92,245. The fall resulted in a bearish crossover, with over US$1 billion in liquidated positions, according to CoinGlass data.
QCP Capital attributed the losses to overly bullish market positioning and the Fed's hawkish cut.
After the dip, Bitcoin's price rebounded and held at around US$97,000 for most of Friday, a strong support zone identified by Glassnode founder Rafael Schultze-Kraft and Bitcoin researcher Axel Adler Jr. Recovery followed US personal consumption expenditures data that showed cooling inflation, easing investor concerns.
Micron Technology (NASDAQ:MU) delivered results for its first fiscal quarter of 2025 after Wednesday’s closing bell, showing an 84 percent year-on-year revenue increase for the period.
“Data center revenue grew over 400 percent year over year and 40 percent sequentially, reaching a record level, with data center revenue mix surpassing 50 percent of Micron’s revenue for the first time,” the company said.
Micron performance, December 17 to 20, 2024.
Chart via Google Finance.
However, its guidance for its second fiscal quarter indicates a downshift in sales.
The company's Q2 revenue guidance is US$7.9 billion, missing analysts' expectations of US$7.93 billion. Non-GAAP earnings per share are anticipated to be US$1.26 compared to average projections of US$1.97.
“While consumer-oriented markets are weaker in the near term, we anticipate a return to growth in the second half of our fiscal year,” wrote President and CEO Sanjay Mehrotra in a press release.
“We continue to gain share in the highest margin and strategically important parts of the market and are exceptionally well positioned to leverage AI-driven growth to create substantial value for all stakeholders.”
Shares of Micron opened 13.2 percent lower on Thursday morning and hit US$85 shortly after the market opened. The company is ending the week down over 14 percent.
Broadcom continued its upward trajectory this week, fueled by Friday's rally. It reached a valuation higher than even NVIDIA, which stumbled into correction territory on Monday.
After a mid-week bump ahead of the Fed's meeting, NVIDIA ultimately fell with the broader market as Powell signaled a hawkish stance, sinking further into correction territory.
Broadcom and NVIDIA performance, November 20 to December 20, 2024.
Chart via Google Finance.
While NVIDIA remains a powerhouse with a stellar year overall, Broadcom's superior gains this month could signal a potential shift in the chip landscape, challenging NVIDIA's dominance.
Shares of NVIDIA were down 7.67 percent on the month as of Friday afternoon, while Broadcom had gained over 35 percent. Its share price rose by nearly 40 percent following the release of its earnings report last week.
Adding to NVIDIA's woes, reports suggest China is expanding its scrutiny of the company's acquisitions beyond the 2020 Mellanox deal, potentially casting a shadow over its future growth prospects.
Samsung Electronics (KRX:5930) and Texas Instruments (NASDAQ:TXN) are the two latest companies to receive government funding via US President Joe Biden’s Chips Act initiative. The deals were finalized on Friday, with Samsung set to receive up to US$4.75 billion and Texas Instruments getting US$1.6 billion.
While Texas Instruments' final agreement aligns with an initial deal reached in August, Samsung's funding was significantly reduced. The company stated that it adjusted its investment plan to improve efficiency and that the incentives were determined through negotiations with the US government, but did not provide specific details.
Texas Instruments’ funding will go toward building new chipmaking facilities in Utah and Texas. They will reportedly create 2,000 new company jobs and thousands more employment opportunities in construction and supply management. Samsung will use its award to expand its facilities in Central Texas.
Nasdaq (NASDAQ:NDAQ) released its annual list of changes to the Nasdaq-100 on Monday, with data analysis and security companies Palantir Technologies (NASDAQ:PLTR) and Axon Enterprises (NASDAQ:AXON) joining the index, along with business intelligence and analytics software firm MicroStrategy.
Palantir secured multiple contracts with the US Department of Defense in 2024, while Axon landed a contract with the Canadian government to supply body-worn cameras to the Royal Canadian Mountain Police in November.
MicroStrategy has been in the news this year due to several Bitcoin acquisitions. Over the weekend, the company acquired another 15,350 Bitcoin for US$1.5 billion. The acquisition was finalized on Sunday (December 15), bringing the company’s total Bitcoin holdings to 439,000. The purchase was funded through share sales under the firm's at-the-market program. According to its latest filing, MicroStrategy now has US$7.65 billion remaining.
Bloomberg estimates that MicroStrategy's inclusion on the Nasdaq-100 will add at least US$2 billion in new stock purchases from the various exchange-traded funds that follow the index.
Super Micro Computer (NASDAQ:SMCI), on the other hand, saw its share price open over 14 percent lower on Monday following the news that it will be removed from the Nasdaq-100. It closed the week 0.85 percent higher.
Don't forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Keep reading to learn more about what trends drove the crypto market boom in 2024.
The year began strongly for Bitcoin. The US approved approved spot Bitcoin ETFs on January 10, bringing growth in institutional interest along with higher prices — Bitcoin hit its first new all-time high of 2024 on March 13.
Bitcoin's sensitivity to macroeconomic conditions was evident in its price volatility during the first quarter, but overall sentiment remained optimistic, with experts pointing to increasing regulatory clarity and the Bitcoin halving on April 19 as key factors that would shape the market's trajectory moving forward.
However, this year's Bitcoin halving event did not follow historical trends.
Speaking to the Investing News Network, WonderFi CEO Dean Skurka explained the differences he’s observed compared to past post-halving periods: “Previous halvings tended to cause some volatility immediately after the event, with significant jumps in price in the six to 12 months following.”
Bitcoin performance after 2020's halving.
Chart via CoinGecko.
This time, Bitcoin's price reached an all-time high before the event and experienced a downtrend in the following months, falling from US$73,097 pre-halving to below US$60,000 in May and July. It didn't break US$73,000 again until October, boosted by the prospect of a more crypto-friendly political climate.
“This current post-halving period did not follow the same rapid trajectory as the three previous events, but the positive signals sent out by both global jurisdictions and institutional investors in recent months have accelerated the interest in digital currencies across the board,” Dean explained.
Bitcoin performance after 2024's halving.
Chart via CoinGecko.
Bitcoin’s 40 percent gain in November has largely been attributed to Republican victories in the House and Senate, along with Donald Trump's presidential win. Among other corporate-friendly initiatives, the party ran on a platform of looser regulations for crypto and a government stake in Bitcoin in the form of a national Bitcoin reserve.
Since declaring victory, Trump has announced plans to stock his cabinet with pro-crypto members and has maintained close ties to industry insiders like Elon Musk and Coinbase’s Brian Armstrong.
Starting on November 5, Bitcoin was able to set new all-time highs on nearly a weekly basis — the popular cryptocurrency topped US$100,000 for the first time in history on December 4.
“Historically, Bitcoin has averaged a +10 percent increase in December, with blockbuster performances in 2010, 2011, and 2020,” 10x Research founder and CEO Markus Thielen told Cointelegraph on December 2, adding that returns have averaged 28 percent during halving years. “Even if we’d do half of the 2021 move, that would still put the price at around US$150K,” he speculated of Bitcoin’s current price discovery phase.
Dean said halving cycles also tend to drive more interest elsewhere in crypto.
"More eyes are on the crypto industry as a whole, and other cryptocurrencies not subject to halving get investor attention, leading to surges in altcoin markets as well as innovation in the space," he said.
This observation has indeed held true, particularly in the second half of 2024, with altcoins experiencing significant market gains. This shift has been marked by a wave of new investment opportunities across the crypto landscape, underscoring the broader impact of evolving market dynamics in the industry.
The launch of spot Bitcoin ETFs in the US January, followed by spot Ether ETFs in July, fueled institutional demand for diversified crypto exposure. Since then, VanEck, 21Shares and Franklin Templeton have pursued Solana ETFs.
The expansion of crypto investment vehicles highlights the maturing and evolving nature of the industry.
This surge in interest has also been driven by a revival of decentralized finance (DeFi) protocols, which have played a key role in increasing the value and adoption of both Solana and Ether.
DeFi offers a range of permissionless and transparent financial services built on blockchain technology, and both Solana and Ether have emerged as leading platforms for DeFi development.
Solana is an attractive platform for DeFi applications due to its high throughput and low transaction fees. Innovations like layer-2 scaling solutions on the Ethereum network strengthen its position as a leading DeFi platform.
Beyond the rise of DeFi, 2024 has witnessed a significant trend toward the institutionalization of cryptocurrencies, as evidenced in record-breaking trading volumes on centralized crypto exchanges.
These surges in trading activity strongly suggest increased participation from institutional investors who are using these platforms for both spot trading and sophisticated derivatives strategies.
According to Coinglass data, total Bitcoin options open interest has gone from less than US$25 billion for most of the year to around US$40 billion since November 20.
Total Bitcoin options open interest in 2024.
Chart via Coinglass.
Bitcoin futures open interest has also risen significantly since late October.
Bitcoin futures open interest in 2024.
Chart via Coinglass.
Alongside the broader institutional adoption of staking, 2024 saw the rise of innovative solutions like liquid staking.
Liquid staking protocols issue derivative tokens representing staked assets, allowing institutions to maintain liquidity while earning staking rewards. Lido, a liquid staking protocol, enables users to stake ETH without locking it up and issues stETH tokens in return. stETH tokens have increased over 67 percent in value year-on-year.
Taking it a step further, EigenLayer, backed by Andreessen Horowitz, has pioneered restaking, a protocol that allows staked assets to be leveraged across multiple protocols for maximum capital efficiency. Data tracked by DeFiLlama reveals over US$20 billion in total value locked in EigenLayer as of December 8.
These advances have provided new opportunities for institutions to maximize returns and participate more deeply in the quickly developing cryptocurrency ecosystem.
The cryptocurrency market's resurgence in 2024 has been driven by a confluence of factors that have propelled the industry into a new era of growth and innovation. While challenges and uncertainties remain, the overall trajectory points toward continued expansion and the integration of cryptocurrencies into the global financial landscape.
As institutional investors deepen their involvement and regulatory frameworks evolve, the crypto market is poised for further transformation, shaping the future of finance and investment.
Don't forget to follow us @INN_Technology for real-time updates!
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.