Overview
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 ATM network: Operating more than 190 Bitcoin kiosks across Canada that accept cash and vend bitcoin and other cryptocurrencies. Bitcoin ATMs provide stable cash flows at an estimated gross margin of 15 percent.
- Online Bitcoin Portal: A non-custodial bitcoin platform that allows Canadians and now Americans to buy, sell and use bitcoin. Launched in Q4 2022 in Canada, Online Bitcoin Portal expanded to most of the USA in Q3 2023, and all 50 states in February 2024. Current monthly revenues exceed $4 million and are currently experiencing high growth. The gross margin is an estimated 1 percent.
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.
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