Bitcoin Well (TSXV:BTCW)

Bitcoin Well

TSXV:BTCW

Enabling independence by making it easy to buy, sell and use bitcoin.

​​Company Highlights

  • Bitcoin Well is a non-custodial bitcoin ecosystem that merges the benefits of modern banking and the benefits of bitcoin.
  • This ecosystem is split into two business units offering investors a combination of stable cash flow through an existing 10-year old Bitcoin ATM business and high-growth potential through the newly launched Online Bitcoin Portal.
  • The company was established in 2013 and has been a market leader for the last decade.
  • The price of bitcoin reached its peak in 2021, but interest in bitcoin continues to grow while macroeconomic trends impact its current spot price.
  • The company recently announced its Online Bitcoin Portal expanded into the United States.
  • 40+ years of bitcoin experience across management and board members.
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​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 expanded the Online Bitcoin Portal to the US market.

Bitcoin Well earns revenue through its two core business lines, which include:

  1. Crypto ATM network: Operating 180+ Crypto ATMs across Canada (US$21 million revenue in 2022) with a healthy gross operating margin.
  2. Online Bitcoin Portal: A non-custodial bitcoin account that allows Canadians and Americans to buy, sell and use bitcoin. Launched in Q4 2022 in Canada, Online Bitcoin Portal expanded to the US in Q3 2023, with current monthly revenues exceeding $1 million.

Bitcoin Well earns consistent cash flow through its existing fleet of Crypto ATMs, and reinvests this cash flow into the Online Bitcoin Portal, which is a scalable growth product the company believes will see exponential adoption during the next bitcoin bull run.

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 peaked at US$68,000 in 2021 and has since undergone bear and bull phases in reaction to broader adoption. The price has since been hovering around US$35,000, as macroeconomic events are seemingly going to continue to impact the market.
Bitcoin Well

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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 expanded the Online Bitcoin Portal to the US market.

Bitcoin Well earns revenue through its two core business lines, which include:

  1. Crypto ATM network: Operating 180+ Crypto ATMs across Canada (US$21 million revenue in 2022) with a healthy gross operating margin.
  2. Online Bitcoin Portal: A non-custodial bitcoin account that allows Canadians and Americans to buy, sell and use bitcoin. Launched in Q4 2022 in Canada, Online Bitcoin Portal expanded to the US in Q3 2023, with current monthly revenues exceeding $1 million.

Bitcoin Well earns consistent cash flow through its existing fleet of Crypto ATMs, and reinvests this cash flow into the Online Bitcoin Portal, which is a scalable growth product the company believes will see exponential adoption during the next bitcoin bull run.

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 peaked at US$68,000 in 2021 and has since undergone bear and bull phases in reaction to broader adoption. The price has since been hovering around US$35,000, as macroeconomic events are seemingly going to continue to impact the market.
Bitcoin Well

Bitcoin Well has passed significant milestones since its establishment in 2013:

  • The company found success with its Bitcoin ATM business in 2013, generating over US$21 million in annual revenue in 2022 at a gross margin of 15 percent.
    • Q3 2023 ATM run rate revenue: US$25 million
  • In Q4 2022, Bitcoin Well began offering a non-custodial bitcoin platform which reached over 8,800 as at September 2023 and over $1 million in monthly revenue.
  • Bitcoin Well has exceeded US$51 million in annual revenue since 2020.

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 addition, the company plans to move to a subscription service and focus on creating additional customer value. Bitcoin Well has announced it will be offering its services in the USA as of spring 2023.

Company Highlights

  • Bitcoin Well is a non-custodial bitcoin ecosystem that merges the benefits of modern banking and the benefits of bitcoin.
  • This ecosystem is split into two business units offering investors a combination of stable cash flow through an existing 10-year old Bitcoin ATM business and high-growth potential through the newly launched Online Bitcoin Portal.
  • The company was established in 2013 and has been a market leader for the last decade.
  • The price of bitcoin reached its peak in 2021, but interest in bitcoin continues to grow while macroeconomic trends impact its current spot price.
  • The company recently announced its Online Bitcoin Portal expanded into the United States.
  • 40+ years of bitcoin experience across management and board members.

Key Business Offerings

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.

Bitcoin Well business strategy

Crypto ATM Network

With more than 180 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.

Online Bitcoin Portal

This is the most scalable and future-oriented product. It offers the fastest and safest way for Canadians to buy, sell and use bitcoin. Launched in Q4 2022, this offering currently generates monthly revenues exceeding $1 million.

Management Team

Adam O’Brien - Founder & CEO

Adam O’Brien is a leading advocate for education, consumer protection and the decentralization of financial services. Since 2013 O’Brien has grown an ecosystem of products and services that make Bitcoin accessible. He serves as co-chair of the Fintech Committee for the Canadian Blockchain Consortium. He is recognized as a visionary in the field and strives to bring Bitcoin to the mainstream making them easy, approachable and accessible for all.

Jason Vandenberg - CFO

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 - VP of Operations

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 - Director of Product

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 - Board Member

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.

The Conversation (1)
Arnaldo Delgado
Arnaldo Delgado
04 Sep, 2023

Bitcoin Well

Bitcoin Well Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

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