Bitcoin Well Provides Preliminary Year End Update and Bitcoin Super Company Vision

Rhea-AI Summary

Bitcoin Well Inc. announces a preliminary year-end update with impressive revenue growth in Q4 2023. The company's Bitcoin ATM revenue increased by 8% to $8.1 million, while Bitcoin Portal revenue surged by 59% to $7.6 million. The Bitcoin Portal is now live in all 50 states, with a significant increase in unique users. The company also unveils its 'bitcoin super company' vision, aiming to drive bitcoin adoption and safe ownership through various subsidiaries.

Positive

• Bitcoin Well Inc. reports strong financial performance in Q4 2023, with Bitcoin ATM revenue reaching $8.1 million, an 8% increase from Q4 2022.
• The company's Bitcoin Portal revenue saw a substantial growth of 59% in Q4 2023, totaling $7.6 million.
• The Bitcoin Portal is now operational in all 50 states and has experienced a significant increase in unique users, reaching 10,990 in 2023.
• The company's visionary 'bitcoin super company' plan aims to expand its offerings beyond buying and selling bitcoin, focusing on enabling independence and driving bitcoin adoption through subsidiary companies.
• Bitcoin Well's CEO, Adam O'Brien, envisions a future where the company facilitates international money remittance, sportsbook account funding, and other bitcoin-related services to enhance efficiency in various industries.

Negative

• None.

EDMONTON, Alberta, Feb. 21, 2024 (GLOBE NEWSWIRE) -- Bitcoin Well Inc. (“Bitcoin Well” or the “Company”) (TSXV: BTCW; OTCQB: BCNWF), the non-custodial bitcoin business on a mission to enable independence announces a preliminary, unaudited year end update and the “bitcoin super company” vision.

Key highlights

• Bitcoin ATM Revenue in Q4: $8.1 million (8% increase from Q4 2022)
• Bitcoin Portal Revenue in Q4: $7.6 million (59% increase from Q3 2023)
• Bitcoin Portal is now live in all 50 states and continues to gain market share in Canada and the USA
• Estimated 10,990 unique users on the Bitcoin Portal in Canada and the USA in 2023 (368% increase from Q4 2022, 37% increase from Q3 2023)
  • As of Feb 15, 2024 there are an estimated 12,300 unique users on the Bitcoin Portal
    

The Bitcoin super company vision

The vision for Bitcoin Well is a company that is so much more than just buying and selling bitcoin. The Company is truly on a mission to enable independence. Since the beginning, we have believed that Bitcoin ATMs play a key role in the Bitcoin industry. The ability to spend cash at a kiosk (Bitcoin ATM) adds an element of privacy unrivalled by any other way to buy bitcoin. Privacy is an important part of enabling independence, but not the full picture.
With our mission driving our actions, we knew that Bitcoin ATMs alone were not enough. That’s why, in 2022, we started building and launched the Bitcoin Portal. This offered the same safety offered at a Bitcoin ATM (non custodial, direct to consumer experience) but with a level of convenience and a customer experience not possible when transacting in person. This also allowed us to incorporate other functions such as dollar cost average products, the ability to sell bitcoin instantly, and even pay your bills and credit cards with bitcoin. The Bitcoin Portal takes us another step closer to offering the convenience of modern banking, but with the benefits of bitcoin.

“The future of our publicly traded company is to have subsidiary companies all driving bitcoin adoption and safe bitcoin ownership.” said Adam O’Brien, Founder & CEO of Bitcoin Well. “This would include subsidiaries that work directly with bitcoin like payment processing, bitcoin mining or p2p payment gateways. We will be exploring opportunities to industries that are made more efficient because of bitcoin. This could include international money remittance, sports book account funding, or other bitcoin adjacent pockets in this growing industry. “

“I envision a world where people can put cash into one of our Bitcoin ATMs in Canada and have it show up in their friend’s bank account in the USA. Or a foreign worker can send an e-Transfer through the Bitcoin Portal in Canada and have it received by their family in their local currency in their home country. My vision for Bitcoin Well isn’t just to allow people to buy and sell bitcoin, but rather that Bitcoin Well will give people an opportunity to learn about, and use bitcoin as a tool in their quest to achieve independence.”

“I call it,” Adam continued “the Bitcoin Super Company”.

Product growth and user count

Unaudited Bitcoin ATM revenue in Q4 was $8.1 million (8% increase from Q4 2022). This is in line with our projected forecasts. We expect nominal growth from our Bitcoin ATMs as our focus continues to transition to the more scalable Bitcoin Portal (online) in both Canada and the USA.

Unaudited Bitcoin Portal revenue in Q4 was $7.6 million (59% increase from Q3 2023). The majority of this volume is from the Canadian market. We are expecting continued growth to the Bitcoin Portal as the market continues to crave a non custodial bitcoin experience in both Canada and the USA. We are expecting our USA customer signups and sales volumes to increase significantly as we are now eligible to serve customers in all 50 states in the USA.

We expect customer growth to the Bitcoin Portal to continue or expedite alongside a bolstered marketing budget for 2024.

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:
Adam O’Brien - CEO
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. 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 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 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 quarterly Management Discussion and Analysis.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/113b2cad-adad-460d-8170-1280d7b8c688

FAQ

What was Bitcoin Well Inc.'s Bitcoin ATM revenue in Q4 2023?

Bitcoin Well Inc.'s Bitcoin ATM revenue in Q4 2023 was $8.1 million, reflecting an 8% increase from Q4 2022.

How much did Bitcoin Well Inc.'s Bitcoin Portal revenue grow in Q4 2023?

Bitcoin Well Inc.'s Bitcoin Portal revenue surged by 59% in Q4 2023, reaching $7.6 million.

How many unique users were on the Bitcoin Portal in Canada and the USA in 2023?

In 2023, there were 10,990 unique users on the Bitcoin Portal in Canada and the USA, marking a 368% increase from Q4 2022.

What is Bitcoin Well Inc.'s 'bitcoin super company' vision?

Bitcoin Well Inc.'s 'bitcoin super company' vision aims to expand its offerings beyond buying and selling bitcoin, focusing on enabling independence and driving bitcoin adoption through various subsidiary companies.

Who is the CEO of Bitcoin Well Inc.?

The CEO of Bitcoin Well Inc. is Adam O'Brien.