Bitcoin Well Inc. (the “Company” or “Bitcoin Well”) (TSXV: BTCW), today announced our financial and operating results for the first quarter ended March 31, 2022. The Interim Financial Statements as well as Management’s Discussion and Analysis (“MD&A”) are available on our website and have been filed on SEDAR.
“We are in an emerging industry still in its infancy which will present a variety of growth opportunities,” said Adam O’Brien, Founder and CEO of Bitcoin Well. “We continue to deploy cost-effective strategies for our in person services to grow which we expect will generate future revenue. The company is in a transitionary period where we can thrive by continuing to find efficiencies and growth opportunities through our existing infrastructure.”
Recent Business Developments
- Added 29 Bitcoin ATMs to our operating fleet in the first quarter of 2022. In the last twelve months we have grown our ATM fleet by 93%. We now have 239 ATMs operating across Canada. This includes 67 ATMs under our Partner Program, which allows us to scale our ATM count quicker and add incremental revenue potential with minimal capital expenditure. Our Partner RapidCash ATM is anticipated to add 100+ newly deployed machines in 2022.
- Added 5 over-the-counter (“OTC”) locations in our Partner Program, bringing our total number of OTC locations to 7 in Alberta with plans to continue expanding outside of Alberta in 2022. Actively expanding beneficial business arrangements in our Partner Program adding accretive cash flow with minimal capital investment. OTC revenues have increased by three times in the months of March and April when compared to January and February 2022.
- Completed an agreement in January 2022 with Memory Express to process bitcoin payments for Memory Express’ online customers. Bitcoin Well installed 5 Bitcoin ATMs in Memory Express stores in the first quarter of 2022 and has the option to install Bitcoin ATMs in the remaining 10 Memory Express stores across Canada during 2022.
- Entered into a secured convertible debenture agreement for up to $5 million under which $3.5 million was issued in the first quarter of 2022. At the option of the holder, the principal amount of the Convertible Debenture is convertible into common shares of Bitcoin Well (the “Common Shares”) at a conversion price of $0.30 per Common Share, subject to adjustments in certain circumstances.
