(TheNewswire)
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.
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Bitcoin Portal has become the nucleus of the Company, surpassing Bitcoin ATM revenue and growth potential
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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.
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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. 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.
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