(TheNewswire)
Edmonton, Alberta TheNewswire – February 3, 2025 Bitcoin Well Inc. (‘ Bitcoin Well ‘ or the ‘ Company ‘) ( TSXV: BTCW; OTCQB: BCNWF ), the non-custodial bitcoin business on a mission to enable independence announces that January ended with a record number of active users and new customer registrations in a single month.
Record customer growth
The Company added over 2,800 customer registrations in January 2025, bringing the total number of customer registrations to over 35,000. This number represents a 52% increase over October 2024 customer registrations, and more than 150% increase compared to new customers registered in January 2024.
Further, Bitcoin Well achieved over 2,100 active users in the month of January 2025. This represents an increase of 39% over October 2024, and more than 350% increase compared to January 2024.
‘It feels like we continue to take advantage of the market timing alongside our product market fit’ said Adam O’Brien, founder and CEO of Bitcoin Well. ‘We are speaking to the right people, and they are loving the Bitcoin Portal. I believe we have identified the most efficient marketing strategy and we are going to continue leaning into our community. People will be able to replace their bank with Bitcoin Well sooner than they think!’
Shares for Debt Settlement
The Company is indebted to certain creditors in the total amount of $133,289 as of December 31, 2024 (the ‘ Outstanding Debt ‘), pursuant to certain use of bitcoin agreements and a convertible debenture agreement (collectively, the ‘ Agreements ‘). The Outstanding Debt is interest accrued under the Agreements. Bitcoin Well has elected to settle $101,919 of the Outstanding Debt by issuing 536,408 common shares in the capital of the Company (the ‘ Shares ‘) at a deemed price of $0.190 per Share and will settle $31,370 of the Outstanding Debt by issuing 206,381 Shares at a deemed price of $0.152 per Share (the ‘ Debt Settlement ‘). The Debt Settlement remains subject to TSX Venture Exchange approval. All Shares issued in satisfaction of the Outstanding Debt will be subject to a statutory hold period of four months plus one day.
It is anticipated that a director of the Company will participate in the Debt Settlement through a wholly owned subsidiary. Such participation will be considered to be a ‘related party transaction’ within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (‘ MI 61-101 ‘). The Company intends to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the related party participation in the Debt Settlement as neither the fair market value (as determined under MI 61- 101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it will involve interested parties, is expected to exceed 25% of the Company’s market capitalization (as determined under MI 61-101).
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, which 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 including, but not limited to, statements in respect of Bitcoin Well’s business plans, strategy and outlook. 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 risk factors described in Bitcoin Well’s annual information form and management’s discussion and analysis for the year ended December 31, 2023. Forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents Bitcoin Well’s expectations as of the date hereof and is subject to change. Bitcoin Well disclaims any intention or obligation to revise any forward-looking information, except as required by applicable securities legislation.
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