Bitcoin Well - CEO, Adam O’Brien (left).
CEO, Adam O’Brien (left).
Source: Bitcoin Well.
Market Herald logo


Be the first with the news that moves the market
  • Bitcoin Well (BTCW) announces financial and operating results for third quarter and introduce new three-pillar strategic growth plan
  • Revenue increased to $85.2 million most recently
  • Operating expenses are up and a net loss of $3.9 million was experienced
  • A new three-pillar strategy has been implemented including services, external and internal technology and education
  • Bitcoin Well (BTCW) is steady at $0.23 cents a share at 2:01 PM EST

In the third quarter of 2021 and the following nine months, revenue for Bitcoin Well increased to $15.9 million and $85.2 million respectively.

Adam O’Brien, Founder and CEO of Bitcoin Well, had the following to say.

“Bitcoin Well increased revenue by 193 per cent and gross profit by 22 per cent in the first nine months of 2021.” said O’Brien.

At the end of the third quarter, cash increased to $6.1 million from $4.1 million. Operating expenses increased because of more hires and new organizational enhancements.

Bitcoin Well experienced a net loss at $3.9 million as a result of investments into an expanded team. And a $1.9 non-cash loss due to a revaluation of cryptocurrency-based loans.

The following changes were made in the third quarter and the following nine months: Over 200 machines were added to Bitcoin Well’s fleet, ATMs were added, and numerous acquisitions were made.

Recent Developments include two new Over-The-Counter (OTC) offices, an enhanced partnership with RapidCash ATM, and free online resources about Bitcoin.

Bitcoin Well introduced three new strategic pillars.

Pillar #1 are the Non-Custodial Financial Services which offer a new way to buy and sell bitcoin through the ATM network, online or in-person services.

Pillar #2, Technology Development, has two functions: external and internal technology. ghostATM and SaaS business offerings Bitcoin Well expects to make revenue in 2022. Internally, the new Visa Debit bitcoin purchase functionality is expected to enhance the customer experience.

Pillar #3, Education, to remove barriers and build trust with new customers. Bitcoin Academy, an online resource, and in-person consultations at the OTC offices are two initiatives.

Bitcoin Well (BTCW) is steady at $0.23 cents a share at 2:01 PM EST.

More From The Market Herald
Canada Computational Unlimited - CEO, Romain Nouzareth.

" Canada Computational Unlimited (TSXV:SATO) increases hashrate by 3.7x

Canada Computational (SATO) has increased its hashrate by 269 per cent YoY.

" Bitcoin Well (TSXV:BTCW) signs exclusive service agreement with Memory Express

Bitcoin Well (BTCW) has agreed to process cryptocurrency payments for Memory Express’ online customers.

" CoinSmart Financial (NEO:SMRT) receives exchange approval for share buyback program

CoinSmart Financial (SMRT) announced that the NEO Exchange has approved the company’s share buyback program.

" EV Battery Technologies (CSE:ACDC) provides update on its acquisition of Optimal

EV Battery Technologies (CSE:ACDC) has completed the necessary financing arrangements for its recent acquisition of Optimal CP Inc.