- 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.