EDMONTON, Alberta, March 26, 2024 (GLOBE NEWSWIRE) -- Bitcoin Well Inc. (“Bitcoin Well” or the “Company”) (TSXV: BTCW; OTCQB: BCNWF), the non-custodial bitcoin business on a mission to enable independence, has scheduled a shareholder address and Q&A at 1:30pm EST / 10:30am PST on Thursday, March 28, 2024. Registration for the event is available at:
The purpose of this address will be for Founder & CEO, Adam O’Brien, to discuss short term growth plans in the USA, long term vision of the “Bitcoin Super Company” and an update to “Operation Toro”, as well as provide investors an opportunity to ask questions directly.
Highlights to discuss in Shareholder Address:
Total Users as of March 24, 2024: Over 14,500 total users signed up
Q1 2024: Addition of over 3,500 new user signups
Q4 2023: Addition of over 2,100 new user signups
Based on preliminary information, Bitcoin Well estimates that:
March 2024 unaudited Bitcoin Portal revenue as of March 24, 2024 was approximately $3,100,000
February 2024 unaudited Bitcoin Portal revenue was approximately $2,6000,000
January 2024 unaudited Bitcoin Portal revenue was approximately $1,900,000
Revenue numbers only reflect Canadian Bitcoin Portal revenue as we do not expect USA Bitcoin Portal revenue to be material in Q1 2024.
Growth plans in USA - update below
Bitcoin Super Company - update below
Operation Toro update - update below
Growth plans in USA
The previously announced partnership with Simply Bitcoin has helped the Company expedite its target growth in the USA. Prior to the partnership with Simply Bitcoin, the Company was seeing less than 5% of its new user signups in the USA. As of March 25, the Company has seen 32% of its new signups in March from the USA. We expect this trend to continue.
Further, the Company will be exploring a range of influencer videos with a target focus on the platform’s ease of use and Automatic Self Custody nature through the popular video style of tutorials. There has been one “influencer tutorial video” which was released on Youtube on Friday, March 22 that has brought in nearly 50 new user signups. This video was not paid for by the Company. The video can be seen here: https://www.youtube.com/watch?v=ze7eOICbg44.
Lastly, the Company will be using a portion of the proceeds from the recently announced oversubscribed financing to sponsor industry conferences in both Canada and USA. The Company has already committed to both “Bit Block Boom” - a bitcoin focused conference in April held in Texas, and the “Bitcoin Rodeo” - a bitcoin focused conference in July held in Calgary. The Company is currently in discussions with at least two other industry conferences.
Bitcoin Super Company
As we continue to build out the Bitcoin Portal in both Canada and the USA, the power of the ecosystem is starting to show and take shape. We are actively exploring how the Bitcoin ATMs can facilitate transactions between CAD and USD on the portal, as well as the interoperability between the Canadian and USA segments of the Bitcoin Portal. The Bitcoin Well vision of a true bitcoin super company will require an emphasis on interoperability in Canada and the USA with Bitcoin ATMs functionality as a key enabler of the ecosystem, something not yet possible via any platform in North America. As we see our customers become more privacy conscious, the ecosystem of Bitcoin ATMs will give us a very clear differentiation.
We have also been contemplating adding a bitcoin payments wallet as part of our ecosystem. This wallet would be the core of the Bitcoin Well mission to enable independence. Preliminary product plans for this would include:
Card integration
Self custody bitcoin wallet
Lightning wallet functionality
Social media integrations
Simple integration with the Bitcoin Portal, which would give access to:
Buy bitcoin directly from bank
Sell bitcoin directly to bank
Pay household bills with bitcoin
Buy gift cards with bitcoin
And more
There is currently no timeline or budget set for development to commence or be delivered. With the exception of the card integration, we do not believe the bitcoin payments wallet would be a big financial or technical undertaking. The Company will provide updates to budget and timeline as they solidify.
Operation Toro
Since announcing “Operation Toro” the team at Bitcoin Well has been developing the Bitcoin Portal and other initiatives at a pace of approximately 70% greater efficiency. We use a metric called “story points” to determine this. Prior to Operation Toro our team was developing at a rate of ~2.67 story points per developer day of work. Since announcing Operation Toro the team is developing at a rate of ~4.57 story points per developer day of work. This improvement is the result of increased working hours as we navigate through the increased demand for our products and services.
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.
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, including but not limited to statements in respect of: the benefits and results of Operation Toro; future story points per developer; achievement of performance metrics and productivity goals; production and results from influencer videos; occurrence and results of industry conferences; growth in the USA; preliminary unaudited revenue; development, implementation and expected costs of the bitcoin payments wallet; preliminary product plans for the bitcoin payments wallet; market trends, cycles and outlook; use of proceeds; occurrence of industry conferences; and Bitcoin Well’s business plans, strategy, productivity 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.Bitcoin Well actual results could differ materially from those anticipated in this forward-looking information as a result of regulatory decisions, competitive factors in the industries in which Bitcoin Well operates, prevailing economic conditions, 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 Information found in the Bitcoin Well quarterly Management Discussion and Analysis.
Disclaimer regarding financial information Bitcoin Well’s financial closing procedures with respect to the estimated financial information, including revenue, provided in this press release are not yet complete, and as a result, the Company's final results may vary materially from the preliminary results included in this press release. Bitcoin Well undertakes no obligation to update or supplement the information provided in this press release until the Company releases its financial statements for the three months ended March 31, 2024. The preliminary financial information included in this press release reflects the Company's current estimates based on information available as of the date of this press release and has been prepared by management of the Company. This preliminary financial information should not be viewed as a substitute for full financial statements prepared in accordance with GAAP and is not necessarily indicative of the results to be achieved for any future periods. This preliminary financial and operational information could be impacted by the effects of financial closing procedures, final adjustments, and other developments. The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation for purposes of applicable securities laws.
