Bitcoin Well Announces Record First Quarter 2021 Financial

EDMONTON, Alberta, June 18, 2021 (GLOBE NEWSWIRE) — Bitcoin Properly Inc. (the “Firm”, “Bitcoin Properly” or “BTCW”) could be very happy to announce report monetary and working outcomes for the three months ended March 31, 2021, which replicate explosive progress quarter-over-quarter and year-over-year. Bitcoin Properly demonstrated the advantages of our differentiated non-custodial enterprise mannequin and monetary efficiency, pushed primarily by transaction quantity fairly than forex worth. The interim Monetary Statements and Notes, in addition to Administration’s Dialogue and Evaluation (“MD&A”) for the three months ended March 31, 2021 and 2020 have been filed on SEDAR.

The magnitude of progress realized by Bitcoin Properly throughout the group in the course of the first quarter of 2021 was unprecedented in our historical past. Along with saying a $7.0 million brokered non-public placement, we continued to efficiently increase our ATM depend and develop our proprietary software program enterprise whereas making progress towards being a publicly-traded firm. Subsequent to the quarter finish, we added two new board members who every convey in depth, hands-on expertise as an officer or director of a public firm. All of our current measures are designed to place Bitcoin Properly as a profitable and engaged issuer inside the public markets.

Q1 2021 Overview

¹ Non-IFRS measure. See Advisories – “Non-IFRS measures”.

“I’m extremely proud to share our workforce’s significant progress and stellar monetary ends in the primary quarter of 2021 with vital progress in income, Adjusted EBITDA¹ and margins,” stated Adam O’Brien, Founder and CEO of Bitcoin Properly. “Whereas we continued to quickly increase operations and generate returns, our workforce is demonstrating the great scalability of our enterprise. Bitcoin Properly additionally achieved quite a few strategic milestones within the interval, together with the disclosing of thrilling plans for a brand new, cutting-edge headquarters in downtown Edmonton, and made continued progress on our public itemizing. That is solely the start of our journey to lift consciousness for Bitcoin Properly and assist to teach the world on monetary sovereignty.”

Report Q1 2021 Highlights

• Income elevated by over 342% to $27.5 million in Q1 2021 in comparison with $6.2 million for a similar interval in 2020. The expansion is due largely to a rise in energetic ATMs, larger per machine income, rising bitcoin and different cryptocurrency costs and a rise in our OTC gross sales.
• Gross revenue in Q1 2021 grew roughly 368% year-over-year to $2.3 million, representing a gross revenue margin of 8%.
• Adjusted EBITDA² totaled $828,365 in Q1 2021, a rise of over $840,000 from Q1 2020.
• A complete of 38 new ATMs had been added to our portfolio by way of the three months which contributed to a complete of 124 machines put in throughout Canada as at March 31, 2021. At the moment, Bitcoin Properly has over 140 ATMs put in throughout Canada.
• Our common income generated per machine in Q1 2021 was over $83,000 with a median transaction dimension per machine of slightly below $1,100 (2020 – $113,940 per machine, and a median transaction dimension of $582). This lower was largely because of entry to sure machines being restricted because of COVID 19 associated restrictions.
• Money balances at March 31, 2021 totaled $5.2 million, a rise from $4.1 million at December 31, 2020.
• Bitcoin Properly recorded internet working revenue of $462,326 for Q1 2021, which incorporates $97,571 in going-public transaction prices, and $268,469 in depreciation and accretion, in comparison with a lack of $144,013 in Q1 2020.

Current Occasions

• Additional enhanced the skillset, experience and variety of background of our Board of Administrators with the appointment of Michèle D. McCarthy and Alice Reimer, introduced Might 18, 2021. Michèle and Alice collectively have a long time of expertise navigating the capital markets and technique execution, and have served as board members for high-growth public firms, which is able to show invaluable for Bitcoin Properly as we embark on life as a public firm.
• On June 8, we accomplished a personal placement elevating gross proceeds of $7.0 million.
• On June 11, we accomplished our beforehand introduced arm’s size qualifying transaction (the “Transaction”) and having acquired conditional approval for the Transaction from the TSXV, our frequent shares are anticipated to start buying and selling on the TSXV below the ticker image “BTCW” in the course of the week of June 21, 2021.
• On June 15, we introduced the opening of our Calgary ‘over-the-counter’ (“OTC”) workplace which is able to present best-in-class service by appointment for people in search of to transact in bigger bitcoin denominations and can supply a snug setting for these inquisitive about studying about the advantages of bitcoin as a method of securing monetary sovereignty.

Because of necessities below IFRS regarding revaluation of digital property and modifications within the unrealized worth of the Firm’s Use of Coin Agreements, vital swings in internet revenue (loss) could also be reported interval to interval which aren’t indicative of the underlying operational efficiency of the enterprise. These fluctuations resulted within the Firm reporting a internet lack of $4.4 million for the three months ended March 31, 2021, however optimistic complete complete revenue of $2.5 million. Consequently, we current Adjusted EBITDA as probably the most significant metric to evaluate the well being and efficiency of the underlying operations, because it excludes the ‘noise’ attributable to the revaluations and represents true efficiency of the enterprise. Adjusted EBITDA elevated considerably in Q1 2021 to $0.8 million, pushed by the numerous improve in income over the previous yr.

The plan we now have developed for 2021 is predicted to leverage the abilities and experience of our rising all-star workforce and increasing ATM community. Bitcoin Properly will proceed to reinforce our service choices to assist our progress trajectory. We consider the Firm is poised to drive additional enlargement of our enterprise, income and buyer base, whereas benefiting from the macro-level business discussions round bitcoin and its position in aiding people to realize monetary sovereignty.

Company Replace

The Firm’s Chief Monetary Officer, Mandy Johnston, MBA, CPA (US), CMA (US), CSCA is taking a short lived go away, efficient instantly, with an anticipated return to her publish later this yr. Throughout her absence, the Firm’s Board of Administrators has appointed Jason Vandenberg as interim CFO to assist Bitcoin Properly.

Jason brings over 20 years of expertise throughout various monetary management positions and has a longtime report of main a number of firms by way of substantial progress, each organically and thru the acquisition and integration of over 40 companies. Jason is the Senior Vice President and Co-Founding father of Camilla Advisory Group Inc., a administration consulting agency in Edmonton, Alberta. Previous to, Jason held the position of CFO for 9 years at ENTREC Company, a frontrunner in crane and heavy haul transportation companies in Canada and the USA, and was CFO at Eveready Inc., a global industrial companies firm. Jason is a Chartered Accountant and holds a Bachelor of Commerce, with Distinction, from the College of Alberta.

“Mandy has performed an integral position in our efforts to turn into the world’s first publicly traded Bitcoin ATM firm and we admire her continued assist with this course of from afar, as she takes a essential go away to deal with her well being. We sit up for welcoming her again later this yr,” stated Adam O’Brien, Bitcoin Properly CEO. “Within the interim, we’re happy to welcome Jason to the group. His huge accounting expertise and data inside the monetary disclosure course of can be an asset to Bitcoin Properly as we embark on life as a public firm.”

Advantages of Our Non-Custodial Mannequin

One of many many benefits of Bitcoin Properly is that our enterprise mannequin is ‘non-custodial’, which implies that at no time throughout a transaction are we holding consumer funds on their behalf.  True to our credo that Bitcoin ATMs supply the quickest and most secure methods to purchase, promote and use bitcoin, the time lapse between when a buyer deposits funds into our ATMs till they obtain their bitcoin delivered to their pockets is often lower than half-hour.  This units Bitcoin Properly other than crypto-asset buying and selling platforms (“CTP”s), that are custodial platforms (reminiscent of cryptocurrency exchanges) that facilitate trades in safety tokens, or crypto contracts, and are very completely different from Bitcoin Properly.

On the finish of March, 2021, Canadian securities regulators issued steerage that represents a landmark change within the regulatory panorama for CTPs and which may have a cloth influence on these companies in Canada.  Since we’re non-custodial, these new rules don’t apply to Bitcoin Properly and in reality, assist to exhibit the worth of our trusted, handy and high-integrity enterprise mannequin. Efficient June 1, 2021, new compliance obligations can be required for all entities dealing in cryptocurrencies which is predicted to turn into overly burdensome for smaller firms and improve acquisition alternatives for Bitcoin Properly. Since we’re already registered with the Canadian Authorities’s Monetary Transactions and Studies Evaluation Centre (“FINTRAC”), Bitcoin Properly has established extraordinarily rigorous compliance protocols and practices which defend the Firm in addition to our purchasers.

About Bitcoin Properly

Bitcoin Properly presents handy, safe and dependable methods to purchase and promote bitcoin by way of a trusted Bitcoin ATM community and suite of web-based transaction companies. BTCW is Adjusted EBITDA optimistic and positioned to turn into the primary publicly traded Bitcoin ATM firm, with an enterprising consolidation technique to ship accretive and cost-effective enlargement in North America and globally. As leaders of the longest-running, founder-led Bitcoin ATM firm, administration of Bitcoin Properly brings deep operational capabilities that span all the worth chain together with entry to proprietary, cutting-edge software program growth that helps additional enlargement. Comply with us on LinkedIn, Twitter, YouTube, Facebook and Instagram to maintain updated with our enterprise.

Contact Info
For investor data, please contact:

Bitcoin Properly

10142 82 Avenue NW
Edmonton, AB T6E 1Z4
bitcoinwell.com

Adam O’Brien, President & CEO
Jason Vandenberg, Interim CFO
Tel: 1 888 711 3866
IR@bitcoinwell.com

For media queries and additional data, please contact:

Karen Smola, Director of Advertising and marketing
Tel: 587-735-1570
k.smola@bitcoinwell.com

Reader Advisory / Ahead-Wanting Statements

Statements on this press launch relating to Bitcoin Properly which aren’t historic information are “forward-looking statements” that contain dangers and uncertainties, such because the timing of enlargement plans and actions, the timing of graduation of buying and selling of Bitcoin Properly’s frequent shares on the TSXV, in addition to numerous enterprise targets. Such data can typically be recognized by means of forwarding-looking wording reminiscent of “could”, “anticipate”, “estimate”, “anticipate”, “intend”, “consider” and “proceed” or the unfavourable thereof or related variations. Since forward-looking statements deal with future occasions and situations, by their very nature, they contain inherent dangers and uncertainties reminiscent of the danger that the closing could not happen for any purpose. Precise ends in every case might differ materially from these at present anticipated in such statements because of elements reminiscent of: (i) antagonistic market situations and (ii) the necessity for added financing. Besides as required by regulation, Bitcoin Properly doesn’t intend to replace any modifications to such statements.

Traders are cautioned that, besides as disclosed within the submitting assertion ready in reference to the Transaction, any data launched or acquired with respect to the Transaction might not be correct or full and shouldn’t be relied upon.

Non-IFRS Measures

The Firm makes use of sure phrases on this information launch and inside the MD&A, reminiscent of ‘adjusted EBITDA’, which wouldn’t have a standardized or prescribed that means below Worldwide Monetary Reporting Requirements (IFRS), and, accordingly these measurements might not be comparable with the calculation of comparable measurements utilized by different firms. For a reconciliation of every non-IFRS measure to its nearest IFRS measure, please check with the “Non-GAAP Measures” and “Chosen Monetary Info” sections within the MD&A for relevant definitions, calculations, rationale to be used and reconciliations to probably the most instantly comparable measure below IFRS. Non-IFRS measures are offered as supplementary data by which readers could want to think about the Firm’s efficiency however shouldn’t be relied upon for comparative or funding functions.

The TSXV has not accredited nor disapproved the contents of this press launch.

¹ Non-IFRS measure. See Advisories – “Non-IFRS measures”.
² Non-IFRS measure. See Advisories – “Non-IFRS measures”.

A chart accompanying this announcement is out there at https://www.globenewswire.com/NewsRoom/AttachmentNg/f720011e-cf43-4a13-aed8-40ade71262b0