Bitcoin Well Reports 2025 Q3 Financial Results
(TheNewswire)
Edmonton, Alberta – November 6,2025 – TheNewswire- Bitcoin WellInc. (“ Bitcoin Well ” or the “ Company ”)( TSXV: BTCW; OTCQB:BCNWF ), the non-custodial bitcoin business on amission to enable independence, today announced financial andoperating results for the third quarter ended September 30,2025.
Revenue of $34.0 million for the 3-months endedSeptember 30, 2025 (Q3 2024: $21.0 million, +62%) and $97.9 millionfor the 9-months ended September 30, 2025 (2024: $60.5 million,+62%).
Online Bitcoin Portal revenue of $17.5 million in Q32025 (+85%).
Bitcoin Well Infinite revenue of $9.4 million in Q32025 (+67%).
Over 57,000 unique users in the Bitcoin Portal as ofSeptember 30, 2025 (+78% from December 31, 2024 and +128% fromSeptember 30, 2024).
Gross profit of $1.3 million for the 3-months endedSeptember 30, 2025 (Q3 2024: $0.9 million, +46%) and $3.8 million forthe 9-months ended September 30, 2025 (2024: $2.8 million,+37%).
Adjusted EBITDA of negative $0.3 million for the3-months ended September 30, 2025 (Q3 2024: negative $0.6 million,+58% improvement) and negative $0.7 million for the 9-months endedSeptember 30, 2025 (2024: negative $1.7 million, +57%improvement).
Significant improvement in Adjusted EBITDA due toachieving higher revenue and gross profit.
As at September 30, 2025, held a net investment of42.36 bitcoin in the Company’s Bitcoin Treasury. Subsequent toSeptember 30, 2025, Bitcoin Well acquired an additional 26.63 BTC tobring its total Bitcoin Treasury to 69.00 BTC as of November 5, 2025,purchased at an average purchase price of $112,477 USD / $157,897CAD.
(1) See Non-IFRS Measures.
In Q3 2025, total revenue climbed to $34.0 million,marking a 62% increase from $21.0 million in Q3 2024. All segmentsexperienced strong revenue growth during this period. The Onlinesegment demonstrated the most significant growth, increasing by 85% to$17.5 million, up from $9.4 million in Q3 2024. Bitcoin Well Infinitealso showed strong growth, with its revenue rising 59% to $9.4million, compared to $5.6 million in the previous year. Additionally,ATM sales saw a 21% increase, reaching $7.2 million from $6.0 millionin Q3 2024.
Revenue for the nine months ended September 30, 2024increased to $97.9 million, compared to $60.5 million in 2024 (+62%),driven by higher transaction volumes on both the Online Bitcoin Portaland Bitcoin Well Infinite.
Gross profit increased by 46% to $1.3 million in Q32025 from $0.9 million in Q3 last year and to $3.8 millionyear-to-date in 2025 from $2.8 million last year (+37%) due to thehigher revenue.
Adjusted EBITDA for Q3 2025 was negative $0.3 million,compared to negative $0.6 million in Q3 2024. The significantimprovement was primarily due to higher revenue and higher grossprofit. For the nine months ended September 30, 2025, Adjusted EBITDAsaw a $1.0 million improvement, reaching negative $0.7 millioncompared to negative $1.7 million in the previous year.
The Company reported a net loss of $4.1 million and$5.0 million, respectively for the three and nine months endedSeptember 30, 2025, an increase from the comparative periods in 2024,primarily due to unfavourable fair value changes related tocryptocurrency loans.
This news release should be readin concert with the full disclosure documents. The BitcoinW ell unaudited condensed consolidated interimfinancial statements and Management Dis cussion& Analysis for the three and nine months ended September 30, 2025will be available on the Bitcoin Well website( www.bitcoinwell.com ), via SEDAR+ ( www.sedarplus.ca ) or can be requested from the Company.
The Company also announces that, further to theCompany’s news release dated October 1, 2025, it received approvalfrom the TSX Venture Exchange (the “ TSXV ”) for theissuance of 1,662,427 common shares (each, a “ Share ”) insettlement of C$212,599 interest owing on convertible debentures (the“ Debt Settlement ”), which Shares were issued on November 5, 2025.
Details of the Debt Settlement
The Company was indebted to certain creditors in thetotal amount of C$212,599, as of September 30, 2025 (the“ Use of Coin and DebentureInterest Debt ”), pursuant to certain use ofbitcoin agreements and a convertible debenture agreement(collectively, the “ Agreements ”). The Use of Coin and DebentureInterest Debt represents interest accrued under the Agreements.Bitcoin Well settled C$98,787 by issuing 681,290 Shares at a deemedprice of C$0.145 per Share, and settled C$113,812 by issuing 981,137Shares at a deemed price of C$0.116 per Share.
The Shares issued in connection with the DebtSettlement are subject to a statutory hold period of four months andone day from the date of issuance.
Early Warning Disclosure
Terry Rhode, a director of the Company, through hiswholly owned corporation, Beyond the Rhode Corp., acquired 213,201Shares at a deemed price of C$0.145 per Share as settlement of $30,914of debt pursuant to the Debt Settlement.
Mr. Rhode previously filed an early warning reportdated December 30, 2024, at which point in time Mr. Rhode, directlyand indirectly, exercised control over 15,881,000 Shares, 13,297,737common share purchase warrants, 961,876 options and convertibledebentures in the principal amount of C$5.0 million convertible into20,313,043 Shares, representing an aggregate of 50,453,656 Shares on apartially-diluted basis and approximately 19.94% of the issued andoutstanding Shares on a partially-diluted basis.
Prior to the Debt Settlement, Mr. Rhode, directly andindirectly, exercised control over 16,634,402 Shares, 13,297,737common share purchase warrants, 961,876 options and convertibledebentures in the principal amount of C$5.0 million convertible into20,313,043 Shares, representing an aggregate of 51,207,058 Shares on apartially-diluted basis and approximately 13.36% of the issued andoutstanding Shares on a partially-diluted basis.
Following closing of the Debt Settlement, Mr. Rhode,directly and indirectly, exercises control over 16,847,603 Shares,13,297,737 common share purchase warrants, 961,876 options andconvertible debentures in the principal amount of C$5.0 millionconvertible into 20,313,043 Shares, representing an aggregate of51,420,529 Shares on a partially-diluted basis and approximately13.36% of the outstanding Shares on a partially-diluted basis.
The Company has been advised that Mr. Rhode holdssecurities of the Company for investment purposes and does notcurrently have any plan to acquire or dispose of additional securitiesof the Company, however, may acquire or dispose of securitiesdepending on market conditions, reformulation of plans or otherrelevant factors.
This news release is issued pursuant to NationalInstrument 62-103 – The Early Warning System and Related Take-OverBid and Insider Reporting Issues, which also requires an early warningreport to be filed with the applicable securities regulatorscontaining additional information with respect to the foregoingmatters. A copy of the related early warning report will beavailable on the Company’s issuer profile on SEDAR+ at www.sedarplus.ca and may also beobtained from the Company using the contact information providedbelow.
Related Party Transaction
Mr. Rhode, a director of the Company, participated inthe Debt Settlement through a wholly owned corporation as detailedabove. Such participation is considered to be a "related partytransaction" within the meaning of Multilateral Instrument 61-101Protection of Minority Security Holders in Special Transactions(" MI 61-101 ").
The Company relied on the exemptions from the formalvaluation and minority shareholder approval requirements of MI 61-101contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect ofthe related party participation in the Debt Settlement as neither thefair market value (as determined under MI 61-101) of the subjectmatter of, nor the fair market value of the consideration for, thetransaction, insofar as it will involve interested parties, exceeded25% of the Company's market capitalization (as determined underMI 61-101).
Shares for Debt Settlement
The Company also announces that it is indebted to avendor (the “ Vendor ”) in the total amount of USD $76,000(CAD 106,536.80), as of October 31, 2025 (the “ Debt ”), pursuant toa sponsorship and advertising services agreement between the Companyand the Vendor. The services provided by the Vendor are not consideredinvestor relations services (as defined in the policies of the TSXV).Bitcoin Well has agreed to settle this Debt by issuing 926,406“Shares at a deemed price of $0.115 per Share (the “ Shares for Debt Transaction ”).
The settlement of the Shares for Debt Transactionremains subject to the approval of the TSXV. Any Shares issuedpursuant to the Shares for Debt Transaction will be subject to astatutory hold period of four months and one day from the date ofissuance, in accordance with applicable securities laws.
About Bitcoin Well
Bitcoin Well is on a mission to enable independence. Wedo this by making bitcoin useful to everyday people to give them theconvenience of modern banking and the benefits of bitcoin. We like tothink of it as future-proofing money. Our existing Bitcoin ATM andOnline Bitcoin Portal business units drive cash flow to help fund thismission.
Join our investor community and follow us on Nostr , , and tokeep up to date with our business.
Bitcoin Well contact information
To book a virtual meeting with our Founder & CEOAdam O’Brien please use the following link: https://bitcoinwell.com/meet-adam
For additional investor & media information, pleasecontact:
Adam O’Brien
Tel: 1 888 711 3866
The Company uses certain terms in this news release,such as ‘Adjusted EBITDA’, which does not have a standardized orprescribed meaning under International Financial Reporting Standards(IFRS), and accordingly, these measurements may not be comparable withthe calculation of similar measurements used by other companies.
Please refer to the "Non-IFRS FinancialMeasures” section in the Company’s MD&A for applicabledefinitions, calculations, and rationale for use. Non-IFRS measuresare provided as supplementary information by which readers may wish toconsider the Company's performance, but should not be relied uponfor comparative or investment purposes.
See the table below for a reconciliation of AdjustedEBITDA to net loss:
(1) Non-cash, fair value changeon the revaluation of cryptocurrency loans is largely offset byrevaluation changes in inventory and gains (losses) on digital assets,which are recorded in both income (if realized) and othercomprehensive Income (if unrealized).
(2) Non-recurring start-up costsrelate to professional and consulting fees incurred in establishingthe Company’s bitcoin treasury reserve.
Forward-lookinginformation
Certain statements contained in thisnews release may constitute forward-looking information.Forward-looking information is often, but not always, identified bythe use of words such as "anticipate", "plan","estimate", "expect", "may","will", "intend", "should", or thenegative thereof and similar expressions. All statements herein otherthan statements of historical fact constitute forward-lookinginformation including, but not limited to statements in respect of:revenue growth from the Online Bitcoin Portal and Bitcoin WellInfinite; the Shares for Debt Transaction; and Bitcoin Well’sbusiness plans, strategy and outlook.
Forward-looking information involvesknown and unknown risks, uncertainties and other factors that maycause actual results or events to differ materially from thoseanticipated in such forward-looking information, including, but notlimited to the following: economic and financial conditions,volatility in the capital or credit markets; the level of demand andfinancial performance of the cryptocurrency and digital assetindustry, the occurrence of force majeure events; the extent to whichthe Company is successful in gaining new long-term users or retainingexisting users; developments and changes in laws and regulations,disruptions to the Company’s technology network; inability to obtainfinancing; competitive factors; and such other factors as discussed inthe “Risks and Uncertainties” section of the Company’sMD&A.
Bitcoin Well actual results coulddiffer materially from those anticipated in this forward-lookinginformation as a result of the foregoing risk factors and otherfactors, many of which are beyond the control of Bitcoin Well. BitcoinWell believes that the expectations reflected in the forward-lookinginformation are reasonable, but no assurance can be given that theseexpectations will prove to be correct and suchforward-looking information should not be unduly relied upon. Any forward-looking informationcontained in this news release represents Bitcoin Well expectations asof the date hereof, and is subject to change after such date. BitcoinWell disclaims any intention or obligation to update or revise anyforward-looking information whether as a result of new information,future events or otherwise, except as required by applicablesecurities legislation.
For more information, see the NoteRegarding Forward Looking Statements found in the Bitcoin WellMD&A.
Neither TSXVenture Exchange nor its Regulation Services Provider (as that term isdefined in policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of thisrelease .
Copyright (c) 2025 TheNewswire - All rights reserved.
NASDAQ: BTCW:CC
BTCW:CC Trading
-13.04% G/L:
$0.10 Last:
192,562 Volume:
$0.115 Open:
