Overview
Bitcoin Well (TSXV:BTCW, OTCQB:BCNWF) is a three-business-unit organization providing an ecosystem of products and services to make it easy for everyday people to use bitcoin. The company was established in Canada in 2013, has reached significant revenue growth year-over-year since, and will soon be expanding to the US market.
Bitcoin Well earns revenues through its three core business lines, which include:
Crypto ATM network: 250+ Crypto ATMs across Canada (US$21 million revenue in 2022)Bitcoin Well Infinite: catering to high net worth individuals and businesses (US$29 million revenue in 2022)Online Ecosystem: the fastest and safest way for Canadians to buy, sell and use bitcoin. Launched in Q4 2022; current monthly revenues exceeding $350,000
Bitcoin Well earns consistent cash flow through its existing fleet of Crypto ATMs and In Person Services, and reinvests this cash flow into its Online Ecosystem, which is its most scalable and future-oriented product.
The Bitcoin market often makes headlines when it reaches new heights or lows, but it’s shown consistent growth over the long term. The price of Bitcoin peaked at US$68,000 in 2021 and has since undergone bear and bull phases in reaction to broader adoption. The price has recently been hovering around US$28,000, as macroeconomic events are seemingly going to continue to impact the market.
Bitcoin Well has passed significant milestones since its establishment in 2013:
The company found success with its Bitcoin ATM business in 2013, now generating over US$21 million in annual revenue in 2022. In 2018, the company opened its first office and generated US$29 million in annual revenue in 2022 through what is now Bitcoin Well Infinite. In Q4 2022, Bitcoin Well began offering a non-custodial bitcoin platform which reached 2,500 users in December 2022.Bitcoin Well has exceeded US$51 million in annual revenue since 2020.
Every product or service offered by the company is wrapped in the security of its non-custodial ecosystem. This is a hot topic right now as multiple custodial exchanges have collapsed in the last few years. The non-custodial ecosystem is widely seen by knowledgeable investors as the safest way to buy bitcoin.
In addition, the company plans to move to a subscription service and focus on creating additional customer value. Bitcoin Well has announced it will be offering its services in the USA as of spring 2023.
Company Highlights
Bitcoin Well is a non-custodial ecosystem that merges the benefits of modern banking and the benefits of bitcoin.This ecosystem is split into three business units offering investors a combination of stable cash flow and high-growth potential.The company was established in 2013 and has experienced continuous growth regardless of the ebb and flow of the price of bitcoin.The price of bitcoin reached its peak in 2021 and has since scaled back, but interest in cryptocurrencies continues to grow while macroeconomic trends impact its current spot price.Bitcoin Well has passed significant financial milestones since launching its ATM business line in 2013. Each new service the company offers has seen rapid adoption and builds confidence in the organization’s future.The company recently announced its expansion into the United States.40+ years of bitcoin experience across management and board members.
Key Business Offerings
Bitcoin Well’s business strategy is embodied in three core product lines, designed to make it easier for everyday people to conduct bitcoin transactions. Each offering caters to a particular type of user.
Crypto ATM Network
With more than 250 Bitcoin ATMs and Bitcoin branches across Canada, Bitcoin Well’s ATM network provides users a way to buy bitcoin with cash. This well-established, cash-flowing Bitcoin ATM business provides revenue to support the company’s accretive future growth.
Bitcoin Well Infinite
The Infinite line caters to high net worth individuals and businesses and has generated US$29 million revenue for the company in 2022. Bitcoin Well Infinite is designed for bitcoiners, seasoned investors, businesses and family trusts that are looking to work with a knowledgeable bitcoin partner to diversify their investments and protect their wealth.
Online Ecosystem
The Online Ecosystem Bitcoin Well’s most scalable and future-oriented product. It offers the fastest and safest way for Canadians to buy, sell and use bitcoin. Launched in Q4 2022, this offering currently generates monthly revenues exceeding $350,000.
Management Team
Adam O’Brien – Founder & CEO
Adam O’Brien is a leading advocate for education, consumer protection and the decentralization of financial services. Since 2013 O’Brien has grown an ecosystem of products and services that make bitcoin accessible. He serves as co-chair of the Fintech Committee for the Canadian Blockchain Consortium. He is recognized as a visionary in the field and strives to bring bitcoin to the mainstream making them easy, approachable and accessible for all.
Luke Thibodeau – CFO
Luke Thibodeau has successfully led high-performing accounting and finance teams throughout his career. His financial background includes tenure at both MNP LLP, and PriceWaterhouseCoopers. Thibodeau earned his chartered professional accountant designation from the CPA Western School of Business in 2020, and his certified anti-money laundering specialist designation from the ACAMS Institute in 2021. In addition to this, he became a chartered financial analyst charterholder in 2022.
Dave Bradley – CRO
Dave Bradley is widely considered one of the leading experts in Canada on bitcoin and blockchain technology. Prior to his current role, Bradley founded the world’s first bricks-and-mortar bitcoin store and co-founded the successful company, Bull Bitcoin, which is Canada’s longest-serving bitcoin brokerage. He also serves as a vice-president for the Canadian Blockchain Consortium.