News: BIGG Digital Assets Inc. Reports Financial ResultsBIGG Digital Assets Inc. Reports Financial Results For Second Quarter 2021 VANCOUVER, British Columbia, Aug. 24, 2021 (GLOBE NEWSWIRE) --
BIGG Digital Assets Inc. ("BIGG" or the "Company")(CSE: BIGG; OTCQX: BBKCF; WKN: A2PS9W), owner of Netcoins (
Netcoins.ca) (“Netcoins”), the online cryptocurrency brokerage that makes it easy for Canadians to buy, sell, and understand cryptocurrency, and Blockchain Intelligence Group (
blockchaingroup.io) (“BIG”), a leading developer of blockchain technology search, risk-scoring and data analytics solutions, is pleased to report its fiscal Q2 2021 financial results for the three and six months ended June 30, 2021. All figures are in Canadian Dollars (“CAD”) unless otherwise stated.
Q2 2021 Highlights:
- Gross revenue of $4.55M, ~$4.16M for Netcoins and ~$385k for Blockchain Intelligence Group
- Netcoins revenue for Q2 represents ~24% Quarter over Quarter (QoQ) growth, and over ~2000% Year over Year (YoY) growth.
- Active Users reached ~19,000 during Q2, growing 40% QoQ, and 1880% YoY
- Registered users exceeded 80,000
- Gross trading margins in excess of 1.2%
- BIG revenues increased 26% QoQ, and gross margins sat at 87%
- Cash and cryptocurrency in treasury (excluding restricted cash and customer deposits) equaled ~$65 million
- Adjusted EBITDA, net of non-cash expenses, was positive for the quarter
Further Highlights:
- At August 15, 2021, cash and crypto holdings equal ~$71 million
- BIGG currently owns 430.8 Bitcoin, valued at approximately $27.3 million.
- At June 30, the Bitcoin price was USD~$35,000, down roughly USD$23,900 per coin from the Q1 2021 revaluation as at March 31, 2021. The Q2 revaluation resulted in an unrealized net loss of ~$4.5M on crypto inventory holdings. In recent days, Bitcoin has risen to ~$50,000 USD per coin, recovering most of this unrealized loss.
Selected financial and operating information should be read in conjunction with BIGG's unaudited condensed interim financial statements and related Management's Discussion and Analysis for the three and six-month periods ended June 30, 2021, available at
www.sedar.com.
All financial information in this press release is prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.
BIGG CEO, Mark Binns, commented “We are very pleased with our Q2 results - which reflect excellent growth across both Netcoins and BIG. Each company grew revenue by 24% QoQ or better, with margins remaining very strong. We also took advantage of the recent Bitcoin price degradation, adding to our holdings which now sit at 430.8 Bitcoin. We have made minority investments in two solid businesses - Wionder.fi and, of late, Zen Ledger - that boast strong leadership and offer significant growth potential. Netcoins has launched its iOS and Android apps to great reviews and happy customers, making it even easier and faster to trade crypto. We continue to execute on our core business plans. In the second half of 2021 we look forward to continued growth, customer acquisition and product enhancements, as well as partnership expansions.”
On behalf of the Board Mark Binns
CEO
ir@biggdigitalassets.com