Edmonton, Alberta – November 6, 2025 – TheNewswire – Bitcoin Well Inc. (“Bitcoin Well” or the “Company”) (TSXV: BTCW; OTCQB: BCNWF), the non-custodial bitcoin business on a mission to enable independence, today announced financial and operating results for the third quarter ended September 30, 2025.
Key highlights
Revenue of $34.0 million for the 3-months ended September 30, 2025 (Q3 2024: $21.0 million, +62%) and $97.9 million for the 9-months ended September 30, 2025 (2024: $60.5 million, +62%).
Over 57,000 unique users in the Bitcoin Portal as of September 30, 2025 (+78% from December 31, 2024 and +128% from September 30, 2024).
Gross profit of $1.3 million for the 3-months ended September 30, 2025 (Q3 2024: $0.9 million, +46%) and $3.8 million for the 9-months ended September 30, 2025 (2024: $2.8 million, +37%).
Adjusted EBITDA of negative $0.3 million for the 3-months ended September 30, 2025 (Q3 2024: negative $0.6 million, +58% improvement) and negative $0.7 million for the 9-months ended September 30, 2025 (2024: negative $1.7 million, +57% improvement).
As at September 30, 2025, held a net investment of 42.36 bitcoin in the Company’s Bitcoin Treasury. Subsequent to September 30, 2025, Bitcoin Well acquired an additional 26.63 BTC to bring its total Bitcoin Treasury to 69.00 BTC as of November 5, 2025, purchased at an average purchase price of $112,477 USD / $157,897 CAD.
(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 segments experienced strong revenue growth during this period. The Online segment demonstrated the most significant growth, increasing by 85% to $17.5 million, up from $9.4 million in Q3 2024. Bitcoin Well Infinite also showed strong growth, with its revenue rising 59% to $9.4 million, compared to $5.6 million in the previous year. Additionally, ATM sales saw a 21% increase, reaching $7.2 million from $6.0 million in Q3 2024.
Revenue for the nine months ended September 30, 2024 increased to $97.9 million, compared to $60.5 million in 2024 (+62%), driven by higher transaction volumes on both the Online Bitcoin Portal and Bitcoin Well Infinite.
Gross profit increased by 46% to $1.3 million in Q3 2025 from $0.9 million in Q3 last year and to $3.8 million year-to-date in 2025 from $2.8 million last year (+37%) due to the higher revenue.
Adjusted EBITDA for Q3 2025 was negative $0.3 million, compared to negative $0.6 million in Q3 2024. The significant improvement was primarily due to higher revenue and higher gross profit. For the nine months ended September 30, 2025, Adjusted EBITDA saw a $1.0 million improvement, reaching negative $0.7 million compared 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 ended September 30, 2025, an increase from the comparative periods in 2024, primarily due to unfavourable fair value changes related to cryptocurrency loans.
Additional information
This news release should be read in concert with the full disclosure documents. The Bitcoin Well unaudited condensed consolidated interim financial statements and Management Discussion & Analysis for the three and nine months ended September 30, 2025 will be available on the Bitcoin Well website (www.bitcoinwell.com), via SEDAR+ (www.sedarplus.ca) or can be requested from the Company.
Closing of Debt Settlement
The Company also announces that, further to the Company’s news release dated October 1, 2025, it received approval from the TSX Venture Exchange (the “TSXV”) for the issuance of 1,662,427 common shares (each, a “Share”) in settlement 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 the total amount of C$212,599, as of September 30, 2025 (the “Use of Coin and Debenture Interest Debt”), pursuant to certain use of bitcoin agreements and a convertible debenture agreement (collectively, the “Agreements”). The Use of Coin and Debenture Interest Debt represents interest accrued under the Agreements. Bitcoin Well settled C$98,787 by issuing 681,290 Shares at a deemed price of C$0.145 per Share, and settled C$113,812 by issuing 981,137 Shares at a deemed price of C$0.116 per Share.
The Shares issued in connection with the Debt Settlement are subject to a statutory hold period of four months and one day from the date of issuance.
Early Warning Disclosure
Terry Rhode, a director of the Company, through his wholly owned corporation, Beyond the Rhode Corp., acquired 213,201 Shares at a deemed price of C$0.145 per Share as settlement of $30,914 of debt pursuant to the Debt…