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Bigg Digital Assets Inc
Symbol BIGG
Shares Issued 195,362,627
Close 2021-08-24 C$ 1.29
Recent Sedar Documents

Bigg Digital Assets' Q2 revenues at $4.55-million

2021-08-24 10:53 ET - News Release

Mr. Mark Binns reports

BIGG DIGITAL ASSETS INC. REPORTS FINANCIAL RESULTS FOR SECOND QUARTER 2021

Bigg Digital Assets Inc. has released its fiscal Q2 2021 financial results for the three and six months ended June 30, 2021.

Q2 2021 highlights:

  • Gross revenue of $4.55-million, approximately $4.16-million for Netcoins and approximately $385,000 for Blockchain Intelligence Group;
  • Netcoins revenue for Q2 represents approximately 24-per-cent quarter-over-quarter growth and approximately over 2,000-per-cent year-over-year (YoY) growth;
  • Active users reached approximately 19,000 during Q2, growing 40 per cent quarter over quarter and 1,880 per cent year over year;
  • Registered users exceeded 80,000;
  • Gross trading margins in excess of 1.2 per cent;
  • Blockchain Intelligence Group revenues increased 26 per cent quarter over quarter and gross margins sat at 87 per cent;
  • Cash and cryptocurrency in treasury (excluding restricted cash and customer deposits) equalled approximately $65-million;
  • Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), net of non-cash expenses, was positive for the quarter.

Further highlights:

  • At Aug. 15, 2021, cash and cryptocurrency holdings equalled approximately $71-million.
  • Bigg currently owns 430.8 bitcoin, valued at approximately $27.3-million.
  • At June 30, 2021, the bitcoin price was approximately $35,000 (U.S.), down roughly $23,900 (U.S.) per coin from the Q1 2021 revaluation as at March 31, 2021. The Q2 revaluation resulted in an unrealized net loss of approximately $4.5-million on cryptocurrency inventory holdings. In recent days, bitcoin has risen to approximately $50,000 (U.S.) 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 discussion and analysis for the three-month and six-month periods ended June 30, 2021, available on SEDAR.

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 chief executive officer 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 per cent quarter over quarter 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."

About Bigg Digital Assets Inc.

Bigg Digital Assets Inc. believes the future of crypto is a safe, compliant and regulated environment. Bigg invests in products and companies to support this vision. Bigg owns two operating companies: Netcoins and Blockchain Intelligence Group.

Netcoins develops brokerage and exchange software to make the purchase and sale of cryptocurrency easily accessible to the mass consumer and investor with a focus on compliance and safety. Netcoins utilizes BitRank Verified software at the heart of its platform and facilitates crypto trading through a self-serve crypto brokerage portal at the Netcoins website.

Blockchain Intelligence Group (BIG) has developed a blockchain-agnostic search and analytics engine, Qlue, enabling law enforcement, regtech (regulatory technology), regulators and government agencies to visually track, trace and monitor cryptocurrency transactions at a forensic level. The company's commercial product, BitRank Verified, offers a risk score for cryptocurrencies, enabling regtech, banks, ATMs (automated teller machines), exchanges and retailers to meet traditional regulatory/compliance requirements.

We seek Safe Harbor.

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