BIGG Digital Assets Inc. Reports Financial Results For Third Quarter 2021
VANCOUVER, British Columbia, Nov. 29, 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 Q3 2021 financial
results for the three and nine months ended September 30, 2021. All figures are in Canadian Dollars (CAD) unless otherwise stated.
Q3 2021 Highlights:
- Gross operating revenue of $2.625M (up 308% YoY), with $2.198M for Netcoins and $427k for Blockchain Intelligence Group (“BIG”)
- Netcoins revenue for Q3 represents 462% Year over Year (YoY) growth and 1205% growth versus the same nine months in 2020
- Customer accounts grew 15% in Q3, Funded accounts grew 13%, and new customer fiat deposits exceeded $90M in the quarter
- Gross trading margins were in excess of 1.3%, up from 1.2% in Q2
- BIG revenues increased 70% YoY, and gross margins were at 85%
- BIGG recorded a $2.3M comprehensive income for Q3, versus a comprehensive loss of $425k in the year prior
- BIGG also reports a $6.8M unrealized gain on its digital currency inventory
- As of November 29, 2021, BIGG’s cash and crypto holdings equal roughly $73 million. The Company has no debt
- BIGG currently owns 500 Bitcoin, valued at approximately $37M
- Netcoins currently has customer Assets Under Custody of approximately $90M, up approximately 80% from $50M at June 30, 2021
- Netcoins registered users now exceeds 100,000
- Blockchain Intelligence Group’s compliance suite (QLUE and BitRank) now supports 8 blockchains, including 300,000+ ERC-20 based tokens, and has risk scored 3.5 billion addresses across these chains
Subsequent to Q3, Netcoins trading volumes and monthly revenue both rose over 30%, from September to October, with continued acceleration expected through Q4.
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 nine-month periods ended September 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.