BIGG Digital Assets Inc. Reports Audited Financial Results for 2023

VANCOUVER, British Columbia, April 29, 2024 (GLOBE NEWSWIRE) -- BIGG Digital Assets Inc. (“BIGG” or the “Company”) (CSE: BIGG; OTCQX: BBKCF; WKN: A2PS9W), a leading innovator in the digital assets space and owner of Netcoins, and Blockchain Intelligence Group and TerraZero reports its fiscal 2023 financial results. All figures are in Canadian Dollars (CAD) unless otherwise noted.

2023 Highlights:

• Gross operating revenue of $6.5M, comprising $4.99M for Netcoins, $1.5M for Blockchain Intelligence Group
• Despite difficult market conditions for most of 2023:
  • Netcoins revenues were $4.99M (2022 - $5.44M), down only 8% year over year (YoY), and its margin rate was up at 1.73% (2022 - 1.29%).
    • Q4 2023 transactional revenues increased by 70% over Q3 2023 and 149% over the comparative Q4 2022 period, marking a positive market shift largely driven by the price appreciation of Bitcoin (BTC) and speculation on the launch of US-based spot BTC exchange-traded funds (ETFs) which occurred in early January 2024
    • Netcoins launched its dedicated OTC Trading Desk in Q4 2023 which traded over $22M in volume and contributed to over $150,000 worth of revenue.
  • Netcoins active users totalled approximately 32,566 (2022 - 48,547), marking a 33% decrease YoY - due to the market downturn. However, in Q4 2023, active users rose by 9% over the prior quarter to 8,645 (Q3 2023 - 7,905), marking a decrease of just 5% as compared to the number of active users in Q4 2022. This upward trend in the number of active users began in the second half of 2023, with an increase in activity and overall improved sentiment in the crypto market particularly at the end of 2023.
  • Blockchain Intelligence Group revenues were $1.5M (2022 - $2.0M), down by 26% YoY with a consistent margin rate of 83% (2022 - 82%).
    • Q4 2023 revenues decreased slightly from the prior month, down by 2% at $378,537 (Q3 2023 - $386,312); however, higher margins and lower costs of sales during the quarter resulted in an overall net increase of 20%.
• Acquired the remaining ~70% of TerraZero Technologies Inc. via a business combination at the end of September 2023
• As of December 31, 2023, BIGG’s cash and crypto holdings were ~$14.7M
• The Company has no debt