BIGG Digital Assets Showcases Financial Growth in Q3 2024

BIGG Digital Assets Inc. Reports Robust Q3 2024 Financial Performance

BIGG Digital Assets Inc. ("BIGG") is excited to announce its financial results for the third quarter of 2024. As a leading innovator in digital assets, BIGG remains committed to enhancing the industry's safety and compliance. All financial figures noted are in Canadian dollars (CAD).

Highlights from Q3 2024 Performance

A glance at the financial highlights for Q3 reveals a gross operating revenue of $2.13 million. This positive performance is primarily attributed to Netcoins contributing $1.74 million and the Blockchain Intelligence Group providing $0.41 million.

Significant Revenue Increases

• Netcoins: The revenue from Netcoins experienced remarkable growth, reaching $1.74 million, up from $1.05 million in the previous year, marking a year-over-year increase of 66% and a 115% increase in Year-to-Date figures compared to the fiscal year of 2023. The total Assets under Custody (AUC) stood at $3.04 million.
• Blockchain Intelligence Group: This division recorded $0.41 million in revenue, up 6% year-over-year, indicating a steady performance.
• TerraZero: Facing a slight revenue adjustment of $(0.03) million, TerraZero is concentrating on developing its Intraverse product scheduled for a March 2025 launch.

Growth in Assets Under Custody

Netcoins ended the quarter with customer Assets Under Custody totaling $107.3 million, a remarkable increase of 72% from $62.3 million in Q3 2023. While this figure reflected a minor drop of 6% from the prior quarter, seasonal trading patterns typically influence such fluctuations.

Active User Base Expansion

Despite seasonal trends, Netcoins reported an active user base of 8,023, showing a modest 1% increase year-over-year and a 25% growth year-to-date in comparison to the fiscal year of 2023.

Strategic Developments and Innovations

BIGG has been busy launching innovative services designed to capitalize on market trends, ultimately boosting the Company’s presence and establishing a significant competitive edge.

Introduction of New Services

• The development of two new retail service offerings aims to utilize BIGG's proprietary data to tap into emerging market potentials.
• BIGG has launched new modules within its Certified Cryptocurrency Investigator program, enhancing compliance and risk management training opportunities.
• TerraZero is putting the final touches on its gamified social platform, Intraverse, providing an interactive space for users to engage in various activities.

New Product Launch – QLUE Express

On November 5, 2024, BIGG introduced QLUE Express, a product designed to broaden access to digital asset trading by lowering entry barriers, making it available immediately through credit card purchases.

Recent Company Initiatives and Future Outlook

With the recent listing on the TSX Venture Exchange, BIGG Digital Assets is set to expand its visibility across domestic and international capital markets, significantly benefiting both retail and institutional investors.

Enhanced Market Presence

The TSX Venture listing is anticipated to increase the investment outreach of the Company substantially and streamline trading operations across multiple nations, including the U.S. and Canada.

Financial Position and Stability

By the end of Q3, BIGG boasted total cash and cryptocurrency holdings valued at approximately $17.6 million, with no outstanding debt, solidifying a robust financial foundation.

Addressing Regulatory Challenges

Following the completion of an audit by the Canada Revenue Agency (CRA), the Company received a notice of reassessment for a previous tax year amounting to $8.36 million, which BIGG intends to contest. The interim CEO, Dan Reitzik, emphasized the proactive measures being undertaken to manage this situation.

Frequently Asked Questions

What were the key financial highlights for BIGG in Q3 2024?

BIGG reported a gross revenue of $2.13 million, with significant contributions from Netcoins and small adjustments in income from TerraZero.

How has the customer base changed for Netcoins?

Netcoins’ active users grew to 8,023, marking a 1% increase year-over-year despite a seasonal dip compared to the previous quarter.

What products did BIGG launch recently?

BIGG launched QLUE Express earlier in November 2024, aimed at reducing barriers to crypto trading.

What is the current position of BIGG in the market?

Following its listing on the TSX Venture Exchange, BIGG is expected to improve its market visibility and investor engagement significantly.

What is BIGG’s stance on its recent tax reassessment?

BIGG disputes the CRA’s reassessment and plans to pursue its appeal rights under Canadian tax legislation.

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