Bitcoin Well Inc.
BTCW🇨🇦Leveraged
Bitcoin Well Inc. is a Canadian Bitcoin services company operating 160+ Bitcoin ATMs and a non-custodial online Bitcoin platform. Adopted a Bitcoin treasury strategy in December 2024, initially funding BTC purchases via a CAD $2M convertible debenture offering, and later expanding through a US$100M private placement of equity units and an ATM equity program.
BTC Holdings
204 BTC
Insufficient history
Stock Price
0.07 CAD
180d
Total financing
23.52M CAD
180d
mNAV
1.27x
180d
Leverage
95.7%
180d
BTC Credit
98 bps1.1x
Sats/Share
52
180d
Mkt capFD
26.98M CAD
SharesFD
385.46M
Fiat reserve
3.14M CAD
Total reserve
24.44M CAD
Dilution
7.0%
Coverage
10.1 yr
BTC mix
9%
Analytics
BTC Coverage
Financials
IFRSAnnualAs of 2025-12-31
Balance Sheet
Total AssetsC$29.9M▲6.7%
Total LiabilitiesC$37.5M▼8.7%
Stockholders' EquityC$-7.5M▲41.9%
Cash & EquivalentsC$3.1M▲9.2%
Total DebtC$35.9M▼9.2%
Digital AssetsC$24.6M▲9.8%
Income Statement
RevenueC$133M▲46.9%
Operating IncomeC$-6M▼23.7%
Net IncomeC$-793.2K▲95.5%
Interest ExpenseC$3.2M▲24.6%
Cash Flow
Operating Cash FlowC$-4.4M▼42.5%
Instruments
| Instrument | Term | Coupon | Principal | Outstanding | Conv. price | BTC Rating |
|---|---|---|---|---|---|---|
| BTCW-Dec29 | Dec '24 – Dec '29 | 8% | 2.00M CAD | 2.00M CAD | 0.23 CAD | 1.1x |
| BTCW-May28 | Feb '22 – May '28 | 13.4% | 5.00M CAD | 4.10M CAD | 0.25 CAD | >10x |
| Total | 6.10M CAD | |||||
Recent Changes
Mon, Apr 6, 2026
Shares Outstanding
355.9M→360.4M+4.4M(+1.2%)
Q1 2026: +850K ATM, +1.1M use-of-coin settlement, +1.8M debenture interest settlement, +682K sponsorship settlement
Strong U.S. Market Traction, Debt Settlement, ATM UpdateTue, Mar 31, 2026
ATM Activity2026-01-01 – 2026-03-31
850.0K shares$102.3K
Net proceeds C$97,628 after C$4,700 commissions; intended for BTC treasury
Strong U.S. Market Traction, Debt Settlement, ATM UpdateThu, Jan 1, 2026
Shares Outstanding
350.4M→355.9M+5.5M(+1.6%)
Post private placement (122.5M units)
Shares for Debt Settlement, Private Placement Closing, Stock Option GrantWed, Dec 31, 2025
BTC Holdings
69→204+135 BTC(+195.7%)
Audited: 204 BTC held as digital assets (IAS 38 intangibles) + 10 BTC operational inventory (Note 14); supersedes prior 69 BTC tracker-based estimate
Audited Financial Statements (FY2025)Shares Outstanding
220.2M→350.4M+130.3M(+59.2%)
FY2025 audited
Audited Financial Statements (FY2025)Debt OutstandingBTCW-Mar26
1.1M→1.1M-878(-0.1%)
Maturities Feb 16 & Mar 28, 2026 subject to two automatic one-year extensions
Audited Financial Statements (FY2025)Debt OutstandingDrawBTCW-Ledn
6.7M→10.8M+4.0M(+60.3%)
Net $1.1M increase during 2025 (from $9,643,793 at Dec 31, 2024)
Audited Financial Statements (FY2025)Debt OutstandingRepaymentBTCW-UCoin
22.2M→17.4M-4.8M(-21.5%)
145 BTC at fair value (65 BTC mature Mar 20, 2026; 80 BTC long-term); 20 BTC repaid during 2025
Audited Financial Statements (FY2025)Fiat Reserve
3.1MCAD
Audited Financial Statements (FY2025)