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
180d
Stock PriceUpdated 18h ago
0.04 CAD▲ 0.00%
180d
Total financing
35.39M CAD
180d
mNAV
1.07x▲ 0.12%
180d
Leverage
159.5%
180d
BTC Risk
10.91%0.6x
Sats/Share
36
180d
Mkt capFD
22.13M CAD
SharesFD
553.25M
Fiat reserve
2.39M CAD
Total reserve
23.08M CAD
Dilution
53.5%
Coverage
6.5 yr
BTC mix
6%
Analytics
BTC Coverage
FinancialsUnverified
IFRSQuarterlyAs of 2026-03-31
Balance Sheet
Total AssetsC$23.5M
Total LiabilitiesC$33.2M
Stockholders' EquityC$-9.7M
Cash & EquivalentsC$2.4M
Total DebtC$32.1M
Digital AssetsC$19.4M
Income Statement
RevenueC$34.9M
Operating IncomeC$-1.4M
Net IncomeC$2.3M
Interest ExpenseC$809.4K
Cash Flow
Operating Cash FlowC$-1.1M
ATM Programs
Common
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 | 0.6x |
| BTCW-May28 | Feb '22 – May '28 | 13.4% | 5.00M CAD | 4.10M CAD | 0.25 CAD | 1.2x |
| Total | 6.10M CAD | |||||
Recent Changes
Mon, Apr 6, 2026
Shares Outstanding
356.6M→360.4M+3.7M(+1.0%)
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
Shares Outstanding
355.9M→356.6M+681.1K(+0.2%)
Q1 2026 issuances: +850K ATM, +2,275,704 Feb debt settlement, +739,449 Jan PIK, +2,307,456 sponsorship services, +34,972 options
Interim Report Q1 2026Debt OutstandingDrawBTCW-Ledn
10.8M→11.2M+495.8K(+4.6%)
Net $0.5M draw during Q1 2026 ($315,969 CF + FX); 202 BTC pledged as collateral (LTV 59%); all tranches renewed Apr 2026 at 9.99% to Apr 2027
Interim Report Q1 2026Debt OutstandingBTCW-UCoin
17.4M→13.8M-3.7M(-21.0%)
145 BTC owing (65 redeemable on demand, 80 with 12-month notice); no Q1 2026 repayments; carrying-value drop is fair-value revaluation only
Interim Report Q1 2026Fiat Reserve
3.1M→2.4M-751.4K(-23.9%)CAD
Interim Report Q1 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
218.7M→350.4M+131.7M(+60.2%)
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)Debt OutstandingIssuancebitcoin-well-warrant-mar-2024
6.9M→6.9M+16.0K(+0.2%)
16,000 additional warrants minted during fiscal 2025 upon exercise of 16,000 Mar 2024 Agent Options (each Unit comprised one common share + one Warrant exercisable at $0.275/share expiring Mar 22, 2027); cumulative $0.275/Mar 22, 2027 warrants outstanding now 6,906,684.
Audited Financial Statements (FY2025)Fiat Reserve
3.1MCAD
Audited Financial Statements (FY2025)