Bitcoin Well

Bitcoin Well is a Canadian company established in 2013, providing an ecosystem of products and services to facilitate the use of bitcoin and other cryptocurrencies for everyday people. The company operates two core business units: a Bitcoin ATM network and an Online Bitcoin Portal.

The Bitcoin ATM network comprises over 190 kiosks across Canada that allow customers to purchase bitcoin and other cryptocurrencies using cash. This division generates an estimated gross margin of 15% and provides stable cash flows for the company.

The Online Bitcoin Portal is a non-custodial platform launched in Q4 2022 in Canada and subsequently expanded to the US in Q3 2023, covering all 50 states by February 2024. This scalable platform enables customers to buy, sell, and use bitcoin without holding their funds. As of 2024, the Online Bitcoin Portal generates monthly revenues exceeding USD 4 million with an estimated 1% gross margin and is experiencing high growth.

Bitcoin Well reinvests the cash flows from its Bitcoin ATM network into the Online Bitcoin Portal, anticipating exponential adoption during the ongoing bitcoin bull market. In 2024, the company introduced Cash Vouchers, allowing Canadian customers to make cash payments when using the Online Bitcoin Portal, a unique offering in the market.

Bitcoin Well's non-custodial ecosystem differentiates itself as a secure alternative to custodial exchanges, which have faced multiple collapses in recent years. The company aims to leverage its Bitcoin ATM network and Online Bitcoin Portal to provide a comprehensive and sticky product offering, potentially exploring subscription or alternative revenue models.