BIGG Digital Assets Inc. (CSE: BIGG), owner of Netcoins, the online cryptocurrency brokerage that makes it “easy” for Canadians to buy, sell, and understand digital currency, and Blockchain Intelligence Group, a developer of blockchain tech search, risk-scoring and data analytics solutions, “is pleased to report its fiscal 2021 financial results.”
As noted in the update, all figures “are in Canadian Dollars (CAD) unless otherwise stated.”
2021 Highlights:
- Gross operating revenue of $14.1M (up 461% Year-over-Year (YoY)), with $12.5M for Netcoins (up 712% YoY) and $1.6M for Blockchain Intelligence Group (up 64% YoY)
- Netcoins Q4 revenue was $2.78M representing 250% growth versus the same three months in 2020
- Customer accounts grew 32% in Q4 Quarter-over-Quarter (QoQ), transactions grew 42% (QoQ), and Quarterly Active Users grew 53% QoQ.
- Customer fiat deposits exceeded $91M in the quarter.
- Gross trading margins exceeded 1.3% in Q4
- BIG’s Q4 revenue was $486k, representing 123% growth versus Q4 2020, with gross margins of 83%
- As of December 31, 2021, BIGG’s cash and crypto holdings were ~$65 million
- The Company has “no debt”
Further Highlights:
- BIGG currently owns 575 Bitcoin, valued at approximately $28M
- Netcoins currently has customer Assets Under Custody of approximately $73M
- Netcoins registered users now exceeds 155,000
- Blockchain Intelligence Group’s compliance suite (QLUE and BitRank) now supports 9 blockchains, including 350,000+ ERC-20 based tokens, and has risk scored 3.5 billion addresses across these chains
Selected financial and operating information should be “read in conjunction with BIGG’s audited consolidated financial statements and related Management’s Discussion and Analysis for the year ended December 31, 2021, available at www.sedar.com.”
BIGG CEO, Mark Binns, commented:
“2021 was a transformational year for BIGG Digital Assets. Our top line revenue grew 461% to surpass $14M, with both Netcoins and Blockchain Intelligence Group showing excellent product market fit and revenue growth. We also took advantage of the recent Bitcoin price degradation, adding to our holdings throughout 2021, and into 2022, which now sit at over 575 Bitcoin in treasury.”
Binns added:
“We made minority investments in four early stage crypto related businesses in 2021 – TerraZero, Wonder.fi, ZenLedger and LQwD Fintech Corp, subsequently exiting our position in Wonder.fi profitably. We made a further investment in TerraZero in early 2022, a leading metaverse company, adding another significant pillar to our corporate holdings and investments.”
In Q3, Netcoins made the significant step of “receiving the first restricted dealer license for a crypto trading platform owned by a Canadian public company.”
In Q1 2022, Netcoins received “an update to their license, allowing for the expansion of coin offerings on the platform.”
Netcoins also fully launched Netcoins Pay in Q1, “after a Q4 trial period – making it even easier for our loyal customers to make everyday purchases via their Netcoins account and receive crypto rewards.”
In 2021, Blockchain Intelligence Group “expanded coverage to 9 blockchains including 350k+ ERC-20 tokens, with further blockchain expansion planned.”
Notable new customers in 2021 “included a Fortune 500 bank and a global management consultancy, Ankura. In Q3 and Q4,”
Blockchain Intelligence Group “deployed Multi-Chain Graphing and other capabilities for QLUE to conduct detailed transactions across Bitcoin and Ethereum.”
QLUE was also “used to uncover the first NFT scam of 2022 called Frosties.”
Despite a depressed crypto market thus far in 2022, BIGG claims that it “continues to develop its primary businesses and invest in new emerging businesses and opportunities.”
They look forward “to sharing further updates on our progress in the near future.”