Bitcoin Well Reports 2025 Q2 Financial Results

Executive Summary

• Bitcoin Well Inc. reported financial and operating results for the second quarter and first half of 2025, highlighting significant revenue growth driven by its Online Bitcoin Portal and Bitcoin Well Infinite segments.
• Total revenue for Q2 2025 reached $32.1 million, a 38% increase year-over-year, while gross profit rose 31% to $1.4 million.
• The company reported a net loss of $4.2 million for Q2 2025, primarily due to unfavorable fair value changes related to cryptocurrency loans, though Adjusted EBITDA improved significantly to negative $0.1 million from negative $0.6 million in the prior year period.

Key Details

• Q2 2025 Revenue: $32.1 million (up 38% from $23.3 million in Q2 2024).
• Six-Month Revenue: $63.9 million (up 62% from $39.4 million in 2024).
• Online Bitcoin Portal Revenue (Q2): $14.6 million, representing a 56% increase year-over-year.
• Bitcoin Well Infinite Revenue (Q2): $11.5 million, representing a 59% increase year-over-year.
• ATM Sales (Q2): Declined to $6.0 million from $6.6 million in Q2 2024.
• Gross Profit (Q2): $1.4 million (up 31% from $1.0 million in Q2 2024).
• Gross Profit (Six Months): $2.4 million (up 33% from $1.8 million in 2024).
• Adjusted EBITDA (Q2): Negative $0.1 million (improved from negative $0.6 million in Q2 2024).
• Adjusted EBITDA (Six Months): Negative $0.5 million (improved from negative $1.1 million in 2024).
• Net Loss (Q2): $4.2 million, compared to net income of $1.1 million in Q2 2024; driven by unfavorable fair value changes on cryptocurrency loans.
• Total Comprehensive Loss (Q2): $0.2 million (improved from $1.7 million in Q2 2024).
• Bitcoin Holdings: As of June 30, 2025, the company held a net investment of approximately 11.000 BTC in the Bitcoin Well Treasury, purchased at an average price of USD $100,887 / CAD $138,468.
• User Growth: Unique registrations grew to over 48,800 as of June 30, 2025 (144% year-over-year growth); exceeded 51,000 unique registrations as of August 1, 2025.
• Six-Month Segment Performance:
  • Online segment revenue reached $29.8 million (up 80% from $16.6 million in 2024).
  • Bitcoin Well Infinite revenue reached $23.2 million (up 139% from $9.7 million in 2024).

Notable Quotes

• “It’s great to see our hard work paying off! We are starting to see compounding traction with our growing community and customer satisfaction. I am hopeful we will continue to see good growth, especially as the price of bitcoin continues to rise.” — Adam O’Brien, Founder and CEO
• “I am extremely proud of the team as we continue to execute more efficiently demonstrating that we can scale this business... Bitcoin Well is able to produce more gross profit with less expenses because we have a team of high-performing bitcoiners that are committed to the mission and make smart decisions.” — Adam O’Brien, Founder and CEO