BIGG Digital Assets Reports Strong Financial Results for Q3 2024
Overview of Q3 2024 Highlights
Gross Operating Revenue Growth
BIGG Digital Assets Inc. (BIGG) announces its Q3 2024 financial results, showcasing notable growth in gross operating revenue. The company’s revenue sources include Netcoins and Blockchain Intelligence Group, which contributed $2.13M in total. Netcoins saw a 66% increase in revenue year-over-year, while Blockchain Intelligence Group experienced a 6% growth. TerraZero, focused on new product development, recorded revenue adjustments as it progresses towards launching its Intraverse product.
Netcoins Performance
Netcoins reported $107.3M in Assets Under Custody by the end of Q3 2024, reflecting a significant 72% year-over-year increase. The platform also achieved an active user base of 8,023, showing a 1% growth from the previous year. Netcoins USA completed a direct integration with Zero Hash, enhancing its crypto trading capabilities in 48 U.S. states.
Operational Developments
BIGG introduced innovative retail service offerings leveraging its data and infrastructure to capitalize on emerging market opportunities. The company also launched new CCI modules and continued the development of its Intraverse product through TerraZero, aimed at delivering a new gamified social platform experience.
Post-Q3 2024 Highlights
Asset Portfolio Growth
BIGG’s asset portfolio includes ~100.5 Bitcoin valued at ~$13.5M, showcasing the company’s investment success. Netcoins’ Assets Under Custody grew to approximately $174.9M post-Q3 2024, marking a 63% increase over the previous quarter and a substantial 181% rise from Q3 2023.
Product Launch
BIGG launched QLUE Express, a new product offering with flexible pricing options to broaden market access. The product caters to a wide range of organizations and individuals seeking cost-effective compliance solutions in the crypto space.
CRA Reassessment
The Canada Revenue Agency issued a reassessment to BIGG related to Netcoins’ fiscal 2018 operations, totaling $8,358,119, including interest and penalties. The company plans to contest this reassessment, emphasizing the discrepancy in the tax dispute and its potential financial impact if unresolved.
CEO’s Statement
Interim CEO Dan Reitzik expressed optimism about Netcoins’ revenue growth and client acquisition, citing the positive trajectory into Q4. The introduction of QLUE Express and ongoing product developments position BIGG well in the evolving digital assets landscape despite the challenges posed by the CRA reassessment.
For more information and detailed financial reports, visit BIGG’s official website and regulatory filings on SEDAR+.
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