VANCOUVER, British Columbia, April 30, 2025 (GLOBE NEWSWIRE) — BIGG Digital Assets Inc. (“BIGG” or the “Company”) (TSXV: BIGG; OTCQX: BBKCF; WKN: A2PS9W), a leading innovator in the digital assets space and owner of Netcoins, Blockchain Intelligence Group, and TerraZero reports its fiscal 2024 financial results. All figures are in Canadian Dollars (CAD) unless otherwise noted.
2024 Highlights:
- Gross operating revenue of $12.43M (2023 – $6.5M), comprising $10.56M for Netcoins, $1.67M for Blockchain Intelligence Group and $0.2 for TerraZero
- Netcoins revenues were $10.56M (2023 – $4.99M), up 112% year over year (YoY), and its margin rate was down at 1.26% (2023 – 1.82%) based on gross trading volume of $831M (2023 – $288M)
- Q4 2024 transactional revenues increased by 112% over Q3 2024 and 106% over the comparative Q4 2023 period, marking a positive market shift largely driven by the price appreciation of Bitcoin (BTC)
- Netcoins active users totalled approximately 42,406 (2023 – 32,566), an increase of 30% YoY. In Q4 2024, active users rose by 56% over the prior quarter to 12,514 (Q3 2024 – 8,023), marking an increase of 45% as compared to the number of active users in Q4 2023. This upward trend in the number of active users began in the last quarter of 2024, with an increase in activity and overall improved sentiment in the crypto market at the end of 2024.
- Blockchain Intelligence Group (BIG) revenues were $1.67M (2023 – $1.5M), up by 11% YoY with a margin rate of 69% (2023 – 83%).
- Q4 2024 revenues increased by 24% over Q3 2024 at $508,061 (Q3 2024 – $411,380) and were up 11% YoY at $1.67M in 2024 (2023 – $1.5M)
- However, during 2024 BIG posted a lower margin rate of 69% (2023 – 83%), due to higher costs of sales incurred primarily in Q4 that resulted in an overall net decrease of 14%.
- TerraZero revenues were $0.2M, having placed its dedicated focus on the final stages of development of its Intraverse platform, as opposed to revenue generating activities
- Netcoins revenues were $10.56M (2023 – $4.99M), up 112% year over year (YoY), and its margin rate was down at 1.26% (2023 – 1.82%) based on gross trading volume of $831M (2023 – $288M)
- As of December 31, 2024, BIGG’s cash and crypto holdings were ~$25.1M
- The Company has no debt
During 2024, the Company reported a net loss of $25,829,671 (2023 – $11,066,979). Prior to the recording of the tax liability provision and goodwill impairment as set out below, the Company’s normalized net loss for the year ended December 31, 2024 was $1,290,655 (2023 – $11,066,979). In 2024, the Company recorded:
- a tax liability provision in the amount of $8.46M in respect of Netcoins GST/HST reassessment by CRA. The Company is contesting the CRA reassessment and pursuing its appeal rights under Canadian federal tax legislation; however, to reflect the uncertainties of CRA’s appeals process and litigation, the Company has recorded a liability; and,
- a $16M impairment of goodwill arising from the acquisition of TerraZero in late September 2023. A number of factors impacted the review of the recoverable amount and resulted, ultimately, in the decision to write-off the goodwill in its entirety:
- given the nascent nature of the industry in which TerraZero operates, there are no comparable, publicly traded companies to support the revenue estimates, growth-driving partnerships and assumptions used in the 5-year cash flow forecast;
- TerraZero is a young company, founded in 2021, and does not have significant historical information to support the revenue estimates, growth-driving partnerships and assumptions used in the 5-year forecast for Intraverse and associated product development(s);
- TerraZero’s Intraverse platform was in development throughout 2024 and revenue generating activities were virtually non-existent. Intraverse was not completed until the end of March 2025 and, as a result, there is not sufficient, auditable evidence of contract values to support the revenue estimates and assumptions used in the 5-year cash flow forecast; and
- the TerraZero acquisition was completed via a share exchange agreement, when the Company’s shares were issued at a higher price than the prevailing market price.
With the recent completion and launch of TerraZero’s Intraverse platform in late March 2025, TerraZero is expected to generate revenues in fiscal 2025.
Further Highlights:
- BIGG currently owns ~ 68 Bitcoin, valued at $8.9M
- BIGG’s current treasury of fiat and crypto assets is valued at ~$30M, inclusive of Netcoins’ float of ~$11.4M
- Netcoins currently has customer Assets Under Custody of approximately ~$174M.
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, 2024, available at http://www.sedarplus.ca
All financial information in this press release is prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board.
Dan Reitzik, Interim CEO commented, “2024 was a pivotal year for BIGG. Netcoins performed beyond expectations in terms of significant customer growth, trading volume of over $830 Million and transaction revenue exceeding $10M. Netcoins is now profitable and, after starting 2025 very strongly, is on track to achieve ~$1B in trading volume.
Blockchain Intelligence launched two new products: TokenEyes – a consumer focussed security app; and QLUE Express – our streamlined investigative tool without the extensive training and procurement requirements of QLUE.
TerraZero spent 2024 building its proprietary technology platform, Intraverse, and recently launched in beta with a number of projects in the pipeline that will deploy in the coming weeks and months. A major focus for TerraZero this year will be the integration of blockchain and crypto into the Intraverse platform, powered by Netcoins. This will enable a creator economy and social network, giving users the choice of crypto or fiat commerce. Intraverse is being developed as a more mature version of metaverse platforms including Roblox and Fortnite, and targets the 800M young users already familiar with Web3 and the immersive social internet, looking for similar experiences as they age out of these other platforms.”
Future operating results could also be materially affected by the price of cryptocurrency and the demand (or lack thereof) for cryptocurrency. In addition, BIGG’s past financial performance may not be a reliable indicator of future performance.
On behalf of the Board
Dan Reitzik
Interim CEO
ir@biggdigitalassets.com
778.819.3890
About BIGG Digital Assets Inc.
BIGG Digital Assets Inc. is a cutting-edge technology company operating across three dynamic business segments: (1) immersive metaverse experiences that redefine digital interaction and engagement (TerraZero.com), (2) a secure and innovative cryptocurrency trading platform for seamless digital asset transactions (Netcoins.com), and (3) advanced big data and blockchain technology solutions that drive efficiency, security, and scalability across industries (BlockchainGroup.io). Our mission is to pioneer the future of digital ecosystems, empowering users and businesses with next-generation technology.
TerraZero Technologies Inc. is a vertically integrated Metaverse development group and leading Web3 technology company specializing in helping brands create immersive experiences. TerraZero’s Metaverse-agnostic vision is to develop and implement products and services with scalable commercial applications to flourish engagement across gamified experiences where enterprise-level businesses and Web3 creators can seamlessly bridge and actionably grow their virtual world and the physical world endeavours together as one. TerraZero’s offers: (1) immersive experience creations via its Intraverse platform; (2) advertising; (3) data analytics; and (4) events and marketing. TerraZero aims to support the community, foster innovation, and drive adoption. For more information, please visit https://terrazero.com/ or contact hello@terrazero.com.
Netcoins offers secure crypto trading in Canada and the USA, with a mission to make crypto trading easy. Netcoins has a robust product offering with over 40 assets for Crypto Trading and Staking (Canada Only). Netcoins facilitates crypto trading via its cutting-edge Mobile and Web applications and through its OTC Trading Desk. For more information please visit our website http://www.netcoins.com.
Blockchain Intelligence Group is an industry leading digital asset forensics, anti-money laundering detection, and cryptocurrency investigations company. At the heart of our operations is a deep-rooted expertise in visualizing digital assets and market related activities. This expertise is leveraged to monitor transactional data with a constant eye to assisting our customers with risk management, due diligence, and forensic services for digital assets. For more information please visit our website http://www.BlockchainGroup.io.
For more information and to register for BIGG’s mailing list, please visit our website at https://www.biggdigitalassets.com. Or visit SEDAR+ at http://www.sedarplus.ca.
Forward-Looking Statements
Certain statements in this release are forward-looking statements or information, which include the expected opportunities, outcomes, potential and benefits of the Company’s products and services, the expected adoption and growth of cryptocurrency and the Company’s products and services, evaluating, researching and predicting market trends, the development and completion of products and services, the launch of products and services, events, plans, courses of action, and the potential of the Company’s technology and operations and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forward-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, the ability to manage operating expenses, which may adversely affect the Company’s financial condition, the ability to remain competitive as other better financed competitors develop and release competitive products, volatility in the trading price of the common shares of the Company, the demand and pricing of cryptocurrency, the Company’s ability to successfully define, design and release new products in a timely manner that meet customers’ needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; and other factors, many of which are beyond the control of BIGG. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Undue reliance should not be placed on the forward-looking information because BIGG can give no assurance that they will prove to be correct. The securities of BIGG are considered highly speculative due to the nature of BIGG’s business. For further information concerning these and other risks and uncertainties, refer to the Company’s website and filings on http://www.sedarplus.ca. In addition, BIGG’s past performance may not be a reliable indicator of future performance.
Important factors that could cause actual results to differ materially from BIGG’s expectations include consumer sentiment towards BIGG’s products and Cryptocurrency, Blockchain and Metaverse technology generally, technology failures, the lack of demand for the company’s products and services, fluctuations in the price of cryptocurrency, the ability to successfully define, design, and release new products in a timely manner that meet customers’ needs; the ability to attract, retain, and motivate qualified personnel; competition in the industry; the ability to obtain and/or maintain licences, permits and approvals that are necessary to operate the business; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; increase in costs and expenses; the dependence on key personnel; competition; the demand and pricing of cryptocurrencies and NFTs (including digital assets); litigation; security threats, including a loss/theft of NFTs, cryptocurrencies, and other assets; and failure of counterparties to perform their contractual obligations.
The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, BIGG disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, BIGG undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
