VANCOUVER, British Columbia – May 2, 2023 – Neptune Digital Assets Corp. (TSX-V:NDA) (OTCQB:NPPTF) (FSE:1NW) (“Neptune” or the “Company“), one of the first publicly traded blockchain companies in Canada, is pleased to announce that it has released its February 28, 2023 quarterly consolidated financial statements and management, discussion and analysis for the six months ending February 28, 2023.
Below are a number of financial highlights pertaining to the six months ending February 28, 2023 and for the period subsequent to year end up to the date of this news release.
- Neptune ended the quarter on February 28, 2023 with $37.7 million in assets and no debt.
- Neptune earned total revenues and other income of $1.9 million through Bitcoin mining, staking, DeFi and other income-generating activities during the six month period ending February 28, 2023.
- Neptune mined $1,106,951 worth of Bitcoin up to February 28,2023. As of the date of this release, Neptune had a total balance of 244 Bitcoin in cold storage and an additional 64 Bitcoin under chapter 11 claims with Genesis and Celsius, with the outcome of those claims currently unknown. Neptune currently does not sell its Bitcoin and all Bitcoin is now stored in cold storage.
- Neptune’s two largest digital asset holdings as of the date of this release are 244 BTC and 175,000 ATOM. The Company also holds positions in ETH, FTM, wMemo, DASH, Lif3, Tomb, GRT, OCEAN and a number of other tokens, as well as an investment in SpaceX valued at approximately $2 million USD.
- Current cash balance is $11.8 million CAD held with a tier 1 Canadian bank and another $4 million USD under Chapter 11 claim with Genesis Lending with the outcome currently unknown.
“Although there have been a number of difficult quarters behind us, 2023 seems to have started on a better note and we have managed to finish the quarter with a positive net income. Neptune’s crypto holdings continue to grow, costs remain low and the treasury has a healthy balance for further growth as the markets improve in the years to come. Our shareholders can look forward to better markets, solid earnings and little to no dilution in the near term”, stated Cale Moodie, Neptune’s CEO.
About Neptune Digital Assets Corp.
Neptune Digital Assets Corp. is one of the first publicly traded blockchain companies in Canada and is a cryptocurrency and blockchain infrastructure leader with operations across the digital asset ecosystem including Bitcoin mining, proof-of-stake mining, blockchain nodes, decentralized finance (DeFi), and other associated blockchain technologies.
ON BEHALF OF THE BOARD
Cale Moodie, President and CEO
Neptune Digital Assets Corp.
Neither 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.
This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans”, “proposes” or similar terminology. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the auditors completing the remining auditing items with respect to the Annual Filings; the inherent risks involved in the cryptocurrency and general securities markets; the Company may not be able to profitably liquidate its current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company’s operations; the volatility of digital currency prices; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, currency fluctuations; regulatory restrictions, liability, competition, loss of key employees and other related risks and uncertainties.
The Company does not undertake any obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.