VANCOUVER, British Columbia – October 26, 2023 – Neptune Digital Assets Corp. (TSX-V:NDA) (OTCQB:NPPTF) (FSE:1NW) (“Neptune” or the “Company“), a cryptocurrency pioneer in Canada, is pleased to provide an update on its business operations.
With a commitment to growth, Neptune is actively expanding its proof of stake (PoS) operations. Strategically amassing DOT (Polkadot) and SOL (Solana) among its existing proof of stake tokens. These tokens are delegated to validators, ensuring consistent yields that are automatically reinvested, compounding growth.
Neptune operates an ETH (Ethereum) validator that generates yield rewards. Running a validator, Neptune is responsible for storing data, processing transactions, and adding new blocks to the blockchain. This is part of Neptune’s proof of stake and blockchain node strategy, the Company will continue to grow these operations.
Neptune’s long-term holding of ATOM (Cosmos) continues to yield nearly 20%, with the proceeds channeled into either enhancing the Company’s Bitcoin balance or reinforcing our PoS operations. This is in addition to its legacy DASH masternodes that Neptune has been operating since 2018. “We believe that positioning the Company at the heart of blockchain transactions brings long-term sustainability and significant revenue opportunities”, stated Cale Moodie, CEO of Neptune. “Our growing expertise in managing nodes, validators, and other blockchain software, bodes well for Neptune’s value,” he emphasizes.
Neptune is excited about the burgeoning Artificial Intelligence (AI) market and the impact it will have in many industries, including blockchain. Neptune is building investments in AI tokens such as GRT (Graph) and Ocean. Once the Graph position reaches its full potential, Neptune intends to add it to its PoS revenue stream. Ocean is currently staked and earning rewards as part of Neptune’s existing PoS operations.
In addition to its Proof of Stake endeavors, Neptune continues in the proof of work (PoW) mining landscape, operating 75 petahash of S19 Bitmain mining rigs across two facilities in the United States. This ensures a steady flow of Bitcoin income, securely held in cold storage in Neptune’s treasury. As Kalle Radage, Neptune’s COO, notes, “With the maturation of the Bitcoin mining market and the impending Bitcoin halving, Neptune is diligently assessing the economics of Bitcoin mining and scouting new investment opportunities.”
With over $11 million in cash reserves, a Bitcoin cold storage balance of 313 BTC which consistently increases thanks to PoW and PoS mining activities, Neptune remains well-equipped for the future. The cash assets are strategically placed in high-yield term deposits at top-tier Canadian banks, periodically directed into BTC and ETH option trades that can yield up to 45% APR.
Operating on a lean administrative budget of approximately $1.5 million per year, Neptune continues to generate substantial crypto and cash gross revenues, presently at nearly $4 million per year, though subject to fluctuations in crypto prices.
Neptune maintains a strategic investment in SpaceX, holding 28,634 shares valued at approximately $2.8 million CAD.
Anticipating the release of its annual audited consolidated financial statements in the first two weeks of December, Neptune’s CEO, Cale Moodie, offers an optimistic outlook: “It finally seems that we are emerging from the bear market and, as such, we wanted to provide an update to our shareholders. Neptune is extremely well positioned for significant growth in both assets and revenues as we see the values of underlying tokens grow. By shoring up our cash balances, settling claims with third parties and investing those into crypto assets, we believe the timing worked in the Company’s favor and we are perfectly positioned for the next bull cycle. We aim to keep our operating costs low while watching our revenues grow as we take advantage of existing mining operations, while we accretively add new technologies and blockchains to our portfolio.” stated Cale Moodie, Neptune CEO.
About Neptune Digital Assets Corp.
Neptune Digital Assets Corp. (TSX-V:NDA) (OTCQB:NPPTF) (FSE:1NW) is one of the first publicly traded blockchain companies in Canada and is at the forefront of the cryptocurrency and blockchain landscape. Neptune engages in operations across the digital asset ecosystem including Bitcoin mining, proof-of-stake mining, blockchain nodes, decentralized finance (DeFi), and other associated cutting-edge technology. Our unwavering commitment to innovation and strategic growth enables us to continually explore new opportunities and maximize value for our shareholders. For more information about Neptune Digital Assets Corp., please visit our website at www.neptunedigitalassets.com or follow us on Twitter (x.com) (@NeptuneDAC).
ON BEHALF OF THE BOARD
Cale Moodie, President and CEO
Neptune Digital Assets Corp.
1-800-545-0941
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.
Forward-Looking Statements
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.