- Neptune Digital Assets (TSXV:NDA), a crypto and blockchain infrastructure stock, posted a net income profit of C$17.1 million in fiscal 2024, ended August 31, driven by Bitcoin’s recent resurgence
- The figure is up from a net loss of C$3.4 million year-over-year and includes four profitable quarters in a row
- Neptune Digital Assets is a cryptocurrency and blockchain infrastructure company focused on Bitcoin mining, proof-of-stake mining, blockchain nodes and decentralized finance
- Neptune Digital stock has added 157.89 per cent year-over-year
Neptune Digital Assets (TSXV:NDA), a crypto and blockchain infrastructure stock, posted a net income profit of C$17.1 million in fiscal 2024, ended August 31, driven by Bitcoin’s recent resurgence.
Assets reached C$50.7 million – with no debt – an increase of 54 per cent year-over-year (YoY).
Net income was C$17.1 million, up from a net loss of C$3.4 million YoY, including four straight profitable quarters.
Gross mining revenue dropped from C$2.3 million to C$1.8 million because of the Bitcoin halving event reducing production.
Staking revenue rose thanks to growth in staked altcoin balances. Neptune holds 32,100 Solana tokens, the majority of which are staked and generating staking revenue.
Crypto portfolio allocation as of Dec. 20 includes 354 BTC, 32,100 SOL, 200,000 ATOM, 663,000 FTM, 1.27 million GRT, 51,000 DOT and 141 ETH, in addition to smaller positions in DASH, JUNO, Ocean and a number of other smaller market-cap tokens. The company also holds 26,720 SpaceX shares through two third-parties valued at approximately C$7.1 million, representing an over 100 per cent return since August 31, 2023.
Cash stands at C$4 million, equivalent to over two years of normal general and administrative costs.
Neptune expects to secure up to US$25 million in debt financing for potential investments in crypto assets, derivative trading and proof-of-stake operations to capitalize on the ongoing crypto bull market.
The price of Bitcoin, the largest cryptocurrency at over C$2.7 trillion in market capitalization, has risen by approximately 150 per cent year-to-date, last trading at almost C$140,000 per token according to Coin Market Cap.
Leadership insights
“This year has been transformative for Neptune as we position ourselves at the forefront of the crypto bull market,” Cale Moodie, Neptune Digital Assets’ chief executive officer, said in a statement. “By strategically rebalancing and leveraging our assets, we are seizing the opportunities presented by rising crypto prices. Our SpaceX investment has grown into a substantial asset, reflecting our commitment to forward-thinking investments with long-term potential. To fuel growth without diluting shareholder value, we are actively pursuing non-dilutive debt financing, enabling us to capitalize on this cycle’s momentum. We deeply appreciate the loyalty of our shareholders through the crypto winter and are thrilled about the opportunities ahead as we gear up for what promises to be an exciting and profitable 2025.”
About Neptune Digital Assets
Neptune Digital Assets is one of the first publicly traded blockchain companies in Canada. Its operations focus on cryptocurrency and blockchain infrastructure spanning Bitcoin mining, proof-of-stake mining, blockchain nodes and decentralized finance.
Neptune Digital stock (TSXV:NDA) is down by 2 per cent trading at C$0.98 per share as of 9:31 am ET. The stock has added 157.89 per cent year-over-year.
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