(TheNewswire)
Edmonton, Alberta TheNewswire – April 10, 2025 Bitcoin Well Inc. (‘ Bitcoin Well ‘ or the ‘ Company ‘) ( TSXV: BTCW; OTCQB: BCNWF ), the non-custodial bitcoin business on a mission to enable independence announces the addition of the Lightning Network for selling bitcoin on the Bitcoin Portal in the USA and a shares for debt settlement.
Lightning Network Addition
Customers can now go directly from bitcoin in their personal Lightning wallets directly to dollars in their bank using the Lightning Network. This will enable smaller transactions with fewer fees for customers of the Bitcoin Portal at bitcoinwell.com, increasing their independence.
Now, when a customer wants to sell bitcoin, they will enter the amount of dollars they want to receive, select their connected bank account, and choose between the Bitcoin and Lightning Network.
Previously, when the customer would sell bitcoin over the Bitcoin Network they had to pay mining fees and wait 4 confirmations before the transfer to their bank was initiated. Now it will happen instantly, with no fees thanks to the addition of the Lightning Network into the Bitcoin Portal at bitcoinwell.com.
Further, due to the non-custodial nature of the Bitcoin Portal, Bitcoin Well customers can hold bitcoin in their wallets longer and benefit from a smoother customer experience. With other platforms the customer would need to fund their bitcoin account balance (which puts their funds at risk), sell the bitcoin and then request the withdrawal to their bank.
From their Bitcoin Well account this happens in one single action. Directly from bitcoin in their personal wallets, to cash in their bank.
Shares for Debt Settlement
The Company is indebted to certain creditors in the total amount of $139,817 as of March 31, 2025 (the ‘Outstanding Debt’), pursuant to certain use of bitcoin agreements and a convertible debenture agreement (collectively, the ‘Agreements’). The Outstanding Debt is interest accrued under the Agreements. Bitcoin Well has elected to settle $104,155 of the Outstanding Debt by issuing 801,190 common shares in the capital of the Company (the ‘Shares’) at a deemed price of $0.13 per Share and will settle $35,662 of the Outstanding Debt by issuing 342,903 Shares at a deemed price of $0.104 per Share (the ‘Debt Settlement’). The Debt Settlement remains subject to TSX Venture Exchange approval. All Shares issued in satisfaction of the Outstanding Debt will be subject to a statutory hold period of four months plus one day.
It is anticipated that a director of the Company will participate in the Debt Settlement through a wholly owned subsidiary. Such participation will be considered to be a ‘related party transaction’ within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (‘MI 61-101’). The Company intends to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the related party participation in the Debt Settlement as neither the fair market value (as determined under MI 61- 101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it will involve interested parties, is expected to exceed 25% of the Company’s market capitalization (as determined under MI 61-101).
About Bitcoin Well
Bitcoin Well is on a mission to enable independence. We do this by making bitcoin useful to everyday people to give them the convenience of modern banking and the benefits of bitcoin. We like to think of it as future-proofing money. Our existing Bitcoin ATM and Online Bitcoin Portal business units drive cash flow to help fund this mission.
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Bitcoin Well contact information
To book a virtual meeting with our Founder & CEO Adam O’Brien please use the following link: https://bitcoinwell.com/meet-adam
For additional investor & media information, please contact:
Adam O’Brien
Tel: 1 888 711 3866
ir@bitcoinwell.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .
Forward-looking information
Certain statements contained in this news release may constitute forward-looking information, which is often, but not always, identified by the use of words such as ‘anticipate’, ‘plan’, ‘estimate’, ‘expect’, ‘may’, ‘will’, ‘intend’, ‘should’, or the negative thereof and similar expressions. All statements herein other than statements of historical fact constitute forward-looking information including, but not limited to, statements in respect of Bitcoin Well’s business plans, strategy and outlook. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information including, but not limited to, the risk factors described in Bitcoin Well’s annual information form and management’s discussion and analysis for the year ended December 31, 2024. Forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents Bitcoin Well’s expectations as of the date hereof and is subject to change. Bitcoin Well disclaims any intention or obligation to revise any forward-looking information, except as required by applicable securities legislation.
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