BIGG Digital Assets Inc. (OTCMKTS:BBKCF) soared 35% after releasing its Q2 2021 financial results. The Netcoins crypto brokerage and Blockchain Intelligence Group owner-reported gross revenue of around C$4.55 million, with Netcoins generating C$4.16 million and Blockchain Intelligence Group netting $385,000.
The net revenue during the quarter represents a 24% QoQ increase and a 2000% YoY growth. Active users grew 40% QoQ and 1880% YoY to 19,000, while registered users surpassed 80,000, with gross trading margins exceeding 1.2%. BIG revenues were up 26% QoQ with gross margins of 87%. Cash and crypto minus customer deposits and restricted cash was around $65 million.
As of August 15, 2021, the company had cash and cryptocurrency holdings of around $71 million, and currently, the company owns around 430.8 Bitcoin, estimated to be worth around $27.3 million. At the end of June, BTC price was $35,000, down from Q1 2021 revaluation with Q2 revaluating, resulting in an unrealized net loss of $4.5 million on cryptocurrency holdings. As a result, investors should keep an eye on BBKCF.
Market Reaction:
On Wednesday, BBKCF stock soared 3354% at $1.01 with more than 3.66 million shares, compared to its average volume of 1.41 million shares. The stock has moved within a range of $0.7500 – 1.0800 after opening the trade at $0.7550.
