©Reuters.
VANCOUVER – Neptune Digital Assets Corp. has released its annual financial figures for the year ending August 31, showing a healthy financial position with assets totaling $33 million and debt-free status. Despite a net loss of $3.4 million for the year, primarily attributed to losses from a transaction involving the sale of Genesis debt, the company saw a glimmer of hope with its Bitcoin mining revenues which increased to $3.6 million. This figure includes $2.3 million coming directly from bitcoin mining activities.
The company’s digital asset portfolio, which includes 321 bitcoin (BTC), has seen considerable growth. Additionally, Neptune has expanded its proof-of-stake operations, thereby diversifying its cryptocurrency businesses. With $11 million in cash reserves held at a major Canadian bank, the company’s liquidity position remains strong.
Neptune CEO Cale Moodie remains positive about the company’s trajectory, highlighting balance sheet strength and growth in key areas of their operations. Despite the setback from the Genesis debt sale, increasing revenue from Bitcoin mining and the expansion of their digital asset portfolio and proof-of-stake operations suggest forward momentum for Neptune in the cryptocurrency sector.
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