Business
Neptune Announces a Record Nine Months Comprehensive Net Income of $24.8 Million
Vancouver, British Columbia--(Newsfile Corp. - July 30, 2024) - Neptune Digital Assets Corp. (TSX...
About this update from Neptune Digital Assets Corp
[{"type":"text","content":"\nNeptune Announces a Record Nine Months Comprehensive Net Income of $24.8 MillionVancouver, British Columbia--(Newsfile Corp. - July 30, 2024) - Neptune Digital Assets Corp. (TSXV: NDA) (OTCQB: NPPTF) (FSE: 1NW) (\"Neptune\" or the \"Company\"), one of the first publicly traded blockchain companies in Canada, is pleased to announce the release of its quarterly condensed consolidated interim financial statements and management discussion and analysis for the nine months ended May 31, 2024.The financial highlights for the nine months ended May 31, 2024 and the period subsequent to quarter-end up to the date of this news release are as follows.Neptune ended the quarter on May 31, 2024 with $57.9 million in assets, an increase of 12% over prior quarter and 76% increase since year-end. The Company has no debt.Neptune earned total revenues and other income of $2.5 million through Bitcoin mining, staking, DeFi and other income-generating activities during the nine-month period ended May 31, 2024.Neptune mined $1.5 million of Bitcoin during the nine-month period ended May 31, 2024. As of the date of this release, Neptune has a total balance of 345 Bitcoin in cold storage. Neptune presently retains all its Bitcoin in cold storage and does not engage in active selling or trading.Neptune's three largest digital asset holdings as of the date of this release are 345 BTC, 31,727 SOLANA and 185,000 ATOM. The Company also holds positions in ETH, DOT, FTM, DASH , GRT, OCEAN and a number of other tokens, as well as an investment in SpaceX valued at approximately $4.1 million.Neptune currently maintains a cash and short-term investments balance of $6 million held with tier 1 Canadian banks.\"Neptune has again shown that our conservative approach to asset management in a volatile space is paying off. Our investments in both SpaceX and discounted Solana tokens have proven to be extremely accretive to the balance sheet, while our staking and proof-of-work mining operations continuously grow our bitcoin focused asset base,\" stated Cale Moodie, Neptune's CEO. \"We look forward to an exciting fall of 2024 and a cryptocurrency resurgence into 2025.\"Operating and Financial Overview($CAD)  For the nine-month period endedMay 31, 2024May 31, 2023     Mining revenue1,539,1791,782,433 Staking revenue419,003466,390
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