Business
Neptune Announces Investment in SpaceX and Provides Corporate Update
Vancouver, British Columbia--(Newsfile Corp. - July 6, 2022) - Neptune Digital Assets Corp. (T...
About this update from Neptune Digital Assets Corp
[{"type":"text","content":"Neptune Announces Investment in SpaceX and Provides Corporate UpdateVancouver, British Columbia--(Newsfile Corp. - July 6, 2022) - Neptune Digital Assets Corp. (TSXV: NDA) (OTC Pink: NPPTF) (FSE: 1NW) (\"Neptune\" or the \"Company\"), a blockchain technology and cryptocurrency leader in Canada, is pleased to announce that it has invested approximately $2 million USD into SpaceX (Space Exploration Technologies Corp.).SpaceX is an American spacecraft manufacturer, space launch provider, and satellite communications provider. SpaceX was founded in 2002 by Elon Musk and has the goal of reducing the cost of space transportation and to enable the colonization of Mars.The Neptune investment into SpaceX is through an arms-length party. \"Despite a financial bear market, we see investing in growth opportunities as critical to the long-term growth of Neptune. Neptune has been frugal and has retained a substantial cash balance allowing us to capitalize on new opportunities. Our investment in SpaceX, while not our core business, provides our shareholders with exposure to what we believe to be one of the most exciting technology companies of our time. This investment further diversifies our balance sheet while providing additional potential upside to shareholders.\" — Cale Moodie, President and CEOCorporate Update: Neptune Remains in a Strong Financial PositionNeptune is pleased to provide shareholders with a brief financial update during these exceptionally poor macro market conditions. Neptune has approximately $44 million in assets at the time of writing with no debt and a comfortable cash position of over $19 million. This puts Neptune in a very strong position to acquire additional assets and cryptocurrency at substantial discounts. Neptune's approach has always been one of conservative, diversified investments and a dollar cost average strategy on acquisition of both Bitcoin mining rigs and cryptocurrency. This has served Neptune well in downturn markets such as the one we are in. Current earnings per month range from $250,000 to $300,000 at current crypto prices with monthly expenses of approximately $115,000 per month.Currently, Neptune has approximately $880,000 USD in assets within a Celsius earnings account which are unable to be withdrawn. Neptune has not been affected by any other recent defaults or potential bankruptcies...