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Neptune Digital Assets Announces Comprehensive Net Income of $2.5 Million for the Period Ending May 31, 2023
Vancouver, British Columbia--(Newsfile Corp. - August 1, 2023) - Neptune Digital Assets Corp. (TS...
About this update from Neptune Digital Assets Corp
[{"type":"text","content":"Neptune Digital Assets Announces Comprehensive Net Income of $2.5 Million for the Period Ending May 31, 2023Vancouver, British Columbia--(Newsfile Corp. - August 1, 2023) - 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 May 31, 2023 quarterly condensed consolidated interim financial statements and management discussion and analysis for the nine months ended May 31, 2023.The financial highlights for the nine months ended May 31, 2023 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, 2023 with $38.5 million in assets and zero debt. Neptune earned total revenues and other income of $2.9 million through Bitcoin mining, staking, DeFi and other income-generating activities during the nine-month period ended May 31, 2023.Neptune mined $1.8 million of Bitcoin during the nine-month period ended May 31, 2023. As of the date of this release, Neptune has a total balance of 261 Bitcoin in cold storage and an additional 64 Bitcoin under chapter 11 claims with Genesis and Celsius, with the outcome of those claims currently unknown. Neptune presently retains all its Bitcoin in cold storage and does not engage in active selling.Neptune's two largest digital asset holdings as of the date of this release are 261 BTC and 175,000 ATOM. The Company also holds positions in ETH, DOT, wMemo, DASH , GRT, OCEAN and a number of other tokens, as well as an investment in SpaceX valued at approximately $2.3 million USD.Neptune currently maintains a cash and short-term investments balance of $10.6 million CAD held with a tier 1 Canadian bank and an additional $4 million USD under Chapter 11 claim with Genesis Lending with the outcome currently unknown.\"Neptune believes we are now emerging from a bear market and as such has started to position monetary assets to gain additional exposure in the projected recovery over the coming years. That said, we have taken measures to protect against substantial pullbacks or black swan type events while our crypto and monetary holdings continue to generate revenues through various avenues, including delegation, staking, nodes, high-interest term deposits, and option trade premiums. Costs ...