Business
Neptune Provides Corporate Update, Announces Marketing and Staking of 31,715 Solana
Vancouver, British Columbia--(Newsfile Corp. - October 25, 2024) - Neptune Digital Assets Corp. (...
About this update from Neptune Digital Assets Corp
[{"type":"text","content":"Neptune Provides Corporate Update, Announces Marketing and Staking of 31,715 SolanaVancouver, British Columbia--(Newsfile Corp. - October 25, 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 provide a corporate update.Neptune continues to mine through proof-of-work and proof-of-stake operations. Bitcoin revenues are held securely in cold storage while staking revenues are either compounded or are used to acquire more Bitcoin. Neptune is well positioned with a strong balance sheet to take advantage of what is believed to be a resumption of a blockchain bull market cycle. Key financial and operational highlights are as follow:Neptune currently holds 349 BTC in cold storage, this balance continues to grow through proof-of-work mining operations, option trades, purchases and using staking revenues for acquisitions.Earlier in the year Neptune purchased 26,964 Solana (\"SOL\") at a price of US$64 per SOL. At the time of purchase this was a 67% discount to market price and, as of October 24, 2024, market price is US$180 per SOL. Neptune currently stakes 31,715 SOL earning approximately 7.25% per annum.The Company holds a portfolio of tokens which management rebalances from time to time as necessary to optimize holdings and yields. Currently, Neptune holds 193,000 ATOM, 140 ETH, 50,000 DOT, 1.3m GRT and smaller positions in Ocean, FTM, DASH, Juno and others. The majority of these tokens are staked, earning yields of 3-20% depending on the asset.As of October 25, 2024, operations generate approximately $220,000 per month at today's token prices. This income level fluctuates significantly based on token price movements. Neptune continuously assesses accretive opportunities to grow the balance sheet such as the Solana acquisition from a bankrupt entity and purchase of shares in SpaceX.Neptune has $4.6 million in cash reserves with tier 1 Canadian banks providing enough capital for over two years of operations without selling tokens or raising capital. The Company has been active in the public market with its NCIB share repurchases, periodically acquiring and cancelling shares when conditions are optimal.The Company has no debt and no share purchase warrants.\"We are enthusiastic about the Company's rece...