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Draft:Bitcoin Well Inc.

From Wikipedia, the free encyclopedia
Bitcoin Well Inc.
TypePublic
TSX-V: BTCW
OTCQB: BCNWF
IndustryBitcoin, financial services
Founded2013; 13 years ago (2013) in Edmonton, Alberta, Canada
FounderAdam O'Brien
Headquarters
Edmonton, Alberta
,
Canada
Key people
Adam O'Brien (founder, president and CEO)
ProductsBitcoin ATMs; online self-custody bitcoin platform
RevenueApproximately C$100 million (fiscal 2025)[1]
Websitebitcoinwell.com

Bitcoin Well Inc. is a Canadian bitcoin company headquartered in Edmonton, Alberta. The company operates a network of Bitcoin ATMs across Canada and an online platform through which customers in Canada and the United States can buy and sell bitcoin directly to a self-custody wallet they control.[2][3] Founded by Adam O'Brien in 2013, the company installed early bitcoin ATMs in Alberta and Saskatchewan and has been described as the first bitcoin ATM operator to become a publicly traded company.[4][5][6] Bitcoin Well trades on the TSX Venture Exchange under the symbol BTCW and on the OTCQB under BCNWF.[7]

History

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Bitcoin Well was founded by Adam O'Brien in Edmonton in 2013 after O'Brien had difficulty purchasing bitcoin through existing channels.[2][6] He began by selling bitcoin to buyers he met in person, and the business initially operated under the name Bitcoin Solutions.[5][4] The company installed its first bitcoin ATM at the Rose and Crown pub in Edmonton in February 2014, which has been described as Alberta's first, and installed Saskatchewan's first bitcoin ATM in Saskatoon in May 2014.[4][6][5][8] By 2017, the company operated nine machines in Alberta and Saskatchewan and had announced plans to expand to Vancouver and Winnipeg.[4]

In June 2021, a subsidiary of Red River Capital Corp. amalgamated with the operating Bitcoin Well entity in a reverse takeover under the policies of the TSX Venture Exchange. The combined company was renamed Bitcoin Well Inc., and its common shares began trading on the TSXV under the symbol BTCW on 30 July 2021.[9][10]

Alongside the listing, the company acquired Paradime Ltd., a United Kingdom–based bitcoin ATM operator trading as AlphaVend that operated 26 machines in England, Scotland and Wales. The acquisition was the company's first expansion outside Canada.[9]

Operations

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Bitcoin Well reports its results in three operating segments: bitcoin ATMs, an online bitcoin portal, and "Bitcoin Well Infinite", a service for large bitcoin transactions by high-net-worth individuals and businesses.[10]

According to the company's 2025 year-end review, Bitcoin Well operates approximately 160 bitcoin ATMs across Canada, had over 64,000 registered users on its online portal as of 31 December 2025, and expected fiscal 2025 revenue in excess of C$100 million.[1] As of 2026, the company operated more than 150 of the roughly 4,000 cryptocurrency ATMs in Canada.[11]

Purchases through Bitcoin Well settle directly to a wallet controlled by the customer rather than to an account held by the company.[2][9]

Regulation

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Bitcoin Well is registered as a money services business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).[10] In 2025, the company completed registration as a payment service provider with the Bank of Canada under the Retail Payment Activities Act.[1]

As a company listed on the TSX Venture Exchange, Bitcoin Well is a reporting issuer subject to Canadian securities-disclosure requirements and files audited financial statements and an annual information form via SEDAR.[10]

In April 2026, the Government of Canada's Spring Economic Update proposed banning cryptocurrency ATMs nationwide, describing the machines as a primary method used by scammers to defraud victims and by criminals to launder cash proceeds of crime.[11][3] O'Brien criticized the proposal, arguing that it would not address the root causes of fraud, and said the company displays fraud warnings on its machines, blacklists cryptocurrency wallets associated with financial crime, and has consulted with the Edmonton Police Service on cryptocurrency education for officers.[11][3] As of May 2026, the proposal had not been introduced as legislation.[11]

References

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  1. ^ a b c "Bitcoin Well Reports 2025 Yearly Review". The Newswire (press release). 2026. Retrieved 15 July 2026.
  2. ^ a b c "About Bitcoin Well — A Self-Custody Bitcoin Company". Bitcoin Well. Retrieved 15 July 2026.
  3. ^ a b c "Edmonton-based cryptocurrency company wants to work with feds on proposed ATM crackdown". CTV News Edmonton. 2 May 2026. Retrieved 17 July 2026 – via BNN Bloomberg.
  4. ^ a b c d McEwan, Travis (13 August 2017). "Bitcoin surge leads to expansion for Sherwood Park business owner". CBC News. Retrieved 17 July 2026.
  5. ^ a b c "Saskatchewan's first bitcoin ATM opens in Saskatoon". CBC News. 4 May 2014. Retrieved 17 July 2026.
  6. ^ a b c "Adam O'Brien — Top 40 Under 40 2021". Edify. 3 November 2021. Retrieved 17 July 2026.
  7. ^ "Bitcoin Well Inc. (BTCW) — TSXV Stock Quote". TMX Money. Retrieved 15 July 2026.
  8. ^ "First Bitcoin ATM in Saskatchewan opens in Saskatoon". Global News. 5 May 2014. Retrieved 17 July 2026.
  9. ^ a b c "Bitcoin Well Announces Commencement of Trading on TSX Venture Exchange under Ticker BTCW". GlobeNewswire (press release). 28 July 2021. Retrieved 15 July 2026.
  10. ^ a b c d "Bitcoin Well Inc. — Annual Information Form 2025" (PDF). SEDAR+. 5 March 2026. Retrieved 15 July 2026.
  11. ^ a b c d Cole, Jesse (5 May 2026). "Canada's plan to ban crypto ATMs worries industry, advocates". BetaKit. Retrieved 17 July 2026.
[edit]


Category:Bitcoin companies Category:Companies based in Edmonton Category:Financial services companies of Canada Category:Financial services companies established in 2013 Category:Canadian companies established in 2013 Category:Companies listed on the TSX Venture Exchange

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