The company's profits come from the transaction fees or service fees of its two core businesses: Bitcoin ATM Network: This is the company's main source of cash flow. Transactions conducted through the ATMs charge a certain percentage as a service fee, with a gross profit margin estimated at 15%. This part of the business provides stable profits, offering the company reliable income. Online Bitcoin Portal: The trading fees on the online platform are relatively low, with a gross margin estimated at around 1%. Although the profit per transaction is thin, the platform aims to achieve growth through high trading volume and scalability to attract more users. The company's strategy is to use the stable cash flow generated from the ATM business to support and invest in this online platform with high growth potential.

This dual business profit model has significant strategic significance: The combination of stability and growth: The high-margin ATM business acts like a "cash cow," providing the company with stable and predictable cash flow. This capital is reinvested into the online portal business, which has low margins but significant growth potential. This model allows the company to support its long-term growth strategy without heavily relying on external financing. Promoting Bitcoin Popularity: Through offline ATMs and online platforms, the company has lowered the threshold for the general public to enter the world of Bitcoin. ATMs meet the needs of users who are accustomed to using cash or require quick small transactions, while online platforms serve a broader user base seeking a convenient digital experience. Emphasizing user asset security and autonomy: The "non-custodial" model adopted by its online portal is one of its core value propositions. This means that users' assets are not at risk due to company operational issues (such as hacking, bankruptcy, etc.), which is particularly important in the cryptocurrency industry. This move not only builds user trust but also promotes the core concepts of Bitcoin's "decentralization" and "personal sovereignty."

Mainly affected currency: Bitcoin ( BTC ). From the company name “ Bitcoin Well” to the core of its various businesses, it is clearly centered around Bitcoin. Although its ATM business mentions “other cryptocurrencies,” all public information and strategic focus are highly concentrated on Bitcoin. How to influence: Increase liquidity and accessibility: Bitcoin Well provides a convenient channel for the market to exchange fiat currency (especially Canadian and US cash) for Bitcoin (On-ramp). This increases the accessibility of Bitcoin, allowing more newcomers to enter the market, which may have a positive impact on the demand for Bitcoin. Promoting adoption and demand: By simplifying the purchasing process, the company has reduced the psychological and technical barriers for potential users, which helps to expand the user base of Bitcoin. In the long run, the growth of the user base is a key factor supporting the development of the Bitcoin value network. Strengthening Decentralized Practices: By promoting non-custodial services, Bitcoin Well educates and helps users learn how to self-custody their assets. This helps reduce the amount of Bitcoin held in centralized exchanges, thereby enhancing the decentralization and censorship resistance of the Bitcoin network to some extent.