New program reflects WonderFi's confidence in the long-term value of both cryptocurrencies, while also creating a hedge against fiat currency inflation
July 10, 2024 8:00 AM EDT | Source: WonderFi Technologies Inc.
Toronto, Ontario--(Newsfile Corp. - July 10, 2024) - WonderFi Technologies Inc. (TSX: WNDR) (OTCQB: WONDF) (the "Company" or "WonderFi"), Canada's leader in regulated crypto trading, is excited to announce that it has implemented a strategic plan to incorporate Bitcoin and Ethereum into its treasury assets, with the intent of diversifying its treasury and creating a hedge against fiat currency inflation.
WonderFi made its initial purchases of Bitcoin and Ethereum under the new plan on July 5th and intends to invest an average of USD 100,000 per week into these two leading digital assets in the third quarter. The Company will employ dollar cost averaging ("DCA") in the purchases to manage potential volatility as it builds its portfolio. WonderFi may also stake the Ethereum it acquires to earn incremental Ethereum through staking rewards. The new program will be evaluated at the end of the quarter, with a decision to pause, modify or terminate the program at any time.
The July 5th purchase acquired each asset at an average price below USD 56,500 and USD 2,980, respectively. This adds to the 40 Bitcoin and 320 Ethereum that the Company already holds in treasury.
"WonderFi is deeply committed to the crypto ecosystem and now is an ideal time to demonstrate our confidence in the long-term value of both cryptocurrencies," said Dean Skurka, President and CEO of WonderFi. "The crypto market continues to evolve meaningfully, and this program is an excellent opportunity to take advantage of the long-term upward momentum we're seeing."
Over 324,000 Bitcoin, with a current market value of over USD 18 billion, are currently sitting in corporate treasuries, according to BitcoinTreasuries.net.1
1. As of July 9th, 2024, publicly disclosed Bitcoin treasury holdings can be found here: https://bitcointreasuries.net.
ABOUT WONDERFI
WonderFi is a Canadian leader in regulated crypto trading with over $1.5 billion in assets under custody across all brands, including Bitbuy and Coinsquare.
Designed to provide investors with diversified investment exposure across the global digital asset ecosystem, the company has expanded its presence internationally to include operations in Australia, and through SmartPay, a global crypto payments platform.
For more information, visit www.wonder.fi.
This news release constitutes "a designated news release" for the purposes of the Company's prospectus supplement dated December 23, 2022, to its short form base shelf prospectus dated September 7, 2022.
Media / Investor Relations
For additional information, please contact:
Hayley Sucharek
Kaiser & Partners
Hayley.Suchanek@kaiserpartners.com
289.681.2477
Charlie Aikenhead
invest@wonder.fi
Forward-Looking Information and Statements
This press release contains certain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the beliefs of WonderFi Technologies Inc. ("WonderFi" or the "Company") regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such "could", "intend", "expect", "believe", "will", "projected", "planned", "estimated", "soon", "potential", "anticipate" or variations of such words.
By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: taxation, controls or regulations and/or changes in the administration of laws, policies and practices and political or economic developments in Canada and other jurisdictions in which the Company carries on business or in which the Company may carry on business in the future; and material adverse changes in general economic, business and political conditions, including changes in the financial markets and compliance with extensive government regulation, decisions to modify, pause or discontinue certain treasury management strategies. These risks are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein. The impact of any one assumption, risk, uncertainty, or other factor on a particular forward-looking statement cannot be determined with certainty because they are interdependent and the Company's future decisions and actions will depend on management's assessment of all information at the relevant time. A more fulsome description of risk factors that may impact business, financial condition and results of operation with respect to WonderFi is set out in its management's discussion and analysis and financial statements for the period ended March 31, 2024, available on its SEDER+ profile at www.sedarplus.ca.
Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice. All financial amounts referenced herein are in Canadian dollars unless otherwise expressly identified.