Ethereum
WonderFi Launches Strategic Plan to Buy Bitcoin and Ethereum to Diversify Treasury Assets
The new program reflects WonderFi’s confidence in the long-term value of both cryptocurrencies, while creating a hedge against fiat currency inflation.
July 10, 2024 8:00 a.m. EDT | Source: WonderFi Technologies Inc.
Toronto, Ontario–(Newsfile Corp. – July 10, 2024) – WonderFi Technologies Inc. (TSX: WNDR) (OTCQB: WONDF) (the “WonDF”)Business” Or “WonderFi“), Canada’s leading regulated cryptocurrency trading company, is pleased to announce that it has implemented a strategic plan to integrate Bitcoin and Ethereum into its treasury assets, with the goal of diversifying its treasury and creating a hedge against fiat currency inflation.
WonderFi made its first purchases of Bitcoin and Ethereum under the new plan on July 5 and expects to invest an average of $100,000 per week in the two leading digital assets during the third quarter. The company will use 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 additional Ethereum through staking rewards. The new program will be evaluated at the end of the quarter, with a decision to suspend, modify, or terminate the program at any time.
The July 5 purchase saw each asset acquired at an average price of less than $56,500 and $2,980, respectively. This is in addition to the 40 Bitcoin and 320 Ethereum the company already holds in treasury.
“WonderFi is deeply committed to the crypto ecosystem and this is the perfect time to demonstrate our confidence in the long-term value of both cryptocurrencies,” said Dean Skurka, President and CEO of WonderFi. “The cryptocurrency market continues to evolve significantly, and this program is a great opportunity to take advantage of the long-term upward momentum we are seeing.”
According to BitcoinTreasuries.net, there are currently over 324,000 bitcoins, with a current market value of over $18 billion, sitting in corporate treasuries.
1. As of July 9, 2024, publicly disclosed Bitcoin Treasury holdings can be found here: https://bitcointreasuries.net.
ABOUT WONDERFI
WonderFi is a Canadian leader in regulated cryptocurrency 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 international presence to include operations in Australia and through SmartPay, a global crypto payments platform.
For more information, visit www.wonder.fi.
This press release constitutes a “designated press 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 and Investor Relations
For further information please contact:
Hayley Sucharek
Kaiser & Associates
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 conditions, but represent only WonderFi Technologies Inc.’s (“WonderFi” or the “Company”) beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and beyond the Company’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “may”, “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 cautions 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. Key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements include the following: taxation, controls or regulation 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 operates or in which the Company may operate in the future; and material adverse changes in general economic, business and political conditions, including changes in financial markets and compliance with extensive government regulation, decisions to modify, suspend or discontinue certain cash management strategies. These risks are not intended to represent an exhaustive list of the factors that could affect the Company; however, these factors should be considered carefully. If one or more of these risks, uncertainties or other factors materialize, or if assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein. The impact of any 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 evaluation of all information at the relevant time. A more complete description of the risk factors that could impact WonderFi’s business, financial condition and results of operations is set forth 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 the forward-looking information and statements and the expectations contained therein 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 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 statements contained or referred to 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 are expressly qualified in their entirety by this notice. All financial amounts referred to in this press release are in Canadian dollars, unless expressly stated otherwise.
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SOURCE: WonderFi Technologies Inc.