Bigg Digital Reports Q3 Revenues Of $2.6 Million, A 42% Sequential Decline
Bigg Digital Assets (CSE: BIGG) this morning reported financial results for the period ended September 30, 2021. The crypto broker saw revenues fall substantially during the quarter, hitting just $2.6 million.
Revenues decreased a total of 42.3% on a quarter over quarter basis, falling from $4.5 million to $2.6 million. The poor results were blamed on trading volumes being down for the crypto sector during the quarter.
The firm also posted a loss from operating activities for the quarter, to the tune of $3.8 million. The largest expense for the quarter was share based compensation at $2.5 million, followed by wages and benefits of $1.3 million and advertising and promotion of $1.2 billion.
Other income however gave the firm a major boost, lead by an unrealized gain on digital currency of $6.8 million, which enabled the company to report a positive net income of $1.0 million for the three month period.
The company also indicated it currently holds over 500 bitcoin in its treasury along with a cash position of $48.8 million.
Bigg Digital Assets last traded at $1.51 on the TSX Venture.
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