Project Pilot: Redefining the Bitcoin Treasury Company

Why sail when you can fly?

This week, Bitcoin Well announced a $100,000,000 financing which, if completed, will solidify our role as a leading bitcoin treasury company by combining our top-tier bitcoin platform with what could be the largest bitcoin treasury in Canada. Internally, we are calling this initiative Project Pilot. Its goal is simple yet transformative: to redefine how the market views, values, and invests in bitcoin treasury companies.

The vision behind Project Pilot

Project Pilot is a multi-phase strategy designed to give Bitcoin Well investors greater exposure to the bitcoin industry. My belief is clear: every company will soon hold bitcoin, and ignoring this reality is corporate suicide.

Today, the market has rewarded the existing bitcoin treasury companies like Strategy (formerly MicroStrategy), Metaplanet and Jack Mallers’ XXI. These are organizations that hold bitcoin but don’t produce anything beyond that balance sheet. While this model has been successful, I believe the real premium belongs to companies that generate value through an operating business and use that production to accumulate bitcoin.

That is what I have defined as a productive bitcoin treasury company. A profitable operating bitcoin business, paired with a bitcoin treasury. This is the model Bitcoin Well is pioneering with Project Pilot.

Necessary dilution

Some investors have asked about dilution tied to the initial financing. It’s a fair concern: a $30M company raising $100M will naturally dilute shareholders. But here’s the reality: remaining trapped in a micro-cap market carries a large opportunity cost.

Canada’s financial ecosystem is small, risk-averse, and overly regulated. For two years we’ve produced results, but our progress has gone largely unnoticed because our pool of investors was too small. To grow our investor base, I believe it would be wise to look beyond Canada and expand our investor base into the U.S. and global markets.

This financing will give us the ability to grow our core business, reduce debt, increase cash flow, and ultimately increase shareholder value.

The Three Phases of Project Pilot

Phase 1: Build (Complete)

As a micro cap company (valued at less than $50,000,000 on the TSXV exchange), Bitcoin Well has not been able to take advantage of most of the global or institutional markets. We were too small. To fix this responsible and with scale in mind, I wanted to complete the following:

Stand up an internationally scalable business model
Reduce operational expenses to be sustainable without outside investment
Start a small bitcoin treasury

As of Q2 of 2025, Bitcoin Well had completed these milestones and was on the path to growth. We have a bitcoin financial service platform available in Canada and USA, which experienced nearly 60 % year over year growth in revenue between Q1 2024 and Q1 2025 and had purchased 11 bitcoin as at June 25, 2025. With Phase 1 complete, we then set our sights on Phase 2.

Phase 2: Takeoff (In Progress)

The next step is to grow our market cap. From what I can tell, there are two ways to do that.

Slowly, through market forces and operational excellence
Quickly, through outside investment

As I have mentioned, I do not have confidence in the market forces of the Canadian micro-cap environment. So we are choosing the latter.

If we are successful in closing this first $100,000,000 financing, we will have increased our market cap to a level that should open up opportunities that were previously unavailable to us. After a restructuring, we will have a clear path to uplisting onto a senior stock exchange in Canada and/or the U.S. This should allow investors to benefit from increased visibility in the markets, greater access to capital, and enhanced credibility of Bitcoin Well.

As part of Phase 2, we will also be increasing our bitcoin treasury. We have already begun this by adding over 31 BTC to a total of 42.36 BTC in our treasury as of September 25, 2025, putting us in the top 120 bitcoin treasury companies in the world according to bitcointreasuries.net.

My goal is to have Bitcoin Well hold enough BTC in the future to make us one of the largest productive bitcoin treasury companies in the world. If we are successful in closing this first $100,000,000 financing, Bitcoin Well should be able to purchase enough BTC to be well on our way towards that goal by mid 2026.

Phase 3: Full Flight (Mid-2026)

In this phase, our operating business and treasury strategy should truly fuse. We should be able to leverage capital markets like MicroStrategy has done, but with the added fuel of being a productive operating bitcoin business.

Additionally, we should be able to stack sats alongside our customers. Every transaction on our platform earns a spread, and we intend to allocate a portion of that spread directly into our bitcoin treasury. This would create a compounding effect where both our business and our treasury grow in tandem.

By the end of Phase 3, I expect Bitcoin Well to hold enough BTC to establish our position as one of the world’s largest productive bitcoin treasury companies.

Structuring the Financing

This financing also introduces a “Voting Trust Agreement,” ensuring that I, as founder and CEO, can continue steering Bitcoin Well toward its vision. Historically, I have controlled ~37.5% of the company. If Bitcoin Well completes the financing as currently contemplated, that would fall dramatically. I want to ensure that our vision for the “Bitcoin Super Company” comes to life. The Voting Trust Agreement resolves that issue by aligning our vision with investor interests.

With over 12 years in the bitcoin industry, I’ve seen firsthand the evolution of this ecosystem. I believe Bitcoin Well is uniquely positioned to lead the next phase: enabling independence by making bitcoin the foundation of productive, value-creating businesses giving investors exposure to bitcoin.

The Bigger Picture

Bitcoin Well doesn't intend to be just another treasury company. We are reshaping what it means to be one. Bitcoin is one of the most important assets on the planet. The companies that will thrive are not those that simply hoard it, but those that produce value while stacking it.

As investors, customers, and bitcoiners, you’re part of a once-in-a-generation transformation of global capital markets. The winners will be productive companies that harness bitcoin. The top 1% of those winners will be the ones who make bitcoin central to their business and growth.

Bitcoin Well intends to be in that 1%. If you are interested in following our journey, please join the investor newsletter where we share updates and successes to our investors.

Stay sovereign 🫡
Adam

Disclaimer – Forward-looking information

_{Certain statements contained in this blog post may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", or the negative thereof and similar expressions. All statements herein other than statements of historical fact constitute forward-looking information including, but not limited to, statements in respect of: Bitcoin Well’s business plans, strategy and outlook; the completion of the company’s $100,000,000 financing and the expect results of same, including the company’s ability to grow its core business, reduce debt, increase cash flow and increase shareholder value, and being able to purchase enough BTC to cause the company to be well on its way towards its goal of being one of the largest productive bitcoin treasury company in the world; the expected future bitcoin holdings of all companies in the world; the company’s intention to complete an uplisting onto a senior stock exchange in Canada and/or the U.S. and the expected results of same, including the company gaining increased visibility in the markets, greater access to capital and enhanced credibility; and the expected results of Phase 3 of the company’s strategy, including the Company allocating a portion of its spread on bitcoin transactions directly into its bitcoin treasury and the effect of same, and being able to purchase enough BTC to become the largest productive bitcoin treasury company in the world.}

_{Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information, including, but not limited to the following: economic and financial conditions, volatility in the capital or credit markets; the level of demand and financial performance of the cryptocurrency and digital asset industry, the occurrence of force majeure events; the extent to which the Company is successful in gaining new long-term users or retaining existing users; developments and changes in laws and regulations, disruptions to the Company’s technology network; inability to obtain financing; competitive factors; and such other factors as discussed in the “Risks and Uncertainties” section of the Company’s MD&A.}

_{Bitcoin Well actual results could differ materially from those anticipated in this forward-looking information as a result of the foregoing risk factors and other factors, many of which are beyond the control of Bitcoin Well. Bitcoin Well believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this blog post represents Bitcoin Well expectations as of the date hereof, and is subject to change after such date. Bitcoin Well disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.}