Digital CC shows promise for bitcoin future

Bitcoin trader Digital CC has claimed a profitable entry into the computer-generated currency sector, highlighting a $630,146 profit for three and half months of business, despite the vehicle through which it conducted a backdoor listing recording an $11.8 million loss for the financial year.

Formerly Macro Energy, Digital CC changed its name in May ahead of the reverse takeover of the digitalBTC business established by technology entrepreneur Zhenya Tsvetnenko in early June.

Digital CC reported earnings before interest, tax, depreciation and amortisation of $2.7 million and says it was a proud result considering the significant time and expense that was incurred with the merger.

digitalBTC said its loss was a result of the non-cash expense for the acquisition of Digital CC of $11.6 million.

“We are committed to continuing to deliver results and performance against our business plan and targets in the current financial year, in order to build a track record of strong earnings for our shareholders,” Mr Tsvetnenko said.

“I am very pleased that these are the first financial results to be released by a bitcoin-focused company on a major stock exchange anywhere in the world.

“This is a first for our industry, and the transparency it provides into our operations and financial reporting is a new level of disclosure for our shareholders, and should help the understanding and acceptance of bitcoin in the broader investment community.”

digitalBTC said it had invested further into bitcoin mining with the purchase of additional BitFury Group equipment for about $1.4 million.

Digital CC’s share price fell by 8.9 per cent to 25.5 cents per share at the close of trade.