Bitcoin Well Inc.

Bitcoin Well: self-custody bitcoin buying from Canada and the United States

Bitcoin Well Inc. is a publicly traded company that operates a non-custodial bitcoin platform. Its approach is to send every bitcoin purchase directly to a wallet controlled by the customer, with no custodial accounts, IOUs, or counterparty risk. The company presents itself as the first publicly traded non-custodial bitcoin platform.

Its headquarters are in Edmonton, Alberta (Canada), and the company serves customers in Canada and all 50 US states through its online portal. In Canada, it also operates a network of more than 150 bitcoin ATMs.

Services and ways to transact

The business is built around three main channels:

• Bitcoin Portal: an online platform available in Canada and all 50 US states for buying and selling bitcoin.
• Bitcoin Well Infinite: a concierge service for institutional and high-net-worth clients, designed for transfers of $50,000 or more. An Executive Bitcoin Advisor handles the entire process, from setup to settlement.
• Bitcoin ATMs: a fleet of more than 150 machines across Canada.

When buying, the platform sends the bitcoin directly to the user's personal wallet as soon as the ACH payment settles. When selling, the customer can convert bitcoin from their personal wallet and receive US dollars in their bank account, with a locked-in rate and a payout initiated quickly.

The self-custody model and its rationale

Bitcoin Well argues that bitcoin was designed for self-custody: users keep their own private keys instead of entrusting them to a third-party custodian. According to the company, when bitcoin is left on an exchange, the exchange acts as custodian and decides how and when the funds can be accessed. The company lists the risks it associates with that practice: account freezes without warning, rehypothecation (exchanges may lend out customer bitcoin), and bankruptcy of the company, which would leave funds in legal limbo. In response, it presents self-custody as a way to stay in control from the start.

History and corporate structure

The company was founded in 2013, the year Adam O'Brien discovered bitcoin and planted the idea for the project. In 2014 it launched Alberta's first bitcoin ATM under the name Bitcoin Solutions. In 2018 it significantly expanded its ATM fleet and opened its Edmonton headquarters. In 2020 it officially adopted the Bitcoin Well brand. On July 30, 2021, it began trading on the TSX Venture Exchange, and in 2022 it launched its online portal. In 2024 it formalized the Bitcoin Well Infinite service.

Its legal name is Bitcoin Well Inc. and it trades under the tickers TSXV: BTCW and OTCQB: BCNWF. The company is registered as a FinCEN MSB in the United States (#31000308454032) and as a FINTRAC MSB in Canada (#M19811620), and also holds Revenue Quebec registration #11314. Its custody model is non-custodial: customers keep their own keys.

Leadership team

Adam O'Brien is the founder and CEO. He discovered bitcoin in 2013 and launched Alberta's first bitcoin ATM in 2014; what began as an accessibility project grew into a broader mission of independence through self-custody bitcoin. The team also includes Chantel Lillycrop, VP of Operations, and Reilly Combs, Executive Advisor.

Coverage and user base

The company reports more than 80,000 users and coverage spanning Canada and all 50 US states through the portal, while its ATMs operate only in Canada. The company presents itself as one of the few publicly traded investment options tied to a business model focused exclusively on bitcoin and non-custodial.

The company's own disclaimer

Bitcoin Well warns on its site that bitcoin gives you control but also means taking on risks: transactions are final and the price can be volatile. It also states that nothing published on its website constitutes financial, investment, or legal advice.

Location and contact

203 - 10138 82 Avenue NW, T6E 1Z4 Edmonton, Alberta, Canada · Email: hello@bitcoinwell.com · Hours: Mon: 9:00 AM - 5:00 PM MDT; Tue: 9:00 AM - 5:00 PM MDT; Wed: 9:00 AM - 5:00 PM MDT; Thu: 9:00 AM - 5:00 PM MDT; Fri: 9:00 AM - 5:00 PM MDT