Tap Global Group Plc - Income Boost from Bitcoin & Digital asset recoupment to positively impact Balance Sheet and liquidity
PR Newswire
LONDON, United Kingdom, May 30
Certain information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR") as applied in the United Kingdom. Upon publication of this Announcement, this information is now considered to be in the public domain.
30 May 2025
Tap Global Group Plc
("Tap Group" or the "Company")
Income Boost from Bitcoin
Digital asset recoupment to positively impact Balance Sheet and liquidity
Tap Global Group Plc (AQSE: TAP), an innovative digital finance hub that brings money payments and cryptocurrency settlement services together in a single user-friendly app, announces an income boost for the current financial year ending 30 June 2025 from the recoupment of Bitcoin rewards paid out between 2020-2024 as referral incentives.
In line with Tap Group's strategy to focus on high-quality users and account activation opportunities, the Company recently conducted a review of registered user accounts. In doing so, the Company identified historical referral costs totalling approximately 5 Bitcoin (worth approximately £400,000 at today's prices) which were eligible for recoupment.
These Bitcoin assets have been added to the Company's Balance Sheet and will be managed in accordance with the Company's digital asset management plan, which allows for up to 50% of the Company's cash and cash equivalent assets to be held in the form of digital assets. The accounting treatment for the recovery of these historical referral costs is being finalised but it is expected to be recognised as 'other income.'
Considering record revenues reported for the first half of the current financial year (see 28 March 2025 announcement), and robust trading in the second half, this income boost further enhances the Company's balance sheet, liquidity and profitability.
Arsen Torosian, CEO of Tap Group, commented:
"A recent review of user accounts as part of a broader operational focus on high-quality users has produced a windfall through the recoupment of historical referral bonuses that were paid out in Bitcoin and were eligible for recovery by the Company. This income boost will further support ongoing growth initiatives including the activation of new revenue streams. We look forward to reporting record revenues and a first full year of positive EBITDA."
The Directors of the Company accept responsibility for the contents of this announcement.
Enquiries:
| Tap Global Group PlcArsen Torosian, Chief Executive Officer | via Vigo Consulting |
| Peterhouse Capital Limited (Aquis Growth Market Corporate Advisor) | +44 (0)20 7220 9795 |
| Tennyson Securities (Broker)Peter KrensAlan Howard | +44 (0)20 7186 9030 |
| Vigo Consulting (Investor Relations)Ben SimonsPeter Jacob Amelia Thorn | +44 (0)20 7390 0230tapglobal@vigoconsulting.com |
About Tap Global Group Plc
Tap Global Group Plc ("Tap Group") bridges the gap between traditional finance and blockchain technology. It offers over 380,000 individual and business customers an innovative and fully integrated fiat payments and cryptocurrency settlement service including access to several major cryptocurrency exchanges. Through the Tap app, customers can trade over 50 cryptocurrencies and store them directly in their customer wallet, while benefiting from proprietary AI middleware for real-time best-execution and pricing.
Tap Group's European business, Tap Global Limited, was the first cryptocurrency FinTech company to be approved by Mastercard in Europe. Through the Tap card, European users can convert their cryptocurrencies to fiat and spend at more than 37 million merchant locations worldwide.
Investor website:
www.investor.tap.global
Tap Group's operating subsidiaries
Tap Global Limited serves the European customer base and is registered in Gibraltar and licensed and regulated by the Gibraltar Financial Services Commission under the DLT with licence No. 25532.
Tap Americas LLC serves the US customer base and is a limited liability company organised under the laws of the state of Florida. Cryptocurrency services are provided by Zero Hash, a Chicago-based B2B2C crypto infrastructure platform.
Learn more:
www.withtap.com
Follow us on social media:
LinkedIn: https://www.linkedin.com/company/tapglobal/
X: https://x.com/TapGlobalPlc
