WonderFi Paid “Approximately” $1,875,000 in Cash for BitBuy.com – Why It Can’t Be Charted

In late 2021, there was much speculation about the sale of BitBuy.com, a domain name acquired by WonderFi following its acquisition of cryptocurrency platform BitBuy.

Up until December 2021, BitBuy was operating on BitBuy.ca, with the .com equivalent owned by Australian company Kogan.com. According to information shared at the time by Kogan.com, and reported by George Kirikos, the company parted with BitBuy.com in exchange for $1.5 million in cash and “a warrant entitling Kogan.com to approximately CAD$2.8 million” in equity or cash.

A recent SEC filing from BitBuy.com’s new owners reveals that WonderFi has parted with approximately $1,875,000 in cash for BitBuy.com. Section 3.45 of its filing states,

The Company is the owner of all right, title and interest in the domain name “Bitbuy.com” and has paid a cash amount of approximately $1,875,000 in connection with the acquisition of said domain name.

This figure is higher than the initial $1.5 million cash amount stated by Kogan.com in 2021, so WonderFi’s figure may include some further payments that were due to be paid to Kogan.com within a year of the domain acquisition. The figure may also include advertising fees, which, according to Kogan.com’s original release, would be provided to BitBuy and WonderFi by Kogan.com in connection with BitBuy’s future launch in Australia.

The word “approximately,” plus Kogan.com’s revelation of further stock or cash to be received in connection to the deal, means that this mammoth deal wouldn’t be charted by DNJournal, but it certainly gives an insight into the sales that are possible when you have a motivated buyer and an unmotivated seller.

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