OLB Group Inc - OLB STOCK NEWS

OLB Group (NASDAQ:OLB) has provided a status update on the pending spin-off of its Bitcoin mining subsidiary, DMint, Inc. The SEC's Division of Finance Office of Crypto Assets has indicated no further comments on the Registration Statement Form S-1, pending review of December 31, 2024 audited financial statements.

Key steps remaining for the DMint spin-off include: filing the December 31, 2024 audited financial statements (planned before March 31, 2025), clearing Nasdaq requirements, and announcing the official shareholder record date for share distribution.

DMint operates a Bitcoin mining facility in Tennessee, utilizing sustainable hydroelectric and solar power. The parent company, OLB Group, is a Fintech eCommerce merchant services provider with a MOOLA CLOUD platform distribution network spanning 31,600 convenient stores and bodegas across all fifty states.

OLB Group (NASDAQ:OLB) has announced the launch of 3D Secure (3DS) Access Control Service for its proprietary SecurePay™ payment gateway. The solution, integrated and certified with major card brands like Visa, MasterCard, and Discover, enhances security for Card-Not-Present (CNP) transactions.

Key features include enhanced fraud prevention through real-time authentication, liability shift from merchants to card issuers, global acceptance, and regulatory compliance with standards like PCI DSS. The system supports seamless integration with e-commerce platforms and offers mobile optimization for smooth shopping experiences.

The company plans to launch Moola Cloud brands, including Black011.com and The BlackWireless, in Q1 2025, targeting bodega owners and the unbanked/underbanked consumer sector. These services will focus on digital downloads and eSIMs transactions, addressing fraud concerns in digital product orders.

OLB Group has announced the launch of MOOLA Pay, a Mastercard pre-paid card solution targeting the unbanked and underbanked community, scheduled for release in Q1 2025. The service will be distributed through a network of 31,600 convenience stores and bodegas across the United States. MOOLA Pay offers comprehensive features including virtual wallet capabilities, bill payments for over 30,000 utility companies, cross-border payments, rewards programs, and remote paycheck deposits. The platform also provides business solutions for bodega owners, including prepaid business cards, POS systems with inventory management, and state-of-art kiosks.

The OLB Group has rebranded its subsidiary as MOOLA CLOUD, focusing on serving the unbanked and underbanked through bodegas and convenience stores nationwide. The platform offers expanded services including mobile Top-Up, Point of Banking (POB) services, and downloadable gift cards. The initiative targets a significant market opportunity, with FDIC data showing approximately 7.1 million unbanked and 24.2 million underbanked households in the U.S. as of 2019. The company leverages its experience in transaction processing to deliver financial services through local establishments, including prepaid cell phone services via Black Wireless and Mango Mobile.

OLB Group (NASDAQ:OLB) reported its Q3 2024 financial results with year-to-date revenue of $10,101,258 and quarterly revenue of $3,083,922. The company posted a net loss of $1,630,258, with a net loss per share of $0.92. Revenue declined due to the write-off of the CDB portfolio following improper initial underwriting discovery, which is now subject to litigation with FFS Data Corp and Clear Fork Bank.

The company is advancing with new initiatives including a rebranding effort, expansion of services for convenience stores, and progress on the Dmint spinoff with a filed S-1 Registration Statement. OLB has also completed facility upgrades in Selmer, TN, and launched enhanced POS systems for bodega channels including OMNY card reselling capabilities.

OLB Group, Inc. (Nasdaq:OLB), a diversified FinTech e-commerce and business management solutions provider, has announced the filing of a Form S-1 with the SEC for the proposed spinoff of its wholly owned subsidiary, DMint, a Bitcoin mining facility. OLB shareholders of record on a yet-to-be-announced date will receive shares in the newly independent DMint.

DMint operates a dedicated Bitcoin mining facility in Selmer, TN, focusing on sustainability and efficiency. The spinoff aims to provide shareholders with direct exposure to the cryptocurrency sector. DMint employs advanced technology and energy-efficient strategies to enhance mining productivity while minimizing environmental impact.

OLB views this S-1 filing as a significant milestone in the spinoff process, demonstrating its commitment to delivering value to shareholders through innovative strategies in the digital currency space.

OLB Group, a Fintech and bitcoin mining enterprise, will present at the H.C. Wainwright 26th Annual Global Investment Conference from September 9-11, 2024. The event will be held both in-person at the Lotte New York Palace Hotel and virtually, featuring over 550 company presentations. Ronny Yakov, CEO of OLB Group, will be available for one-on-one meetings with registered investors.

Patrick Smith, Vice President of OLB Group, will provide an overview of the company's Fintech products and services, introduce new products, and discuss rebranding efforts for the underbanked and unbanked community. Management will also update investors on the spin-off of DMint, OLB Group's wholly-owned bitcoin mining subsidiary.

The presentation will be available on-demand starting September 9, with a 90-day replay accessible through the conference website and OLB Group's investor relations page.

The OLB Group, Inc. (NASDAQ:OLB) has released its financial results for Q2 2024. The company reported revenue of $3.5 million, down from $8.3 million in Q2 2023. The net loss increased to $2.6 million compared to $631,000 in the prior year's quarter. Adjusted EBITDA was ($1.4) million vs $1.2 million in Q2 2023. The net loss per share rose to ($1.49) from ($0.41) year-over-year.

The revenue decline was primarily due to the closure of a merchant portfolio acquired in Q4 2021, which is now subject to ongoing litigation. Despite challenges, OLB has stabilized with an annual revenue run rate of $14M. The company now fully owns Black011 and plans to rebrand and expand its offerings. OLB has also signed new minor league baseball teams for payment processing and software applications.

The OLB Group, a diversified Fintech eCommerce merchant services provider and cryptocurrency mining company, announced its participation in the 2024 Maxim Fintech Virtual Symposium. The event, scheduled for June 25, 2024, will feature presentations from Ronny Yakov, CEO, and Patrick Smith, VP of Finance, at 10:30 AM EDT. This symposium will highlight the evolving fintech industry, focusing on specialty finance, payments, and real estate, showcasing companies that have successfully integrated advanced technologies. The event and its replay are open to institutions and M-Vest members, who can register via the provided link.