Yancey County man scores $1 million lottery ticket win
Gerald Wilson purchased the winning $10 Million Spectacular ticket at Southeast Energy on U.S. Route 19 in Burnsville.
He said he has won some money from lottery tickets in the past, but nothing like this.
'That's my ticket, I buy it all the time,' he said. 'I've won $500 a couple times but this is the biggest win I've ever had.'
MORE LOCAL LOTTERY WINS: Upstate woman wins $1 million jackpot from NC scratch ticket
Upon learning of his win, Wilson said that he wanted to share the good news.
'I called my best friend and told him, 'I just won a million dollars,'' Wilson recalled.
At the lottery headquarters, Wilson decided to take the lump sum over $600,000 over the annuity prize option. After taxes, he brought home $430,503.
As for his plans with his winnings? Wilson told state lottery officials he plans to invest the cash.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Such statements include, but are not limited to, the Company's ability to grow and manage growth profitably; the possibility that the Company may be unable to obtain the applicable regulatory approvals to execute on the commercial agreement with DTR; whether the Company will be able to successfully integrate its operations with those of DTR, including its infrastructure, and achieve the expected benefits therefrom; the regulatory environment for cryptocurrencies and digital stablecoin payments; changes in the Company's business strategy; the Company's adoption of its updated investment policy ('Investment Policy') and related international treasury strategy, including the Company's ability to successfully consummate acquisitions, integrate or manage investments in potential acquisition targets, including MarushoHotta Co.; the price of digital assets, including Bitcoin; risks associated with owning digital assets, including Bitcoin, including price volatility, limited liquidity and trading volumes, relative anonymity, potential widespread susceptibility to market abuse and manipulation, compliance and internal control failures at exchanges and other risks inherent in its entirely electronic, virtual, form and decentralized network; 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enhanced regulatory oversight as a result of the Company's Investment Policy and related international treasury strategy; the possibility of experiencing greater fraud, security failures or operational problems on digital asset trading venues compared to trading venues for more established asset classes, and any malfunction, breakdown or abandonment of the underlying blockchain protocols, or other technological difficulties, may prevent access to or use of such digital assets; the concentration of the Company's expected digital asset holdings relative to non-digital assets; the inability to use the Company's digital asset holdings as a source of liquidity to the same extent as cash and cash equivalents, due to, for example, risks associated with digital assets and other risks inherent to its entirely electronic, virtual form and decentralized network; the Company or a third-party service provider experiencing a security breach or cyber-attack where unauthorized parties obtain access to its digital assets; the loss of access to or theft or data loss of the Company's digital assets, which could be unrecoverable due to the immutable nature of blockchain transactions; if the Company elects to hold its digital assets through a third-party custodian, the loss of direct control over its digital assets and dependence on the custodian's security practices and operational integrity which may lead to the loss of its digital assets as a result of the insolvency of the custodian, theft by employees or insiders of the custodian or if the custodian's security measures are comprised, including as a result of a cyber-attack; the Company not being subject to the legal and regulatory protections applicable to investment companies such as mutual funds and exchange-traded funds, or to obligations applicable to investment advisers; the non-performance, breach of contract or other violations by counterparties assisting the Company in effecting its Investment Policy and related international treasury strategy; the Company's future capital requirements and sources and uses of cash, including funds to satisfy its liquidity needs; changes in the market in which the Company competes, including with respect to its competitive landscape, technology evolution or changes in applicable laws or regulations; changes in the markets that the Company targets; volatility and disruptions in the crypto, digital payments and stablecoin markets that subject the Company to additional risks, including the risk that banks may not provide banking services to the Company and market sentiments regarding crypto currencies, digital payments and stablecoins; the possibility that the Company may be adversely affected by other macroeconomic, geopolitical, business, and/or competitive factors; the Company's ability to launch new services and products, including with its expected commercial partners, or to profitably expand into new markets and services; the Company's ability to execute its growth strategies, including identifying and executing acquisitions and divestitures and the Company's initiatives to add new clients; the Company's ability to reach definitive agreements with its expected commercial counterparties; the Company's failure to comply with extensive government regulations, oversight, licensure and appraisals; uncertain and evolving regulatory regime governing blockchain technologies, stablecoins, digital payments and crypto; the Company's ability to establish and maintain effective internal controls and procedures; the exposure to any liability, protracted and costly litigation or reputational damage relating to the Company's data security; the impact of any goodwill or other intangible assets impairments on the Company's operating results; the Company's ability to maintain the listing of its securities on the New York Stock Exchange; and other risks and uncertainties indicated in the Company's filings with the SEC, including its most recent Annual Report on Form 10-K for the year ended December 31, 2024, its quarterly report on Form 10-Q for the quarter ended March 31, 2025, the risks regarding the Company's adoption of its Investment Policy set forth in Exhibit 99.1 to the Company's Current Report on Form 8-K, filed with the U.S. Securities and Exchange Commission on June 10, 2025 and its quarterly report on Form 10-Q for the quarter ended June 30, 2025. You are cautioned not to place undue reliance on such forward-looking statements. Such forward-looking statements relate only to events as of the date on which such statements are made and are based on information available to us as of the date of this press release. Unless otherwise required by law, we undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events. Definitions Transacting accounts: unique accounts that perform at least one transaction across crypto buy/sell and loyalty redemption each month. Monthly figures are de-duped for the month. Quarterly figure represents sum of all months in the quarter. Notional traded volume: total notional volume of transactions across crypto buy/sell and loyalty redemption. Figures represent gross values recorded as of order date. Assets under custody: the sum of coin quantities held by customers multiplied by the final quote for each coin on the last day of the quarter. 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19,261 Total liabilities 132,315 206,524 Stockholders' equity Class A Common Stock ($0.0001 par value, 60,000,000 shares authorized, 6,974,740 shares issued and outstanding as of June 30, 2025 and 6,510,885 shares issued and outstanding as of December 31, 2024) 1 1 Class V Common Stock ($0.0001 par value, 10,000,000 shares authorized, 7,177,076 shares issued and outstanding as of June 30, 2025 and 7,178,303 shares issued and outstanding as of December 31, 2024) 1 1 Additional paid-in capital 840,671 832,693 Accumulated other comprehensive loss (395) (841) Accumulated deficit (804,918) (797,960) Total stockholders' equity 35,359 33,894 Noncontrolling interest 22,531 28,959 Total equity 57,825 62,853 Total liabilities and stockholders' equity $190,140 $269,377 Expand Consolidated Statements of Operations $ in thousands except per share data 2Q25 2Q24 Revenues: Crypto services $568,103 $497,141 Loyalty services, net 9,779 12,757 Total revenues 577,882 509,898 Operating expenses: Crypto costs 561,074 491,701 Execution, clearing and brokerage fees 4,139 3,392 Compensation and benefits 20,124 22,381 Professional services 4,069 3,639 Technology and communication 2,901 3,651 Selling, general and administrative 3,590 5,516 Depreciation and amortization 154 117 Related party expenses — 150 Impairment of long-lived assets — — Restructuring expenses — 926 Other operating expenses 320 442 Total operating expenses 596,371 531,915 Operating loss (18,489) (22,017) Interest income, net (53) 1,245 (Loss) gain from change in fair value of warrant liability (8,604) (15,114) Other (expenses) income, net (2,946) 448 Loss before income taxes (30,092) (35,438) Income tax expense (60) (74) Net Loss (30,152) (35,512) Less: Net loss attributable to noncontrolling interest (15,418) (19,088) Net loss attributable to Bakkt Holdings, Inc. $(14,734) $(16,424) Net loss per share attributable to Class A Common Stockholders Basic $ (2.16) $(2.67) Diluted $ (2.16) $(2.67) Expand Consolidated Statements of Cash Flows $ in thousands 6MO Ended 6/30/25 6MO Ended 6/30/24 Cash flows from operating activities: Net loss $(13,915) $(56,787) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 374 174 Non-cash lease expense 566 989 Share-based compensation expense 9,681 10,419 Impairment of long-lived assets — 288 Loss on sale of Bakkt Trust 2,301 — Gain on lease assignment (1,755) — (Gain) loss from change in fair value of warrant liability (23,644) 6,068 Other 87 2 Changes in operating assets and liabilities: Accounts receivable 1,672 6,035 Prepaid insurance 1,904 7,105 Accounts payable and accrued liabilities 3,592 (15,739) Due to related party (2,360) (570) Deferred revenue (535) (2,410) Operating lease liabilities (2,698) (1,934) Customer funds payable (67,230) 20,405 Assets and liabilities of businesses held for sale (3,476) — Other assets and liabilities (493) (1,585) Net cash (used in operating activities (95,929) (27,540) Cash flows from investing activities: Capitalized internal-use software development costs and other capital expenditures (149) (2,234) Purchase of available-for-sale securities — (17,996) Proceeds from the settlement of available-for-sale securities — 22,223 Proceeds from Sale of Bakkt Trust 4,518 — Net cash used in investing activities 4,369 1,993 Cash flows from financing activities: Proceeds from Concurrent Offerings, net of issuance costs — 46,505 Proceeds from the exercise of warrants 1 3 Withholding tax payments on net share settlements on equity awards (1,712) (2,318) Proceeds from borrowings on revolving credit facility 5,000 — Proceeds on revolving credit facility (5,000) — Cash paid for financing fees (775) — Proceeds from issuance of convertible debentures 23,750 — Net cash provided by financing activities 21,264 44,190 Effect of exchange rate changes 915 (620) Net (decrease) increase in cash, cash equivalents, restricted cash, customer funds and deposits (69,381) 18,023 Cash, cash equivalents, restricted cash, customer funds and deposits at the beginning of the period 153,746 118,498 Cash, cash equivalents, restricted cash, customer funds and deposits at the end of the period $84,365 $136,521 Expand Reconciliation of Non-GAAP Financial Measures Non-GAAP Financial Measures – EBITDA and Adjusted EBITDA EBITDA is defined as earnings before interest, income taxes, depreciation and amortization. Adjusted EBITDA is defined as earnings before interest, income taxes, depreciation, amortization, acquisition-related expenses, share-based and unit-based compensation expense, goodwill and intangible assets impairments, restructuring charges, changes in the fair value of our warrant liability and certain other non-cash and/or non-recurring items that do not contribute directly to our evaluation of operating results and are not components of our core business operations. EBITDA and Adjusted EBITDA provide management with an understanding of earnings before the impact of investing and financing transactions and income taxes, and the effects of aforementioned items that do not reflect the ordinary earnings of our operations. These measures may be useful to an investor in evaluating our performance. EBITDA and Adjusted EBITDA are not measures of our financial performance under GAAP and should not be considered as an alternative to net income (loss) or other performance measures derived in accordance with GAAP. Our definitions of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures used by other companies. Non-GAAP financial measures like EBITDA and Adjusted EBITDA have limitations, should be considered as supplemental in nature and are not meant as a substitute for the related financial information prepared in accordance with GAAP. The non-GAAP financial measures should be considered alongside other financial performance measures, including net loss and our other financial results presented in accordance with GAAP.
