Bitcoin Depot Shares Pop as ATM Operator Posts 19% Q1 Revenue Increase

Shares of Bitcoin Depot popped 20% to $2.04 on Thursday after the Revenue for the Atlanta-based firm, which manages over 8,400 kiosks in North America that let users convert cash to As part of its treasury strategy, Bitcoin Depot held $7.8 million worth of Bitcoin, up from $600,000 the previous quarter. The jump reflected a shift to fair value accounting. Last year, the company began purchasing Bitcoin with a portion of its cash reserves, while also carrying an “insignificant amount of Although Bitcoin Depot has kiosks in 48 U.S. states, the firm is trying to obtain a license to operate in the Empire State this year, CEO Brandon Mintz said on an earnings call. The state’s population could support up to 3,000 kiosks over time, a “New York state remains one of the largest untapped markets for Bitcoin ECMs,” he said. “We are in ongoing discussions with regulators and remain optimistic about obtaining a license to operate in the state in 2025.”The company that promises users can “get Bitcoin in a minute” supplies software for its machines that are purchased from another company. Since its establishment in 2016, the company says it has facilitated around $3 billion worth of transaction volume, through machines located in gas stations, convenience stores, and other brick-and-mortar settings.Since the company’s shares were listed on the Nasdaq in July 2023, Bitcoin Depot’s stock price has fallen 79%, according to Bitcoin Depot’s first-quarter performance represents a bounceback from the previous quarter, in which the firm posted a year-over-year drop in revenue. At the time, the company cited the negative impact of a law passed in California imposing daily transaction limits.Bitcoin was recently changing hands around $103,000, a 0.4% decrease over the past 24 hours, according to crypto data provider U.S. Senate Majority Whip Dick Durbin (D-IL) is among lawmakers that have In 2024, Americans over 60 years old reported $107 million in Bitcoin ATM-related losses to authorities, according to a recently published annual Bitcoin Depot says that it has 19 compliance personnel, in addition to “robust transaction monitoring systems,” as well as know-your-customer and anti-money-laundering programs.The ATMs have their supporters, though. Earlier this month, Rep. Lance Gooden (R-TX), Edited by James Rubin