Bitcoin Depot Acquires the Assets of Regional Bitcoin ATM Operator Pelicoin, Expanding U.S. Presence
- Strategic expansion into Gulf South region through acquisition of established ATM network
- Immediate operational efficiency improvements through scale and experience
- Enhanced customer benefits including 24/7 support and stronger compliance program
- Market consolidation opportunity in fragmented industry
- Financial terms not disclosed, making it difficult to assess deal value and impact
- Integration costs and potential operational challenges during transition period
Insights
Bitcoin Depot's acquisition of Pelicoin strengthens its Gulf South presence, advancing its consolidation strategy in the fragmented Bitcoin ATM market.
Bitcoin Depot's acquisition of Pelicoin represents a strategic expansion of its Bitcoin ATM network across five southern states: Louisiana, Mississippi, Tennessee, Alabama, and Texas. This move aligns perfectly with the company's explicitly stated strategy to consolidate what remains a fragmented market in the Bitcoin ATM space.
The transaction delivers three immediate benefits to Bitcoin Depot: geographic expansion in the Gulf South region where the company identified growth opportunities, operational efficiencies through scale, and an expanded customer base. By integrating Pelicoin's network into its existing infrastructure, Bitcoin Depot can leverage its operational expertise and technological capabilities across more locations without proportionally increasing overhead costs.
From a competitive standpoint, this acquisition strengthens Bitcoin Depot's market position as a leading player in the cash-to-crypto access segment. The Bitcoin ATM industry is currently undergoing consolidation, with larger operators absorbing smaller regional players. Bitcoin Depot is positioning itself as an acquirer of choice, as evidenced by Pelicoin CEO's statement about Bitcoin Depot's execution capabilities making them "the obvious choice."
For existing Pelicoin customers, the transition brings enhanced services including 24/7 customer support, a more robust compliance program, and ongoing technology investments - all critical competitive advantages in the cryptocurrency access space where trust and reliability are paramount.
While financial terms weren't disclosed, this type of bolt-on acquisition typically allows the acquirer to increase revenue immediately while gradually realizing cost synergies through operational integration. This transaction demonstrates Bitcoin Depot's execution of its stated growth strategy through targeted acquisitions in a maturing industry.
Advances Bitcoin Depot’s Nationwide Expansion Strategy and Long-Term Growth Plans
ATLANTA, June 11, 2025 (GLOBE NEWSWIRE) -- Bitcoin Depot (NASDAQ: BTM), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, announced it has acquired the assets of Pelicoin, LLC, a crypto ATM operator based in New Orleans, Louisiana. The deal will add kiosk locations across Louisiana, Mississippi, Tennessee, Alabama, and Texas, strengthening Bitcoin Depot’s presence in the Gulf South.
“Pelicoin is a strategic addition to our footprint in a region where we see real opportunity,” said Brandon Mintz, CEO and founder of Bitcoin Depot. “Pelicoin’s locations give us a stronger presence in the Gulf South, and we can immediately apply our scale and experience to operate their machines more efficiently. This acquisition is part of our broader effort to consolidate a fragmented market and extend our leadership in cash-to-crypto access nationwide. As the industry matures, we believe our ability to integrate and optimize smaller networks is a key advantage.”
Pelicoin’s ATM network will be fully integrated into Bitcoin Depot’s platform in the coming weeks, with all locations transitioning to Bitcoin Depot branding.
“I’m extremely proud of what we built at Pelicoin,” said Will Haynie, Founder and CEO of Pelicoin. “What started as a small regional effort became a trusted brand throughout the Gulf South. Bitcoin Depot is one of the most respected names in the industry, and their ability to execute on this transaction quickly made them the obvious choice for us. Our network and loyal customers will add value to their growing operation, and those customers will now benefit from the advantages only a large-scale operator can provide, like 24/7 customer support, a strong compliance program, and continued investment in technology and service.”
For Pelicoin customers, there will be no disruptions. ATMs currently branded as Pelicoin will soon transition to Bitcoin Depot branding, with the same functionality, now backed by 24/7 customer support, a robust compliance team, and the advantages that come from working with an industry leader.
The financial terms of the transaction were not disclosed. For more information, visit www.bitcoindepot.com.
About Bitcoin Depot
Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 47 states and at thousands of name-brand retail locations in 31 states through its BDCheckout product. The Company has the largest market share in North America with over 8,500 kiosk locations as of June 2025. Learn more at www.bitcoindepot.com.
Cautionary Note Regarding Forward-Looking Statements
This press release and any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance, including our growth strategy and ability to increase deployment of our products and services, the anticipated effects of the Amendment, and the closing of the Preferred Sale. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as "anticipate," "appears," "approximately," "believe," "continue," "could," "designed," "effect," "estimate," "evaluate," "expect," "forecast," "goal," "initiative," "intend," "may," "objective," "outlook," "plan," "potential," "priorities," "project," "pursue," "seek," "should," "target," "when," "will," "would," or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control.
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Contacts:
Investors
Cody Slach
Gateway Group, Inc.
949-574-3860
BTM@gateway-grp.com
Media
Brenlyn Motlagh, Ryan Deloney
Gateway Group, Inc.
949-574-3860
BTM@gateway-grp.com
FAQ
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