Bitcoin Depot Stock Price, News & Analysis
Company Description
Bitcoin Depot Inc. (warrants trading under symbol BTMWW) is associated with Bitcoin Depot, a U.S.-based Bitcoin ATM ("BTM") operator and fintech company listed on Nasdaq under the common stock symbol BTM. The company focuses on connecting people who prefer to use cash with the broader digital financial system by offering ways to convert cash into Bitcoin. Its business is classified in the Transportation and Warehousing sector under General Warehousing and Storage, reflecting the physical deployment and operation of kiosk machines.
Founded in 2016, Bitcoin Depot states that its mission is to connect cash users to the digital financial system. According to company disclosures, Bitcoin Depot provides users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can then deploy in the payments, spending and investing space. The company reports that users can convert cash to Bitcoin at Bitcoin Depot kiosks in 47 U.S. states and at thousands of name-brand retail locations in 31 states through its BDCheckout product.
Bitcoin Depot highlights that it has the largest market share in North America and operates over 9,000 kiosk locations globally as of August 2025. Earlier disclosures noted more than 8,800 kiosk locations as of June 2025, illustrating the scale of its network. The company has also expanded internationally, including into markets such as Hong Kong, and notes operations across North America and Australia.
Business model and operations
Bitcoin Depot describes itself as a Bitcoin ATM operator whose kiosks and related services allow customers to convert cash into Bitcoin. The company indicates that these products and services provide an intuitive, quick and convenient process for accessing Bitcoin, which can then be used to participate in the broader digital financial system, including payments, transfers, remittances, online purchases and investments. The company’s BDCheckout product extends this cash-to-Bitcoin access into thousands of name-brand retail locations in multiple U.S. states.
From an operational standpoint, Bitcoin Depot owns and operates a large network of kiosk machines. Its balance sheet disclosures reference kiosk machines that are both owned and leased, as well as property and equipment associated with these deployments. The company’s activities include deploying kiosks, managing relationships with retail partners, and maintaining a compliance framework that incorporates Know Your Customer (KYC), Anti-Money Laundering (AML) safeguards and blockchain monitoring.
Retail and geographic footprint
Bitcoin Depot reports that its kiosks are located across the United States and Canada at retailers such as convenience stores and gas station chains, pharmacies, grocers and mall operators. Recent announcements describe partnerships with large convenience-store operators and specialty retailers, as well as distribution through independent grocers and other name-brand retail locations. The company has also announced expansion into Hong Kong, which it characterizes as a key global crypto market, and notes growth across North America and Australia.
In the United States, Bitcoin Depot states that users can convert cash to Bitcoin at kiosks in 47 states. Through BDCheckout, it provides access at thousands of retail locations in 31 states. The company’s acquisitions of regional and national Bitcoin ATM operators, along with new retail partnerships, are presented as ways to expand its footprint and consolidate what it describes as a fragmented industry.
Compliance and consumer protection focus
Bitcoin Depot emphasizes compliance and consumer protection as central to its operations. The company notes that it has implemented robust KYC and AML safeguards and uses blockchain monitoring as part of its compliance program. In 2025, Bitcoin Depot announced new compliance standards that require customers to provide identification before transacting for any amount of money at its kiosks. This "first-transaction ID verification" applies to all new and existing customers and is described by the company as going beyond what is required by federal law.
The company has also introduced additional protections for seniors, aimed at identifying and preventing potential scam activity. These measures are positioned as part of an expanded compliance framework intended to strengthen safeguards against fraud and money laundering risks while maintaining access to crypto kiosks.
Growth, acquisitions and partnerships
Bitcoin Depot has reported multiple asset acquisitions and retail partnerships as part of its growth strategy. The company announced the acquisition of the assets of National Bitcoin ATM, adding over 500 kiosks across 27 states and bringing its U.S. market share to roughly 30% according to its own statement. It later disclosed the acquisition of Instant Coin Bank, a regional BTM operator with locations throughout Texas and Oklahoma, which it describes as strengthening its footprint in the South-Central United States.
On the partnership side, Bitcoin Depot has announced collaborations with retailers such as GPM Investments and Wild Bill’s Tobacco, as well as distribution relationships with independent grocers. These partnerships are framed as ways to place kiosks in high-traffic, everyday retail environments so that customers can access Bitcoin while shopping at familiar locations.
Public company status and warrants
Bitcoin Depot notes that it became the first U.S. Bitcoin ATM operator to go public in July 2023. Its common stock trades on Nasdaq under the symbol BTM. The BTMWW symbol represents warrants, each whole warrant exercisable for one share of Bitcoin Depot’s Class A common stock at an exercise price of $11.50 per share, as disclosed in multiple Form 8-K filings. These filings also indicate that Bitcoin Depot Inc. is incorporated in Delaware and that its securities, including the BTMWW warrants, are listed on The Nasdaq Stock Market LLC.
Corporate governance and leadership developments
SEC filings and company announcements describe several governance and leadership changes. For example, the company’s board appointed Scott Buchanan as President while he continued to serve as Chief Operating Officer and a director. Other filings report changes in compliance leadership and the appointment of independent directors with experience in payments, banking and web3-related businesses. Separate news releases describe a planned leadership transition in which Scott Buchanan is to become Chief Executive Officer while founder Brandon Mintz continues as Executive Chairman.
Financial reporting and capital markets activity
As a public company, Bitcoin Depot files financial statements and other reports with the U.S. Securities and Exchange Commission. Its reported financial results include revenue, gross profit, operating expenses, net income and measures such as Adjusted EBITDA. The company has also disclosed registered direct offerings of Class A common stock, with proceeds intended for general corporate purposes, under an effective shelf registration statement.
These filings and announcements provide investors with insight into Bitcoin Depot’s financial performance, capital structure, cash and cryptocurrency holdings, and the composition of its assets and liabilities. They also document trading arrangements adopted under Rule 10b5-1 by certain executives for the sale of Class A common stock.
Position in the Bitcoin ATM market
Across multiple disclosures, Bitcoin Depot describes itself as having the largest market share in North America among Bitcoin ATM operators. It states that it operates thousands of kiosk locations and continues to expand through acquisitions, retail partnerships and international launches. The company presents its network of BTMs and related products as a way to make Bitcoin access simple, secure and convenient for users who prefer to transact in cash.