Polar Asset discloses 7.7% Bitcoin Depot (BTM) stake via derivatives

Rhea-AI Filing Summary

Bitcoin Depot Inc. received an updated ownership disclosure from Polar Asset Management Partners Inc., which reports beneficial ownership of 2,905,974 shares issuable upon exercise of warrants and call options, representing 7.7% of the Class A common stock as of 12/31/2025.

Polar, acting as investment adviser to Polar Multi-Strategy Master Fund, certifies the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Bitcoin Depot.

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Accepted by SEC EDGAR 02/17/2026 - 09:18 AM Learn about SEC filing dates

FAQ

What ownership stake in Bitcoin Depot Inc. (BTM) does Polar report?

Polar Asset Management Partners Inc. reports beneficial ownership of 2,905,974 Bitcoin Depot Class A shares, issuable upon exercise of warrants and call options, representing 7.7% of the outstanding class. This stake is disclosed as of the 12/31/2025 event date.

How does Polar hold its Bitcoin Depot Inc. (BTM) position?

Polar’s position in Bitcoin Depot consists of 2,905,974 shares issuable upon exercise of warrants and call options. Polar acts as investment adviser to Polar Multi-Strategy Master Fund, which directly holds the instruments linked to these Class A common shares.

Is Polar seeking to influence control of Bitcoin Depot Inc. (BTM)?

Polar certifies its Bitcoin Depot securities were acquired and held in the ordinary course of business and not for the purpose of changing or influencing control, nor in connection with any transaction intended to have that control-related effect.

What type of filer is Polar in this Bitcoin Depot (BTM) Schedule 13G/A?

Polar Asset Management Partners Inc. is described as an investment fund manager, portfolio manager, exempt market dealer, and commodity trading manager registered with the Ontario Securities Commission, filing as an institutional investor under the Schedule 13G framework.

Which Bitcoin Depot (BTM) security class is reported in this filing?

The filing covers Bitcoin Depot’s Class A common stock, par value $0.0001 per share, identified by CUSIP 09174P113. Polar’s reported beneficial ownership percentage of 7.7% relates specifically to this Class A common stock.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

Bitcoin Depot Inc.

(Name of Issuer)

Class A Common Stock, par value $0.0001 per share

(Title of Class of Securities)

09174P113

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 09174P113

1

Names of Reporting Persons

Polar Asset Management Partners Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,905,974.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,905,974.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,905,974.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.7 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Bitcoin Depot Inc.
(b)	Address of issuer's principal executive offices: 3343 Peachtree Road NE, Suite 750, Atlanta, GA 30326
Item 2.
(a)	Name of person filing: This statement is filed by Polar Asset Management Partners Inc., a company incorporated under the laws of Ontario, Canada, which serves as the investment advisor to Polar Multi-Strategy Master Fund, a Cayman Islands exempted company ("PMSMF") with respect to the shares directly held by PMSMF.
(b)	Address or principal business office or, if none, residence: 16 York Street, Suite 2900, Toronto, Ontario, M5J 0E6
(c)	Citizenship: Canada
(d)	Title of class of securities: Class A Common Stock, par value $0.0001 per share
(e)	CUSIP No.: 09174P113
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	The Reporting Person is an investment fund manager, portfolio manager, exempt market dealer and commodity trading manager registered with the Ontario Securities Commission.
Item 4.	Ownership
(a)	Amount beneficially owned: 2,905,974 shares issuable upon the exercise of warrants and call options
(b)	Percent of class: 7.7 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 2,905,974 shares issuable upon the exercise of warrants and call options
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2,905,974 shares issuable upon the exercise of warrants and call options
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Polar Asset Management Partners Inc.

Signature:	Andrew Ma
Name/Title:	Chief Compliance Officer
Date:	02/17/2026