[SCHEDULE 13G/A] Bitcoin Depot Inc. Warrant SEC Filing

Rhea-AI Filing Summary

Travel + Leisure Co. (TNL) Q2-25 10-Q highlights: Net revenues grew 3% year-on-year to $1.02 bn, lifting operating income 9% to $206 m. Net income from continuing operations rose 11% to $108 m; diluted EPS from continuing ops increased 19% to $1.62. For the first half, revenue reached $1.95 bn (+3%), operating income $362 m (+7%) and diluted EPS $2.68 (+18%). Gross margin expansion was driven by lower G&A expense and stable cost of VOI sales.

Segment mix shifted. Vacation Ownership revenue advanced 6% to $853 m, supported by higher VOI sales (+7%) and stronger ancillary income. Travel & Membership revenue fell 6% to $166 m as exchange transaction volume softened.

Cash & balance sheet. Operating cash flow surged 60% to $353 m YTD, giving cash and equivalents of $212 m. Core debt rose $160 m to $3.63 bn while non-recourse VOI debt fell $164 m, leaving total leverage essentially unchanged. Shareholder deficit stands at $853 m after repurchasing $140 m of stock (2.8 m shares) and paying $78 m in dividends.

Key metrics:

• Q2 operating margin 20.2% vs 19.2% LY
• Cash ROIC YTD 5.2% (est.)
• Weighted-avg. VOCR interest rate 14.7%

Management affirms focus on VOI sales growth and cash returns while monitoring Travel & Membership softness.

Positive

• Net income from continuing operations up 11% YoY; diluted EPS +19%
• Operating cash flow jumped 60% to $353 m
• Vacation Ownership revenue grew 6%, supported by 7% VOI sales increase
• Operating margin expanded 100 bps to 20.2%

Negative

• Travel & Membership revenue declined 6%, signaling demand softness
• Total interest-bearing debt rose $160 m; shareholder equity remains negative
• $140 m share repurchases plus $78 m dividends reduce liquidity
• Allowance for VOI loan losses stable but write-offs reached $233 m YTD

Insights

Financial Analyst

TL;DR: Solid VOI-driven growth, strong cash flow; offset by weaker membership arm and higher balance-sheet leverage—overall neutral.

Revenue and earnings outpaced last year despite FX headwinds, thanks to 7% VOI sales growth and tight expense control. Operating cash flow up $132 m enables buybacks and dividends, yet negative equity persists and core debt increased. Travel & Membership’s 6% revenue drop highlights demand fragility in exchange products. Net leverage remains high (~4× EBITDA est.), limiting flexibility if macro softens. Guidance not provided in excerpt, so outlook uncertainty remains.

Industry Specialist – Timeshare

TL;DR: Vacation Ownership momentum intact; mix shift toward financed sales and inventory turnover positive; membership weakness warrants watch.

TNL’s VOI segment is benefitting from higher VPG and steady financing yields (14.7%). Inventory at $1.25 bn grew modestly, indicating disciplined build. Provision for loan losses aligns with origination growth; write-offs remain contained. However, the exchange platform’s volume decline may reflect competitive pressure from peers and OTA alternatives. Continued marketing spend (up 6%) supports pipeline but will need membership recovery to defend margins.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Bitcoin Depot Inc.

(Name of Issuer)

Class A Common Stock, $0.0001 par value per share

(Title of Class of Securities)

09174P105

(CUSIP Number)

06/30/2025

(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. 09174P105

1

Names of Reporting Persons

Owl Creek Asset Management, L.P.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 588,006.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 588,006.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

588,006.00

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)

2.6 %

12

Type of Reporting Person (See Instructions)

IA, PN

Comment for Type of Reporting Person: Includes 252,000 shares of Class A Common Stock (as defined in Item 2(a)) issuable upon exercise of warrants

SCHEDULE 13G

CUSIP No. 09174P105

1

Names of Reporting Persons

Jeffrey A. Altman

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 588,006.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 588,006.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

588,006.00

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)

2.6 %

12

Type of Reporting Person (See Instructions)

HC, IN

Comment for Type of Reporting Person: Includes 252,000 shares of Class A Common Stock issuable upon exercise of warrants

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: (i) Owl Creek Asset Management, L.P., a Delaware limited partnership and the investment manager of Owl Creek Credit Opportunities Master Fund, Ltd. (the "Owl Creek Fund"), with respect to the shares of class A common stock, $0.0001 par value per share ("Class A Common Stock") and the shares of Class A Common Stock underlying warrants owned by the Owl Creek Fund; and (ii) Jeffrey A. Altman ("Mr. Altman"), as managing member of the general partner of Owl Creek Asset Management, L.P., with respect to the shares of Class A Common Stock and the shares of Class A Common Stock underlying warrants owned by the Owl Creek Fund. The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons." The filing of this statement should not be construed as an admission that any of the foregoing persons or any Reporting Person is, for the purposes of Section 13 of the Act, the beneficial owner of the securities reported herein.
(b)	Address or principal business office or, if none, residence: The address of the principal business office of each of the Reporting Persons is 640 Fifth Avenue, 20th Floor, New York, NY 10019.
(c)	Citizenship: Owl Creek Asset Management, L.P. is a limited partnership organized under the laws of the State of Delaware. Mr. Altman is a United States citizen.
(d)	Title of class of securities: Class A Common Stock, $0.0001 par value per share
(e)	CUSIP No.: 09174P105
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).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference. The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 22,555,710 shares of Class A Common Stock outstanding as reported in the Company's Registration Statement on Form S-3, filed with the Securities and Exchange Commission on June 20, 2025, and assumes the exercise of warrants reported herein.
(b)	Percent of class: 2.6%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. See Item 2(a). The Owl Creek Fund has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock reported herein.
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.

Owl Creek Asset Management, L.P.

Signature:	/s/ Jeffrey A. Altman
Name/Title:	By: Owl Creek GP, L.L.C., General Partner, By: Jeffrey A. Altman, Managing Member
Date:	07/23/2025

Jeffrey A. Altman

Signature:	/s/ Jeffrey A. Altman
Name/Title:	Jeffrey A. Altman, Individually
Date:	07/23/2025

FAQ

How much revenue did Travel + Leisure Co. (TNL) generate in Q2-25?

TNL reported $1.02 billion in net revenues for the quarter ended June 30 2025, up 3% year-on-year.

What drove the earnings improvement for TNL this quarter?

Higher VOI sales, cost discipline in G&A, and modest margin expansion lifted operating income 9% to $206 m.

Why did Travel & Membership revenue fall in Q2-25?

Management cites lower exchange transaction volumes and softer ancillary sales, leading to a 6% segment decline.

How much stock did TNL repurchase year-to-date 2025?

The company bought back 2.8 million shares for $140 million, leaving $303 m authorization available.

What is TNL’s current debt position?

Core debt is $3.63 billion while non-recourse VOI debt stands at $1.96 billion as of June 30 2025.

What was the diluted EPS from continuing operations in Q2-25?

Diluted EPS from continuing operations was $1.62, compared with $1.36 a year earlier.