Bitcoin Depot Q2 revenue jumps 18% y/y as it plans ATM adds after NASDAQ listing

August 15, 2023 Coin Telegraph

Bitcoin ATM

Bitcoin Depot records $197.5 million in revenue in the second quarter for 2023 spurred on by partnerships with various American retail stores.

United States based Bitcoin (BTC) ATM operator Bitcoin Depot said it posted best ever revenue numbers in the second quarter of 2023 as the company looks to expand its footprint after recently being listed on the NASDAQ.

Bitcoin Depot released its Q2 results in line with a number of cryptocurrency ecosystem firms, recording $197.5 million in quarterly revenue. The company notes that this is a record figure and an 18% increase from its revenue for the same period in 2022.

The company also reported that its net loss of $6.1 million was down by 249% year-over-year. Its second quarter profit stood at $25.9 million, while its gross profit margin was 13% for Q2 2023, up from 8% for the same period last year.

Bitcoin Depot founder and CEO Brandon Mintz said the company would be looking to continue growing through 2023 following its public listing on the NASDAQ. The listing took place on July 3 following the closing of a business merger with GSR II Meteora Acquisition Corp.

Bitcoin Depot has also announced a number of partnerships with convenience stores across the U.S., with an aim of increasing the number of Bitcoin access points across the country. Bitcoin Depot also carried out a software conversion of its ATM machines in February 2023 to BitAccess. The conversion reportedly cut out previous annual licensing fees which were incurring extra costs.

Bitcoin Depot is also building out its BDCheckout service as well as other software and operational services, which has allowed the company to tap into revenue streams from kiosk management software.

The company is forecasting a total revenue up to $730 million in 2023, which it tips as 13% improvement on its 2022 total of $647 million.

Data reflecting the net number Crypto ATMs globally. Source: Coin ATM Radar.

As Cointelegraph previously reported, the Bitcoin ATM market took a downturn in regards to the number of operational machines across the U.S. in the first half of 2023. This trend took a positive turn in May 2023, with over 1000 BTC ATM installations reportedly taking place according to data from Coin ATM Radar.

Bitcoin ATM growth began a downward turn in late 2022, with the BTC ATM ecosystem recording negative growth in global net installations for the first time ever.

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Bitcoin Depot says SPAC merger will continue as planned after solid revenue growth

December 1, 2022 Coin Telegraph

Bitcoin Depot

The firm's revenue increased by 25.25% to $497.2 million in the first nine months of 2022.

According to a new filing with the U.S. Securities and Exchange Commission on Dec. 1, crypto ATM operator Bitcoin Depot said it "remains on track to complete its previously announced business combination with GSR II Meteora Acquisition Corp."

The merger with the special purpose acquisition vehicle, or SPAC, is scheduled to occur in the first quarter of 2023, subject to shareholder and regulatory approval. Bitcoin Depot estimates that the deal will infuse the company with up to $170 million in cash proceeds net of debt repayment.

In its earnings report for year-to-date financials that ended Sept. 30, released the same day, Bitcoin Depot disclosed that its revenue grew by 25.25% year over year to $497.2 million. However, the company barely broke even with $4.622 million in net income compared to $9.587 million for the first nine months of 2021, partly due to a sharp increase in interest expense. Commenting on the results in the context of the recent market turmoil, Brandon Mintz, CEO, and founder of Bitcoin Depot, stated:

"We believe we stand apart from the industry with limited direct crypto exposure, robust compliance procedures and secure transactions that give users control of their purchased crypto, compared to other methods of transacting in crypto where users rely on third parties to custody their crypto."

Founded in 2016, Bitcoin Depot is currently the largest Bitcoin ATM operator in North America, with over 7,000 kiosks and a 19% market share in the U.S. On August 24, 2022, Bitcoin Depot and GSR II Meteora Acquisition Corp announced their merger to take Bitcoin Depot public on the U.S. Nasdaq exchange under the ticker symbol BTM.

World’s Largest Crypto ATM Company Bitcoin Depot to Go Public via SPAC Deal

August 25, 2022 Bitcoin.com

Crypto ATM firm Bitcoin Depot aims to go public in 2023 via $885M SPAC deal

August 25, 2022 Coin Telegraph

Crypto ATM firm Bitcoin Depot aims to go public in 2023 via 5M SPAC deal

ATM

One of the largest crypto ATM providers in North America, Bitcoin Depot, plans to list its stock on Nasdaq in the first quarter of 2023.

Bitcoin Depot, a major cryptocurrency ATM provider in the United States, is planning to go public through a merger with a special-purpose acquisition company (SPAC).

Atlanta-based Bitcoin Depot has reached a definitive agreement to merge with the SPAC GSR II Meteora (GSRM) in an $885 million deal in order to go public, the firm officially announced on Thursday.

The business combination would result in Bitcoin Depot becoming a publicly listed company as the combined company — to be dubbed Bitcoin Depot Inc. — will trade on the Nasdaq under the new ticker symbol BTM.

The merger has been unanimously approved by the leadership team of Bitcoin Depot and the board of directors of GSRM and is expected to close by the first quarter of 2023. The business combination is subject to regulatory and stakeholder approvals, and other customary closing conditions.

The GSR II Meteora SPAC reportedly has about $320 million that Bitcoin Depot could use to grow, though SPAC investors are able to withdraw their money before the merger is done. Bitcoin Depot could proceed with a funding round that would close at the same time as the merger deal.

Gus Garcia, GSRM co-CEO and a former SPAC banker at Bank of America, said he is confident in Bitcoin Depot’s financing options because of the company’s steady growth.

“With its significant BTM footprint, key strategic relationships, and feature-rich mobile app, we believe Bitcoin Depot is well positioned to take advantage of the highly fragmented BTM market both domestically and overseas,” he noted.

Founded in 2016, Bitcoin Depot is one of the largest crypto ATM providers in North America, operating over 7,000 kiosk locations. According to CEO Brandon Mintz, the company has continued growing despite the ongoing cryptocurrency bear market, which highlights a growing number of use cases for crypto-like payments and transferring money globally.

“We’re actually doing fantastic right now regardless of the market,” he said. Mintz also noted Bitcoin Depot plans to pursue acquisitions after going public.

The Number of Cryptocurrency ATMs Installed Worldwide Surpasses 39,000

August 8, 2022 Bitcoin.com

Bitcoin Depot’s crypto ATMs surpass 5,000 as adoption grows

September 30, 2021 Coin Telegraph

ATM

Bitcoin ATMs are becoming increasingly ubiquitous, especially in North America, offering compelling evidence of growing adoption.

Bitcoin Depot’s cryptocurrency ATM network continues to expand, with North American installations surpassing 5,000 for the first time amid a surge in retail adoption.

With the milestone, Bitcoin Depot is once again the largest ATM network in North America, the company announced Thursday. The number of kiosks has tripled in the last six months, giving more users access to cryptocurrency transactions without requiring a bank or other third-party financial services provider.

Bitcoin Depot’s partnership with Circle K convenience stores has been a major source of growth for their crypto kiosks. As Cointelegraph reported, the two companies announced in July that the convenience store chain will be home to thousands of Bitcoin ATM machines.

The growth of crypto kiosks is viewed by many as a proxy for retail adoption of Bitcoin (BTC) and other digital assets. Crypto ATM installations have surged in El Salvador, where Bitcoin recently became legal tender, giving people an easier way to transact in BTC or convert it to fiat.

Salvadorans are also making use of their government-backed Chivo cryptocurrency wallet. According to President Nayib Bukele, more than a third of the country’s residents are “actively” using Chivo.

Nevertheless, the growth of Bitcoin ATMs isn’t without risk. Kraken Security Labs, the security outfit of the popular cryptocurrency exchange, warned earlier this week that a “large number” of Bitcoin ATMs are susceptible to being hacked because administrators never changed the default admin QR code. The security team said that if hackers are able to obtain the admin code they can essentially “walk up to an ATM and compromise it.”

Circle K Deploys Bitcoin ATMs in Stores Across US and Canada — Over 700 Machines Already Installed

July 24, 2021 Bitcoin.com

Circle K convenience stores will host thousands of crypto ATMs

July 22, 2021 Coin Telegraph

Adoption

Despite suspending service to some crypto ATMs during the early days of the pandemic, Bitcoin Depot has continued to expand.

The largest Bitcoin ATM operator in the world has said it will be expanding into Circle K locations in the United States and Canada.

Bitcoin Depot announced today that more than 700 of its Bitcoin ATM machines had already been installed at Circle K convenience stores in 30 U.S. states as part of the new partnership. The crypto ATM distributer said the expansion could provide underserved communities with financial access tools and attract more people to the crypto space.

“Over the last year, we have watched cryptocurrency gain mainstream adoption by wealth managers and investment firms, but what about the people that don't have access to those services?” Bitcoin Depot’s director of product Alona Lubovnaya told Cointelegraph. “ATMs being located in Circle K's provide an easy onramp for the underbanked and less affluent, not just someone with a wealth manager.”

The company claims to have more than 3,500 crypto ATMs in operation across the U.S. and Canada allowing customers to purchase more than 30 different types of cryptocurrencies including Bitcoin (BTC), Litecoin (LTC), and Ether (ETH). Alimentation Couche-Tard, the Canada-based operator of Circle K, reports that its brand operates roughly 7,150 stores in the U.S. and 2,111 in Canada.

Bitcoin Depot announced last year that it was suspending service to certain machines in areas at high risk during the ongoing pandemic. The company has since reported that it has restored service to all locations, despite the recent rise in COVID-19 cases and deaths in the United States.

The number of crypto ATMs across the globe allowing customers to exchange fiat for crypto has grown significantly in recent years. At the time of publication, data from CoinATMRadar shows there are roughly 24,000 crypto ATMs in 75 countries, from Kazakhstan to Australia. The majority — more than 20,000 — are in the United States.

“Our mission is to Bring Crypto to the Masses,” said Lubovnaya. “We will continue to do this with significant partner expansions going forward.”

Bitcoin Depot Deploys Over 350 ATMs in the US, Global Number Exceeds 19,000

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Atlanta-Based Bitcoin ATM Provider Launches Over 100 New Machines Across 24 States in the US

March 20, 2021 Bitcoin.com

Bitcoin Depot

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