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Bitcoin Depot disclosed that hackers stole about $3.7 million in bitcoin from company-controlled wallets after gaining access to internal credentials tied to its crypto settlement accounts.
The Nasdaq-listed crypto ATM operator said in an SEC filing on Wednesday that it detected unauthorized access to parts of its IT systems on March 23. The company said the attacker gained control of credentials linked to its digital asset settlement accounts and transferred out about 50.9 bitcoin, valued at roughly $3.66 million at the time of the theft.
Bitcoin Depot said the breach was limited to its corporate environment and did not affect customer platforms, systems or data.
“Upon detection, the Company promptly activated its incident response protocols, engaged external cybersecurity experts, and notified law enforcement,” the company said in the filing.
The company said it has recorded a preliminary loss estimate of $3.665 million, though that figure could change as the investigation continues. Bitcoin Depot added that it carries insurance that may cover part of the loss, but said there is no guarantee it will recover all stolen funds.
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Bitcoin Depot operates more than 9,000 bitcoin ATMs across 47 U.S. states, making it the largest crypto ATM operator in the country. The company said it does not expect the incident to have a material impact on operations, but warned it could still face costs tied to reputation, legal matters, regulation and incident response.
The hack adds to a growing list of crypto-related security incidents this year, as the industry continues to grapple with thefts targeting exchanges, platforms and custodial services.
The disclosure also comes during a difficult stretch for Bitcoin Depot’s business.
Last month, Connecticut regulators suspended the company’s money transmission license, alleging it charged fees above the state’s 15% cap on more than 1,000 transactions. State officials said that led to about $150,000 in excess fees paid by more than 500 customers.
Bitcoin Depot also announced a leadership change last month, appointing Alex Holmes as chairman and CEO. Holmes previously led MoneyGram International and oversaw its sale to Madison Dearborn Partners.
Financially, Bitcoin Depot remains under pressure. The company reported net income of $4.7 million in 2025, down from $7.8 million in 2024. It also said it expects core business revenue to fall between 30% and 40% in 2026, citing tighter state regulations and stronger compliance standards.
The company said its fraud prevention efforts have helped protect customers, but those same measures are expected to reduce transaction volume and revenue.
Bitcoin Depot shares are trading at $2.58 today.
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Micah first discovered Bitcoin in 2018 but remained a skeptic on the sidelines for too long. Since 2021, he has covered crypto and business and now works as a news reporter for Bitcoin Magazine, based in North Carolina.
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