{"id":836571,"date":"2025-03-25T08:12:04","date_gmt":"2025-03-25T13:12:04","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/03\/25\/bitcoin-atm-business-remained-sluggish-through-bull-market\/"},"modified":"2025-03-25T08:12:04","modified_gmt":"2025-03-25T13:12:04","slug":"bitcoin-atm-business-remained-sluggish-through-bull-market","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/03\/25\/bitcoin-atm-business-remained-sluggish-through-bull-market\/","title":{"rendered":"Bitcoin ATM Business Remained Sluggish Through Bull Market"},"content":{"rendered":"
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Bitcoin Depot has booked roughly $3 billion in transactions since its inception in 2016.<\/h2>\n

Updated Mar 24, 2025, 11:59\u202fp.m. UTC<\/span>Published Mar 24, 2025, 7:45\u202fp.m. UTC<\/span><\/p>\n<\/div>\n

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Bitcoin (BTC) may have surged above the $100,000 mark last year, but not all bitcoin-centric businesses benefitted from the price action.<\/p>\n

Bitcoin Depot (BTM), a firm that specializes in selling bitcoin ATMs, has seen a revenue loss from $150 million in the fourth quarter of 2022 to $137 million in the fourth quarter of 2024.<\/p>\n

The lower transaction volume was primarily due to regulatory changes in the state of California, the firm told CoinDesk. Furthermore, Bitcoin Depot’s cash flow has historically been uncorrelated to bitcoin\u2019s price action, contended Brandon Mintz, the firm\u2019s president and CEO.<\/p>\n

\u201cEven when we saw that crash in 2022, transaction volumes were still growing,\u201d he said.<\/p>\n

Bitcoin Depot’s stock is down roughly 85% since it began trading on the Nasdaq after its merger with a special purpose acquisition company (SPAC) in 2023. The company’s market capitalization stands at $82 million.<\/p>\n

The firm dismissed the idea that spot bitcoin exchange-traded funds, which launched in the U.S. in January 2024, may have siphoned some of the firm’s flows. “Historically, our business is not directly tied to bitcoin price or investment vehicles like ETFs,” said a spokesperson in an emailed statement. “We haven\u2019t seen evidence that ETFs have impacted our transaction volumes.”<\/p>\n

Bitcoin Depot, Mintz said, tends to serve unbanked Americans, as well as people who simply prefer to transact in cash, elderly folks who aren\u2019t used to using online payment options, and crypto folks who find giving cash for bitcoin more convenient. \u201cIt\u2019s a niche customer segment that we’re focused on,\u201d Mintz said.<\/p>\n

Bitcoin Depot buys the ATM kiosk from another company, but supplies the machine\u2019s Bitcoin software. Prices for brand new machines typically range from $5,000 to $7,000, and it takes about a year for the company to break even on the cost of a machine once it has been installed.<\/p>\n

The ATMs only sell bitcoin. \u201cWe used to offer other cryptocurrencies, but when we went public the SEC was suing a lot of companies for selling other types of cryptos that the SEC claimed were potentially securities, so we decided to go Bitcoin only and avoid that risk,\u201d Mintz said. \u201cWe believe it was a smart choice, because we’re attracting people that aren\u2019t very sophisticated traders \u2014 this is a very beginner-friendly product.\u201d<\/p>\n

Bitcoin Depot has seen almost $3 billion in transaction volume since inception in 2016, the company\u2019s recent investor presentation shows<\/a>. While the company has been mostly focused on North America, Mintz floated the idea of expanding internationally.<\/p>\n

CORRECTION: (March 24, 2025, 20:35\u202fUTC):<\/em><\/strong>\u00a0Fixed BTM’s market capitalization.<\/em>
CORRECTION: (March 24, 2025, 23:56\u202fUTC):<\/em><\/strong>\u00a0While Bitcoin Depot is looking into expanding internationally, it is not doing so because of market saturation.<\/em><\/p>\n<\/div>\n

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Tom Carreras<\/a><\/h5>\n

Tom writes about markets, bitcoin mining and crypto adoption in Latin America. He has a bachelor’s degree in English literature from McGill University, and can usually be found in Costa Rica. He holds BTC above CoinDesk’s disclosure threshold of $1,000.<\/p>\n

X icon<\/title><\/svg><\/a><\/svg><\/a><\/g><\/svg><\/a><\/p>\n<\/div>\n

\"Tom<\/a><\/p>\n<\/div>\n

Read More<\/a>
\n Tom Carreras<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin Depot has booked roughly $3 billion in transactions since its inception in 2016. Updated Mar 24, 2025, 11:59\u202fp.m. UTC Published Mar 24, 2025, 7:45\u202fp.m. UTC Bitcoin (BTC) may have surged above the $100,000 mark last year, but not all bitcoin-centric businesses benefitted from the price action. Bitcoin Depot (BTM), a firm that specializes in<\/p>\n","protected":false},"author":1,"featured_media":836572,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4041,378],"tags":[],"class_list":["post-836571","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","category-business"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/836571","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=836571"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/836571\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/836572"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=836571"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=836571"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=836571"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}