Bitcoin Depot Inc.
bitcoindepot.comWhat Do They Do?
Sells Bitcoin to cash users through kiosks and retail checkout, and provides kiosk software to third-party operators.
10-K for FY2025, filed Mar 18, 2026Bitcoin Depot owns and operates the largest network of Bitcoin ATMs (“BTMs” or, “kiosks”) across North America where customers can buy and…View ↗
As of December 31, 2025, our offerings included approximately 9,700 BTMs in retailer locations throughout the U.S., Canada, Australia and…View ↗
Bitcoin Depot also sells Bitcoin without the use of kiosks at several thousand additional retailer locations through a relationship with a…View ↗
How Do They Make Money?
Customers pay at the transaction for Bitcoin bought at a kiosk or through BDCheckout; the price includes the Bitcoin's exchange value, a company-set markup and a flat fee, and the Bitcoin is sent to the customer's wallet.
10-K for FY2025, filed Mar 18, 2026
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10-K for FY2025, filed Mar 18, 2026
FY2025 revenue by product or service (Revenue from Contract with Customer, Excluding Assessed Tax) ↗
$614.9M
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10-K for FY2025, filed Mar 18, 2026
$614.9M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
BTM Kiosk
Sold outright
10-K for FY2025, filed Mar 18, 2026 |
100%
FY2022: 99%
|
BTM Kiosk, FY2025
$613.6M Sources
|
Sold outright |
|
Other Revenue
|
0.2% |
Other Revenue, FY2025
$1.2M Sources
|
Who Are Their Customers?
Consumers buy Bitcoin directly through kiosks or through BDCheckout at retail checkout counters using the mobile app; third-party BTM operators use BitAccess software and operating tools.
10-K for FY2025, filed Mar 18, 2026The software that resides on the kiosk is designed to provide an intuitive user interface for our users. Upon using a Bitcoin Depot kiosk…View ↗
Bitcoin Depot also sells Bitcoin without the use of kiosks at several thousand additional retailer locations through a relationship with a…View ↗
As of December 31, 2025, our offerings included approximately 9,700 BTMs in retailer locations throughout the U.S., Canada, Australia and…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $6.2M in FY2025, but brought in more cash than it spent: $28.5M of free cash flow.
10-K for FY2025, filed Mar 18, 2026
$41.2MView ↗
10-K for FY2025, filed Mar 18, 2026
−$6.2MView ↗
10-K for FY2025, filed Mar 18, 2026
$28.5MView ↗
How Are They Changing?
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May 19, 2026
Nasdaq moves to suspend and delist the shares and warrants
The company does not intend to appeal Nasdaq's determination.
Sources
8-K, filed May 19, 2026
On May 18, 2026, the Company received a letter from the Listing Qualifications Department staff of the Nasdaq Stock Market LLC (“Nasdaq”)…View ↗
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May 18, 2026
Bitcoin Depot files for Chapter 11 to wind down and sell assets
The company's kiosk network has been taken offline.
Sources
8-K, filed May 18, 2026
On May 17, 2026, Bitcoin Depot Inc. (the “Company”), BCD Merger Sub LLC, BitAccess Inc., Bitcoin Depot Operating LLC, BT HoldCo LLC, BTM…View ↗
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Mar 24, 2026
Alex Holmes becomes CEO and Chairman after leadership departures
Sources
8-K, filed Mar 24, 2026
On March 19, 2026, Scott Buchanan resigned from his role as Chief Executive Officer of Bitcoin Depot Inc. (the “Company”) and as a member…View ↗
From blank-check to Bitcoin sales
The business moved from seeking an initial business combination to operating Bitcoin kiosks and retail checkout services that sell Bitcoin to consumers.
10-K for FY2022, filed Mar 30, 2023 10-K for FY2025, filed Mar 18, 2026
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