Bitcoin Depot Inc (NASDAQ: BTM) is a cryptocurrency kiosk operator that deploys and manages a network of Bitcoin ATMs (BTMs) at retail locations across the United States. The company earns revenue on a transactional basis by selling Bitcoin to users at a marked-up spot price plus a flat fee, charging $3.00 per BTM kiosk transaction and $3.50 per BDCheckout transaction as of December 31, 2025. Bitcoin Depot operates contracts with over 50 major national and regional retailers, representing approximately 2,700 BTMs, and competes in the crypto ATM kiosk industry alongside other independent Bitcoin ATM operators. Circle K was the largest single retail partner, representing approximately 18% of total revenues for the year ended December 31, 2025, though Circle K has provided notice it will not renew its contract. The company also acquired Pelicoin and National Bitcoin ATM during the second half of 2025 to expand its network. Scott Buchanan serves as CEO and Brandon Mintz as Executive Chairman, per the 10-K filed March 18, 2026.

Revenue model

Transactional revenue from Bitcoin sales at BTM kiosks and through BDCheckout. Each transaction earns a spread over the spot Bitcoin price plus a flat fee ($3.00 at kiosks, $3.50 via BDCheckout as of December 31, 2025). Bitcoin is purchased from liquidity providers such as Cumberland DRW and Abra and resold to users. The company also entered twelve franchise profit-sharing arrangements during 2024 and 2025, under which counterparties receive a share of profits from identified kiosks.

Products and services

BTM kiosks allowing cash-to-Bitcoin purchases at retail locations. BDCheckout, a mobile app-initiated cash-to-cryptocurrency product completed at retail checkout counters. Approximately 3,500 BTMs financed through lease arrangements with three major lessors as of December 31, 2025.

Customers and end markets

Retail foot-traffic consumers seeking cash-to-Bitcoin conversion. Deployed primarily at convenience stores, gas stations, supermarkets, pharmacies, and drug store chains. Circle K (approximately 800 installed BTM locations as of December 31, 2025) was the largest retail partner at approximately 18% of FY2025 revenues, but has given non-renewal notice. Other top nine retail partners (excluding Circle K) represent 8.2% of retail locations with a weighted average remaining contract life of 2.0 years as of December 31, 2025.

Value-chain role

Principal operator and seller of Bitcoin to end users. Purchases Bitcoin from liquidity providers (Cumberland DRW, Abra), holds inventory in hot wallets (typically $1.0 to $2.0 million), and transfers Bitcoin to customer wallets upon transaction completion. Contracts third-party vendors (Bibbeo, Burroughs, Cennox, DropPin, Fiserv, National Services, OptConnect) for deployment, repair, maintenance, and wireless communications. Uses armored carriers to collect and process cash from kiosks.

Geographic exposure

Primarily United States, with some Circle K locations in Canada per the exclusive BTM provider agreement referenced in the 10-K filed March 18, 2026. Specific revenue breakdown by geography is not disclosed in the provided excerpts.

Source: SEC 10-K, filed 2026-03-18

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