Bitcoin Depot Inc
NASDAQ:BTM
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Bitcoin Depot Inc
NASDAQ:BTM
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MFE-MEDIAFOREUROPE NV
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Bankinter SA
XMUN:BAKA
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Bitcoin Depot Inc
Bitcoin Depot runs a network of cryptocurrency kiosks and software that lets people buy bitcoin and other digital assets with cash. Its machines are usually placed in familiar retail locations such as convenience stores, gas stations, and supermarkets, so customers can turn physical cash into crypto without needing a traditional bank account or a full online exchange account. The company mainly serves retail consumers who want a simple, local way to buy cryptocurrency. It makes money from transaction fees and the spread on each purchase, rather than from advertising or trading. Bitcoin Depot also sells access to its kiosk network and related payment tools that help retail partners draw traffic into their stores. What makes the business different is that it sits at the cash-to-crypto entry point. Instead of competing as a large trading exchange, Bitcoin Depot focuses on distribution, compliance, and convenience at the neighborhood level. Its value comes from owning and managing the physical network and making crypto purchases easy for people who prefer to use cash.
Bitcoin Depot runs a network of cryptocurrency kiosks and software that lets people buy bitcoin and other digital assets with cash. Its machines are usually placed in familiar retail locations such as convenience stores, gas stations, and supermarkets, so customers can turn physical cash into crypto without needing a traditional bank account or a full online exchange account.
The company mainly serves retail consumers who want a simple, local way to buy cryptocurrency. It makes money from transaction fees and the spread on each purchase, rather than from advertising or trading. Bitcoin Depot also sells access to its kiosk network and related payment tools that help retail partners draw traffic into their stores.
What makes the business different is that it sits at the cash-to-crypto entry point. Instead of competing as a large trading exchange, Bitcoin Depot focuses on distribution, compliance, and convenience at the neighborhood level. Its value comes from owning and managing the physical network and making crypto purchases easy for people who prefer to use cash.
Revenue pressure: Q4 revenue was $116 million, down from $136.8 million a year ago; management attributes the decline mainly to recently enacted state regulations and enhanced compliance.
2026 outlook: Company expects 2026 BTM revenue to fall 30%–40% year‑over‑year as the industry resets under new state rules and will focus on cost containment and fleet optimization.
Scale & fleet: Installed kiosks ended 2025 at 9,721 (up 15% year‑over‑year) after acquisitions and new retail partnerships; relocations are being used to improve unit economics.
Diversification moves: Acquired Kutt (P2P social betting) and launched ReadyBucks (merchant cash advance), but management does not expect these to be material contributors to 2026 revenue.
Profitability mix: Q4 GAAP net loss widened to $24.9 million driven in part by an $18.5 million arbitration accrual; full‑year adjusted EBITDA rose 42% to $56.4 million.
Liquidity & capital: Cash and crypto rose to $76.6 million; completed a $15 million registered direct offering in Q4; total debt was $62.5 million at year‑end.
