Bitcoin Depot (BTM)
Company Information
Stock Chart
Business Model
Business Mode
Bitcoin ATM Network: As of February 2025, the company operates 8,400 Bitcoin ATMs in North America, accounting for 47% of the North American market share. Users can instantly purchase Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) with cash, with an average transaction completion time of just 3 minutes. In Q1 2025, 300 new devices were added, focusing on emerging markets such as New York State. Retail partnership expansion: Collaborating with thousands of retail stores such as Walmart and 7-Eleven through the BDCheckout product, users can complete cash-to-cryptocurrency exchanges at the checkout. In Q4 2024, the transaction volume in retail channels is expected to grow by 62% year-on-year. Compliance Operations: As the first Bitcoin ATM operator in the United States to obtain a BitLicense from New York State, its compliance model has been emulated by other states. In Q1 2025, it processed over 1.2 million transactions, with an average daily transaction volume of 13,200.
Profit Model
Transaction fees: In Q1 2025, revenue reached $164.2 million, a year-on-year increase of 19%, with fee income accounting for 87%. Each transaction incurs a fee of 8% - 15%, significantly higher than online exchanges, but providing the convenience of instant cash conversion. Bitcoin Reserve Appreciation: Launching a financial strategy in June 2024 by purchasing Bitcoin as a reserve asset. As of June 2025, a total of 103 Bitcoins are held (average cost of approximately $28,500 per coin), with unrealized gains in Q1 2025 reaching $1.98 million, accounting for 16.2% of net profit. Equipment leasing and maintenance: Charge equipment leasing fees to partner retailers, with equipment leasing revenue accounting for 11% in 2024. At the same time, provide 24/7 technical support services, with maintenance revenue accounting for 2%.
Profit Model Impact
Financial inclusion innovation: Providing access to cryptocurrency for the unbanked population (approximately 7 million in the U.S.), with 34% of new users in Q1 2025 being first-time cryptocurrency users, of which 68% come from low-income communities. Compliance Demonstration Effect: By implementing strict KYC/AML processes (with an average transaction review time of 47 seconds), it promotes the recognition of the cryptocurrency ATM industry by U.S. regulators. Collaborating with FinCEN to establish industry anti-money laundering standards in January 2025. Energy Efficiency Optimization: ATM equipment adopts a low-power design (average power consumption of 150W/hour), with a carbon footprint reduction of 22% in 2024 compared to 2023, aligning with ESG investment trends and attracting institutional investors to increase their holdings.
Impact on Cryptocurrencies
Bitcoin ( BTC ): Liquidity enhancement: In Q1 2025, the Bitcoin trading volume facilitated by the ATM network reached 12,300 coins, accounting for 9% of the trading volume in the U.S. market, promoting the acceptance of Bitcoin in retail scenarios. For example, the partnership with Walmart enabled Bitcoin payments to be accepted at 1,200 stores. Price discovery function: The real-time transaction prices of its ATM network are included in data aggregation by platforms such as CoinGecko. In June 2025, the local Bitcoin premium rate in New York State decreased by 1.2% due to the addition of new devices. Ethereum ( ETH ): DeFi entry expansion: Users can directly transfer ETH purchased through ATMs to DeFi platforms like Uniswap, with a quarter-on-quarter increase of 45% in related transaction volume in Q1 2025, promoting the application of ETH in the payment sector. Litecoin (LTC): Micro-payment scenario implementation: Pilot program for LTC micro-payments in the restaurant industry in collaboration with Square, completing 12,000 LTC transactions in Q1 2025, with an average amount of $2.3, validating its feasibility as a daily payment tool.