BTMCQOTCFinance ServicesUS GAAP · USD

Bitcoin Depot Inc.

Bitcoin Depot Inc. operates a cash-to-crypto network built around Bitcoin ATMs (BTMs) and BDCheckout locations across North America. The company lets users buy Bitcoin with cash at kiosks and retail checkout points, and also supports Bitcoin sales at its kiosks. Its business is transaction-based: revenue is generated mainly from the spread/markup on Bitcoin sold plus flat transaction fees. Bitcoin Depot also maintains a small Bitcoin inventory for operations and has begun allocating part of its treasury to Bitcoin.

Revenue615m USD
+7.2 %y/y
Operating profit (EBIT)41.2m USD
+70.2 %y/y
EBIT margin6.7%
+2.5 ppy/y
Net income-6.2m USD
+47.1 %y/y
Free cash flow28.5m USD
+141.6 %y/y

Fiscal year 2025 · change from previous year

Development 2022–2025

0200400600800m USD2022: 647 m USD2022: EBIT 17 m USD20222023: 689 m USD2023: EBIT 30 m USD20232024: 574 m USD2024: EBIT 24 m USD20242025: 615 m USD2025: EBIT 41 m USD202561541
RevenueOperating profit (EBIT)

Business

Share of revenue
BTM kiosk transactions85 %

Cash-based Bitcoin purchase and sale transactions executed through the company’s kiosk network.

BDCheckout transactions14 %

Bitcoin purchases completed through retail checkout partners using the BDCheckout network.

Website transactions1 %

Online Bitcoin transaction commissions generated through the company’s website channel.

Products

Reported · share of revenue
99.8%FY2025100 %
  • BTM Kiosk99.8 %
  • Other Revenue0.2 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Bitcoin Depot serves consumers who want to buy Bitcoin with cash, especially users who may not use traditional bank-linked crypto exchanges. Management says many users use the service for non-speculative purposes such as domestic and international remittances and online purchases. The customer base also includes users who want a fast, in-person transaction at a kiosk or a retail checkout location. Because the company’s revenue comes from point-of-sale transactions, customer activity is highly tied to transaction volume, transaction size, and the spread it can charge in each market.

Cash-based retail consumers

Buy Bitcoin at BTMs using cash because the service is immediate and does not require a traditional exchange account.

BDCheckout retail users

Purchase Bitcoin at partner checkout counters, often for convenience and broader retail access.

Remittance and payment users

Use Bitcoin for domestic and international transfers or online purchases rather than speculation.

Bitcoin sellers

Use kiosks to convert Bitcoin back into cash, supporting two-way transaction activity.

Strategy

Bitcoin Depot’s main strategic priority is expanding its kiosk and BDCheckout footprint to increase market penetration and transaction volume. The company also actively tests markup rates by geography and channel to balance profitability, growth, and user acquisition. A second priority is managing Bitcoin inventory tightly so it can fulfill customer transactions while limiting exposure to Bitcoin price volatility. The company has also started a treasury Bitcoin allocation strategy, which adds a separate balance-sheet use of Bitcoin alongside its operating inventory.

Expand retail footprintShort term

More kiosk and BDCheckout locations increase market penetration and create more transaction opportunities.

Optimize pricing and markupShort term

Channel-specific pricing helps balance user growth, transaction economics, and local market behavior.

Manage Bitcoin inventory and liquidityMedium term

Low operating Bitcoin balances reduce exposure to Bitcoin volatility while keeping kiosks supplied.

Geography

Bitcoin Depot’s operating footprint is concentrated in North America, where it says it owns and operates the largest network of Bitcoin ATMs. The company’s growth depends on expanding kiosk placements and BDCheckout availability through retail partners across the region. Geography matters because transaction behavior, markup rates, and regulatory conditions can vary by market, affecting profitability and compliance risk. The company also references geographic differences in user patterns when testing pricing and optimizing markup rates.

Risks

Bitcoin Depot faces regulatory, legal, and reputational risk because its products can be associated with fraud-induced transfers and money laundering allegations. The company also depends on retail partner relationships and kiosk availability, so partner discontinuations or slower rollout of BDCheckout locations can limit growth. Its revenue is transaction-based and sensitive to user activity, pricing, and the competitive environment for crypto access points. In addition, the business is exposed to Bitcoin price volatility, cash handling risk, and changing U.S. policy or enforcement actions affecting crypto and payments businesses.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Money laundering and fraud-related allegations1Regulatory and licensing actions2
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Money laundering and fraud-related allegationsImpact: HighLikelihood: Medium

    The company says users or third parties may use its products for fraud-induced transfers or money laundering, which can lead to investigations, penalties, and litigation.

    Exposure: Transaction network and retail kiosk operations

  2. Regulatory and licensing actionsImpact: HighLikelihood: Medium

    Crypto kiosks operate in a heavily regulated environment, and adverse actions could reduce approved status or limit operations.

    Exposure: U.S. and local compliance regimes

  3. Bitcoin price volatilityImpact: High

    The company must manage inventory and treasury exposure while customer demand and spreads can shift with Bitcoin market conditions.

    Exposure: Operating Bitcoin balances and treasury holdings

  4. Retail partner concentration and churnImpact: Medium

    BDCheckout growth depends on third-party retail partners, and partner discontinuations can reduce network reach.

    Exposure: BDCheckout rollout and store availability

  5. Cash handling and physical securityImpact: Medium

    BTM kiosks accumulate cash until collected, creating theft, reconciliation, and logistics risk.

    Exposure: Kiosk cash balances and armored carrier operations

Accounting

Judgemental items
Point-in-time transaction revenue

Revenue is recognized when the customer completes the Bitcoin transaction, so timing is tied to kiosk activity rather than subscription-like accruals.

Impact: Affects quarterly revenue volatility and comparability

Bitcoin inventory and treasury holdings

The company holds Bitcoin for operations and treasury strategy, which introduces fair value and classification considerations.

Impact: Affects balance sheet values and potential gains/losses

Contingencies and litigation accruals

Management estimates provisions for probable and reasonably estimable losses, but outcomes may differ materially.

Impact: Can affect operating expenses, cash flows, and liquidity

Single reportable segment disclosure

The company reports one segment, so investors have limited segment-level visibility into product economics.

Impact: Reduces disaggregation of margins and operating trends

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026