Bitcoin Depot Faces Revenue Decline Despite Processing $3B in Transactions
Even as Bitcoin (BTC) surged beyond $100,000 last year, Bitcoin Depot (BTM), a leading Bitcoin ATM provider, has not experienced the same financial upswing.
The company’s revenue fell from $150 million in Q4 2022 to $137 million in Q4 2024, with regulatory shifts in California being a primary factor behind the decline. Despite this, CEO Brandon Mintz maintains that Bitcoin Depot’s transaction volume is not directly correlated with Bitcoin’s price.
“Our business has historically been resilient regardless of Bitcoin’s market fluctuations,” Mintz stated. “Even during the 2022 crash, we saw steady growth in usage.”
Since its public debut in 2023 via a SPAC merger, Bitcoin Depot’s stock has plummeted approximately 85%, leaving the company with a market capitalization of $82 million.
Addressing speculation that spot Bitcoin ETFs—introduced in early 2024—have drawn customers away, a company spokesperson stated, “We haven’t observed any meaningful impact on our transaction volumes from ETFs.”
Bitcoin Depot’s core customers include unbanked individuals, those who prefer cash transactions, and people looking for a simple way to buy Bitcoin. “Our ATMs serve a niche market that values convenience over traditional exchange platforms,” Mintz explained.
The company sources its ATMs from third-party manufacturers but develops its own Bitcoin processing software. Machines are priced between $5,000 and $7,000, with a typical payback period of about a year.
Previously offering multiple cryptocurrencies, Bitcoin Depot decided to go Bitcoin-only after increased SEC scrutiny of altcoins. “Given the regulatory landscape, we saw Bitcoin exclusivity as the safest route,” Mintz said.
Since launching in 2016, Bitcoin Depot has processed nearly $3 billion in transactions. While the company remains focused on North America, it is actively evaluating international expansion opportunities.
