Bitcoin (BTC) may have jumped above the $ 100,000 mark last year, but all Bitcoin centered companies did not benefit from price action.
Bitcoin Depot (BTM), a company specializing in the sale of Bitcoin ATM, experienced a loss of revenue of $ 150 million in the fourth quarter from $ 2022 to $ 137 million in the fourth quarter of 2024.
The volume of lower transactions was mainly due to regulatory changes in the state of California, the firm at Coindesk told. In addition, the Bitcoin Depot cash flows were not correlated with the action of Bitcoin prices, argued Brandon Mintz, president and chief executive officer.
“Even when we saw this accident in 2022, the transaction volumes were still increasing,” he said.
Bitcoin Depot’s shares have been down approximately 85% since it started to negotiate on the NASDAQ after its merger with an acquisition company for special purposes (SPAC) in 2023. The market capitalization of the company amounts to $ 82 million.
The company rejected the idea that the funds negotiated in exchange for Bitcoin, which was launched in the United States in January 2024, may have siphoned some of the business flows. “Historically, our company is not directly linked to the price of bitcoin or investment vehicles like ETF,” a spokesperson for a statement sent by e-mail. “We have not seen any evidence that the ETFs had an impact on our transaction volumes.”
Bitcoin Depot, said Mintz, tends to serve non -banished Americans, as well as people who prefer to transform into cash, the elderly who are not used to using online payment options and the people of cryptography who find money for more practical Bitcoin. “It is a niche customer segment on which we focus,” said Mintz.
Bitcoin Depot buys the ATM kiosk from another company, but provides the Bitcoin software of the machine. Price of new machines generally vary from $ 5,000 to $ 7,000, and it takes approximately a year for the company to break even on the cost of a machine once installed.
Automatic distributors only sell Bitcoin. “We offered other cryptocurrencies, but when we became public, the SEC was pursuing many companies for having sold other types of cryptos that the dry was potentially stated, so we decided to go only to Bitcoin and avoid this risk,” said Mintz. “We think it was an intelligent choice, because we are attracting people who are not very sophisticated traders – it is a product very suitable for beginners.”
Bitcoin Depot has experienced nearly $ 3 billion in transaction volume since creation in 2016, shows the recent presentation of the company’s investors. While the company has mainly focused on North America, Mintz launched the idea of developing internationally, citing market saturation.
Correction: (March 24, 2025, 20:35 UTC): Correction of a BTM market capitalization.
