Thursday, September 07, 2023
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Initiating coverage with an Outperform rating and $9 target. Bitcoin Depot is the largest Bitcoin ATM operator in the U.S, boasting over 6000 locations. Notably, the company is the first publicly traded Bitcoin ATM operator. We believe the BTM shares offer investors an opportunity to experience cryptocurrency industry growth, while mitigating many risks associated with the industry. Our favorable rating is based on the company’s positive cash flow growth outlook.
A de-risked way to play Bitcoin. Unlike many of its peers, the company grew revenue and generated positive cash flow in 2022. Notably, revenues are not correlated to the price of Bitcoin and the company does not hold Bitcoin long-term. In our view, we anticipate revenue growth from increased Bitcoin popularity and additional kiosk deployment, while growing cash flow.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.