Bitcoin Depot Kiosks to be Installed in 87 Retail Locations
ATLANTA, March 26, 2024 (GLOBE NEWSWIRE) — Bitcoin Depot (NASDAQ: BTM), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, plans to install its BTM machines in 87 retail locations in Puerto Rico that have been signed on the Company’s location agreements to receive BTMs. Bitcoin Depot currently has 40 kiosks that have arrived in Puerto Rico and are already being prepared for installation.
“This geographical expansion will introduce our Bitcoin ATMs to a totally new market with low competition,” said Bitcoin Depot CEO Brandon Mintz. “According to Coinatmradar.com, there are only roughly 45 existing Bitcoin ATMs in Puerto Rico. We believe Puerto Rico can support a much larger supply of Bitcoin ATMs compared to what it has today, and we look forward to working closely with our new location partners in Puerto Rico to provide Bitcoin to new customers across the island.”
Bitcoin Depot’s products and services provide an intuitive, quick, and convenient process for converting cash into Bitcoin. This allows users to access the broader digital financial system, including using Bitcoin to make payments, transfers, remittances, online purchases, and investments.
About Bitcoin Depot Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 48 states and at thousands of name-brand retail locations in 29 states through its BDCheckout product. The Company has the largest market share in North America with approximately 6,400 kiosk locations as of September 30, 2023. Learn more at www.bitcoindepot.com
Cautionary Note Regarding Forward-Looking Statements This press release and any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance, including our growth strategy and ability to increase deployment of our products and services, the anticipated effects of the Amendment, and the closing of the Preferred Sale. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “priorities,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control.
These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the business combination; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; our ability to manage future growth; our ability to develop new products and services, bring them to market in a timely manner and make enhancements to our platform; the effects of competition on our future business; our ability to issue equity or equity-linked securities; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in filings with the Securities and Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change.
We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.
Contacts:
Investors Cody Slach, Alex Kovtun Gateway Group, Inc. 949-574-3860 BTM@gateway-grp.com
Media Christina Lockwood, Brenlyn Motlagh, Ryan Deloney Gateway Group, Inc. 949-574-3860 BTM@gateway-grp.com
FY 2023 Record Revenue of $689 Million, Up 7% Year-over-Year
FY 2023 Net Income of $1.6 Million, Down 54% Year-over-Year
FY 2023 Record Adjusted EBITDA (non-GAAP) of $56 Million, Up 37% Year-over-Year
Strengthens Footprint and Continues Business Momentum in the First Quarter of 2024
Provides First Quarter 2024 Guidance for Revenue and Adjusted EBITDA
ATLANTA, March 25, 2024 (GLOBE NEWSWIRE) — Bitcoin Depot Inc. (“Bitcoin Depot” or the “Company”), a U.S.-based Bitcoin ATM operator and leading fintech company, today reported financial results for the fourth quarter and full year ended December 31, 2023. Bitcoin Depot will host a conference call and webcast at 11:00 a.m. ET today. An earnings presentation and link to the webcast will be made available at ir.bitcoindepot.com.
“Bitcoin Depot had its strongest year ever in 2023 as we delivered $689 million in revenue, $56 million in Adjusted EBITDA, and had sustained strength in customer traffic and transaction volume,” said Brandon Mintz, CEO and Founder of Bitcoin Depot. “We continued to advance our growth strategy by expanding the number of Bitcoin access points across North America while optimizing our footprint to drive an improvement in profitability. Looking ahead, Bitcoin Depot is well positioned to deliver profitable growth going forward while supporting our mission to safely, securely and efficiently bring Bitcoin to the masses. We see opportunities for accelerated market share growth and aim to have over 8,000 kiosks installed by the end of 2024, the largest installed fleet of Bitcoin ATMs in our history.”
Fourth Quarter and Full-Year 2023 Financial Results
Revenue in the fourth quarter of 2023 was $148.4 million, down 1% from $149.7 million for the fourth quarter of 2022. For the full year, revenue increased 7% to $689.0 million compared to $646.8 million in the prior year.
Gross Profit in the fourth quarter of 2023 was $17.9 million, up 23% from $14.6 million for the fourth quarter of 2022. Gross Profit margin in the fourth quarter of 2023 was 12.1% compared to 9.8% in the fourth quarter of 2022. For the full year, Gross Profit increased 64% to $87.8 million compared to $53.5 million in the prior year and Gross Profit margin was 12.8% compared to 8.3% in the prior year.
Total operating expenses were $17.0 million for the fourth quarter of 2023, compared to $14.8 million for the fourth quarter of 2022. For the full year, operating expenses were $69.8 million compared to $55.8 million in the prior year.
Net loss for the fourth quarter of 2023 was $1.5 million, compared to a net loss of $0.5 million for the fourth quarter of 2022. For the full year, net income was $1.6 million compared to net income of $3.5 million in the prior year.
Adjusted EBITDA, a non-GAAP measure, in the fourth quarter of 2023 was $9.0 million, compared to Adjusted EBITDA of $11.4 million for the fourth quarter of 2022. For the full year, Adjusted EBITDA was $56.4 million compared to $41.2 million in the prior year. Please see “Explanation and Reconciliation of Non-GAAP Financial Measures” below.
Cash and cash equivalents were $26.4 million as of the end of the fourth quarter of 2023.
2023 Highlights
Completed software conversion to BitAccess across the Company’s full BTM fleet. The completion of the conversion vertically integrates Bitcoin Depot’s hardware and software, eliminating previous annual software licensing fees.
Closed its previously announced business combination with GSR II Meteora Acquisition Corp. on June 30th and subsequently began trading on the Nasdaq on July 3rd.
Announced multiple partnerships with convenience store brands with locations spanning across several states to increase Bitcoin Depot’s fleet of deployed kiosks, including FastLane, Gas Express, High’s, Majors Management, Stinker Stores, GetGo® Café + Market, and Jacksons Food Store.
Expanded BDCheckout program into three additional states and over 725 additional locations across a variety of convenience store partners through an ongoing partnership with a leading global payments technology company.
Announced distribution partnership with CORD Financial Services to distribute Bitcoin Depot kiosks across the U.S.
Secured preferred BTM vendor status with National Retail Association, AATAC, a national trade association of retailers, distributors, vendor suppliers and partners for the convenience store and retail industries.
Hired a new Chief Technology Officer to lead software development efforts.
Q1 2024 and Recent Highlights
Announced the sale of 50 new BTM kiosks to Sopris Capital as part of the Company’s franchise program.
Purchased 900 additional Bitcoin ATMs for Q1 2024 Expansion.
Announced expansion deal with a leading operator of convenience stores across 63 stores.
Announced deployment of 940 Bitcoin Depot kiosks in convenience store locations across 24 states beginning in Q1 of 2024.
Announced the expansion of the Company’s sales team with the hiring of 13 new sales representatives.
Guidance
Based on current market conditions, Bitcoin Depot expects consolidated revenue in the first quarter of 2024 to range between $137 million and $138 million compared to $163.6 million in the first quarter of 2023. Bitcoin Depot expects Adjusted EBITDA (non-GAAP) in the first quarter of 2024 to range between $5 million – $6 million compared to net income of $6.1 million and Adjusted EBITDA of $13.6 million in the first quarter of 2023.
For important disclosures about Adjusted EBITDA, see “Explanation and Reconciliation of Non-GAAP Financial Measures” below.
Conference Call
Bitcoin Depot will hold a conference call at 11:00 a.m., Eastern time (8:00 a.m. Pacific time), today to discuss its financial results for the fourth quarter and full year ended December 31, 2023.
Call Date: Monday, March 25, 2024 Time: 11:00 a.m. Eastern time (8:00 a.m. Pacific time) U.S. dial-in: 646-307-1963 International dial-in: 800-715-9871 Conference ID: 2505953
The conference call will broadcast live and be available for replay here following the call.
Please call the conference telephone number approximately 10 minutes before the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Bitcoin Depot’s investor relations team at 1-949-574-3860.
A replay of the call will be available beginning after 3:00 p.m. Eastern time on March 25, 2024 through April 1, 2024.
U.S. replay number: 609-800-9909 International replay number: 800-770-2030 Conference ID: 2505953
About Bitcoin Depot
Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to Bitcoin at Bitcoin Depot’s kiosks and at thousands of name-brand retail locations through its BDCheckout product. The Company has the largest market share in North America with approximately 6,339 kiosk locations as of December 31, 2023. Learn more at www.bitcoindepot.com.
This press release and any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance, including our growth strategy and ability to increase deployment of our products and services, our ability to strengthen our financial profile, worldwide growth in the adoption and use of cryptocurrencies, and our guidance regarding our generation of revenue and Adjusted EBITDA for Q1 2024. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,“ ”plan,“ ”potential,“ ”priorities,“ ”project,“ ”pursue,“ ”seek,“ ”should,“ ”target,“ ”when,“ ”will,“ ”would,” or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control.
These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the business combination; risks relating to the uncertainty of our projected financial information; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; our ability to manage future growth; our ability to develop new products and services, bring them to market in a timely manner and make enhancements to our platform; the effects of competition on our future business; our ability to issue equity or equity-linked securities; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in filings with the Securities and Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change.
We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.
BITCOIN DEPOT INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts)
As of December 31,
2023
2022
(unaudited)
Assets
Current:
Cash and cash equivalents
$
26,388
$
37,540
Cryptocurrencies
712
540
Accounts receivable, net
245
263
Prepaid expenses and other current assets
6,538
2,015
Total current assets
33,883
40,358
Property and equipment:
Furniture and fixtures
635
618
Leasehold improvements
172
172
Kiosk machines – owned
24,222
15,234
Kiosk machines – leased
20,524
36,591
Vehicles
—
17
Total property and equipment
45,553
52,632
Less: accumulated depreciation
(20,699
)
(13,976
)
Total property and equipment, net
24,854
38,656
Intangible assets, net
3,836
5,351
Goodwill
8,717
8,717
Operating lease right-of-use assets, net
484
302
Deposits
412
17
Deferred tax assets
4,027
—
Total assets
$
76,213
$
93,401
BITCOIN DEPOT INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts)
As of December 31,
2023
2022
(unaudited)
Liabilities and Stockholders’ Equity and Member’s Equity
Current:
Accounts payable
$
8,320
$
8,119
Accrued expenses and other current liabilities
19,745
11,309
Note payable
3,985
8,050
Income taxes payable
2,272
647
Deferred revenue
297
19
Operating lease liabilities, current portion
319
228
Current installments of obligations under finance leases
6,801
18,437
Other tax payable
700
—
Total current liabilities
$
42,439
$
46,809
Long-term liabilities
Note payable, non-current
17,101
29,522
Operating lease liabilities, non-current
279
247
Obligations under finance leases, non-current
2,848
6,140
Deferred income tax, net
805
1,239
Tax receivable agreement liability
2,582
—
Total Liabilities
$
66,054
$
83,957
Commitments and Contingencies (Note 22)
Stockholders’ Equity and Member’s Equity
Series A Preferred Stock, $0.0001 par value; 50,000,000 authorized, 3,125,000 shares issued and outstanding, at December 31, 2023
—
—
Class A common stock, $0.0001 par value; 800,000,000 authorized, 13,671,691 shares issued, and 13,551,047 shares outstanding at December 31, 2023
1
—
Class B common stock, $0.0001 par value; 20,000,000 authorized, no shares issued and outstanding at December 31, 2023
—
—
Class E common stock, $0.0001 par value; 2,250,000 authorized, 1,075,761 shares issued and outstanding at December 31, 2023
—
—
Class M common stock, $0.0001 par value; 300,000,000 authorized, no shares issued and outstanding at December 31, 2023
—
—
Class O common stock, $0.0001 par value; 800,000,000 authorized, no shares issued and outstanding at December 31, 2023
—
—
Class V common stock, $0.0001 par value; 300,000,000 authorized, 44,100,000 shares issued and outstanding at December 31, 2023
4
—
Treasury stock
(279
)
—
Additional paid-in capital
17,933
—
Retained earnings (accumulated deficit)
(30,991
)
—
Equity attributed to Legacy Bitcoin Depot
—
7,396
Accumulated other comprehensive loss
(203
)
(182
)
Total Stockholders’ Equity (Deficit) and Equity Attributable to Legacy Bitcoin Depot
$
(13,535
)
$
7,214
Equity attributable to non-controlling interests
23,694
2,230
Total Stockholders’ Equity and Member’s Equity
$
10,159
$
9,444
Total Liabilities and Stockholders’ Equity and Member’s Equity
$
76,213
$
93,401
BITCOIN DEPOT INC. CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (in thousands, except share and per share amounts)
Year ended December 31,
2023
2022
(unaudited)
Revenue
$
688,967
$
646,830
Cost of revenue (excluding depreciation and amortization)
588,637
574,535
Operating expenses:
Selling, general, and administrative
57,046
36,991
Depreciation and amortization
12,788
18,783
Total operating expenses
$
69,834
$
55,774
Income from operations
$
30,496
$
16,521
Other (expense) income:
Interest (expense)
(11,926
)
(12,318
)
Other (expense) income
(16,626
)
118
(Loss) gain on foreign currency transactions
(289
)
(380
)
Total other (expense)
$
(28,841
)
$
(12,580
)
Income before provision for income taxes and non-controlling interest
1,655
3,941
Income tax benefit (expense)
(8
)
(395
)
Net income
$
1,647
$
3,546
Net income attributable to Legacy Bitcoin Depot unit holders
12,906
3,980
Net income (loss) attributable to non-controlling interest
13,172
(434
)
Net (loss) attributable to Bitcoin Depot Inc.
$
(24,431
)
$
–
Other comprehensive income (loss), net of tax
Net income
$
1,647
$
3,546
Foreign currency translation adjustments
66
(110
)
Total comprehensive income
$
1,713
$
3,436
Comprehensive income attributable to Legacy Bitcoin Depot unit holders
12,885
3,870
Comprehensive income (loss) attributable to non-controlling interest
13,259
(434
)
Comprehensive loss attributable to Bitcoin Depot Inc.
$
(24,431
)
$
–
Explanation and Reconciliation of Non-GAAP Financial Measures
Bitcoin Depot reports its financial results in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This press release includes both historical and projected Adjusted EBITDA, Adjusted Gross Profit, and certain ratios and other metrics derived therefrom such as Adjusted EBITDA margin and Adjusted Gross Profit margin, which are not prepared in accordance with GAAP.
Bitcoin Depot defines Adjusted EBITDA as net income before interest expense, income tax expense, depreciation and amortization, non-recurring expenses, stock-based compensation, expenses related to the PIPE financing and miscellaneous cost adjustments. Such items are excluded from Adjusted EBITDA because these items are non-cash in nature, or because the amount and timing of these items is unpredictable, not driven by core results of operations and renders comparisons with prior periods and competitors less meaningful. In addition, Bitcoin Depot defines Adjusted Gross Profit (a non-GAAP financial measure) as revenue less cost of revenue (excluding depreciation and amortization) and depreciation and amortization adjusted to add back depreciation and amortization. Bitcoin Depot believes Adjusted EBITDA and Adjusted Gross Profit each provide useful information to investors and others in understanding and evaluating Bitcoin Depot’s results of operations, as well as provide a useful measure for period-to-period comparisons of Bitcoin Depot’s business performance. Adjusted EBITDA and Adjusted Gross Profit are each key measurements used internally by management to make operating decisions, including those related to operating expenses, evaluate performance and perform strategic and financial planning. However, you should be aware that Adjusted EBITDA and Adjusted Gross Profit are not measures of financial performance calculated in accordance with GAAP and may exclude items that are significant in understanding and assessing Bitcoin Depot’s financial results, and further, that Bitcoin Depot may incur future expenses similar to those excluded when calculating these measures. Bitcoin Depot primarily relies on GAAP results and uses both Adjusted EBITDA and Adjusted Gross Profit on a supplemental basis. Neither Adjusted EBITDA or Adjusted Gross Profit should be considered in isolation from, or as an alternative to, net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP and may not be indicative of Bitcoin Depot’s historical or future operating results. Bitcoin Depot’s computation of both Adjusted EBITDA and Adjusted Gross Profit may not be comparable to other similarly titled measures computed by other companies because not all companies calculate such measures in the same fashion. As such, undue reliance should not be placed on such measures.
Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from the projections of Adjusted EBITDA, together with some of the excluded information not being ascertainable or accessible, Bitcoin Depot is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included.
The following table presents a reconciliation of revenue to Adjusted EBITDA for the periods indicated:
BITCOIN DEPOT INC. RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA
Year Ended December 31,
(in thousands)
2023
2022
(unaudited)
Net income
$
1,647
$
3,546
Adjustments:
Interest expense
11,926
12,318
Income tax (benefit) expense
8
395
Depreciation and amortization
12,788
18,783
Expense related to the PIPE transaction (1)
14,785
—
Non-recurring expenses (2)
9,298
4,879
Stock based compensation
2,523
1,230
Special bonus (3)
3,040
—
Expenses associated with the termination of the phantom equity participation plan
350
—
Adjusted EBITDA
$
56,365
$
41,151
Adjusted EBITDA margin (4)
8.2
%
6.4
%
(1)
Amounts include the recognition of a non-cash expense of $14.8 million and $2.5 million related to the PIPE transaction, entered into as of close of the Merger on June 30, 2023, for the twelve and three months ended December 31, 2023, respectively.
(2)
Comprised of non-recurring professional service fees.
(3)
Amount includes (A) Transaction bonus and related taxes to employees of approximately $1.4 million and (B) Founder Transaction bonus as a result of close of the Merger, of approximately $1.6 million, recognized as stock-based compensation, for the year ended December 31, 2023.
(4)
Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue. The Company uses this measure to evaluate its overall profitability.
The following table presents a reconciliation of revenue to Adjusted Gross Profit for the periods indicated:
BITCOIN DEPOT INC. RECONCILIATION OF REVENUE TO ADJUSTED GROSS PROFIT
Year Ended December 31,
(in thousands)
2023
2022
(unaudited)
Revenue
$
688,967
$
646,830
Cost of revenue (excluding depreciation and amortization)
(588,637
)
(574,535
)
Depreciation and amortization excluded from cost of revenue
(12,455
)
(18,783
)
Gross Profit
$
87,875
$
53,512
Adjustments:
Depreciation and amortization excluded from cost of revenue
$
12,455
$
18,783
Adjusted Gross Profit
$
100,330
$
72,295
Gross Profit Margin (1)
12.8
%
8.3
%
Adjusted Gross Profit Margin (1)
14.6
%
11.2
%
(1) Calculated as a percentage of revenue.
Contacts:
Investors Cody Slach, Alex Kovtun Gateway Group, Inc. 949-574-3860 BTM@gateway-grp.com
Media Zach Kadletz, Brenlyn Motlagh, Ryan Deloney Gateway Group, Inc. 949-574-3860 BTM@gateway-grp.com
NEW YORK, March 18, 2024 /PRNewswire/ — Bit Digital, Inc. (Nasdaq: BTBT) (the “Company”), a sustainable platform for digital assets and artificial intelligence (“AI”) infrastructure headquartered in New York City, announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2023 with the U.S. Securities and Exchange Commission (“SEC”) on March 18, 2024.
Financial Highlights for Fiscal Year 2023
Total revenue for fiscal year 2023 was $44.9 million, a 39% increase compared to the prior year. The majority of revenue was earned from our bitcoin mining business.
The Company had cash, cash equivalents and restricted cash of $18.2 million, and total liquidity (defined as cash equivalents and restricted cash, USDC, and the fair market value of digital assets) of approximately $81.2 million1, as of December 31, 2023.
Total assets were $189.3 million and Shareholders’ Equity amounted to $152.7 million as of December 31, 2023.
Adjusted EBITDA2 was $12.4 million for the fiscal year 2023.
Adjusted earnings per share3 was $0.12 for fiscal year 2023.
Operational Highlights for Fiscal Year 2023
The Company earned 1,507.3 bitcoins during 2023, a 21% increase from the prior year. Growth was primarily driven by a higher active hash rate and partially offset by an increase in network difficulty.
The Company paid approximately $0.05 per kilowatt hour to its hosting partners for electricity consumed during fiscal year 2023.
The average fleet efficiency for the active fleet was approximately 28.8 J/TH as of December 31, 2023.
The Company earned 287.0 ETH in native staking and 81.9 ETH in liquid staking, respectively, during fiscal year 2023.
Treasury holdings of BTC and ETH were 642.6 and 15,108.0, with a fair market value of approximately $27.2 million and $34.5 million on December 31, 2023, respectively.
The BTC equivalent4 of our digital asset holdings as of December 31, 2023 (defined as if all ETH, LsETH, and USDC holdings were converted into BTC as of that date) was approximately 1,489.9 BTC, or approximately $63.0 million. This figure excludes approximately 2,701 ETH that transferred to an internally managed fund.
As of December 31, 2023, we had 46,548 miners owned or operating (in Iceland) for bitcoin mining with a total maximum hash rate of 3.9 EH/S.
The Company’s active hash rate of its bitcoin mining fleet was approximately 2.50 EH/s as of December 31, 2023.
The Company purchased approximately 10,900 bitcoin mining units during 2023.
For the year ended December 31, 2023, the Company wrote off 5,328 bitcoin miners and 730 ETH miners.
Approximately 93% of our fleet’s run-rate electricity consumption was generated from carbon-free energy sources as of December 31, 2023. These figures are based on data provided by our hosts, publicly available sources, and internal estimates, demonstrating our commitment to sustainable practices in the digital asset mining industry.
The Company had approximately 12,752 ETH actively staked in native and liquid staking protocols as of December 31, 2023. Approximately 12,352 were natively staked and 400 ETH were deployed in liquid staking protocols as of that date.
In October 2023, Bit Digital finalized an agreement with Soluna Computing, Inc (“Soluna”) for 4.4 megawatts of incremental hosting capacity in Kentucky to power its miners for an initial contract term of twelve months.
In October 2023, the Company announced the launch of Bit Digital AI, a new business line that provides specialized infrastructure to support generative artificial intelligence (“AI”) workstreams. The Company subsequently finalized a service agreement with a customer to provide the customer with computational power from 2,048 GPUs over a three-year period. To fulfil the contract, the Company purchased 256 servers manufactured by Super Micro Computer, Inc., an authorized Nvidia OEM, that were equipped with 2,048 Nvidia HGX H100 GPUs along with related equipment. To help finance this operation, the Company subsequently entered into a sale-leaseback agreement with a third party, selling 96 AI servers (equivalent to 768 GPUs) and leasing them back for three years. The GPUs are deployed at a third-party datacenter located in Iceland.
In November 2023, Bit Digital finalized an agreement with Dory Creek, a subsidiary of Bitdeer Technologies Group, for 17.5 MW of incremental hosting capacity to power its miners at a location in Texas. Additionally, Bit Digital will have the first right for up to an additional 17.5 MW of capacity that may be brought online by the operator.
Subsequent Events
On January 22, 2024, approximately 192 servers (1,536 GPUs) began generating revenue from the Company’s AI customer contact. Subsequently, approximately 64 additional servers (512 GPUs) commenced revenue generation on February 2, 2024.
On January 26, 2024, the Company finalized an agreement Coinmint for up to 6 MW of additional mining capacity at Coinmint’s hosting facility in Massena, New York. This new agreement brings the Company’s total contracted hosting capacity with Coinmint to approximately 46 MW. Bit Digital purchased approximately 2,340 S19k Pro mining units that have since been deployed at the facility as of the date of this report.
Strategic Priorities for Fiscal Year 2024
Expand the active bitcoin mining fleet to approximately 6.0 EH/s.
Diversify and grow Bit Digital AI with the goal of increasing annualized revenue to $100 million by year-end 2024.
Maintain a strong and flexible balance sheet
Increase our treasury holdings of staked ETH with retained earnings
Continued focus on sustainability
Management Commentary
“2023 was a foundational year for Bit Digital. The year began with the price of bitcoin near cyclical lows and ended on a trajectory that would propel the asset to new all-time highs in 2024. Despite the improvement in the price of bitcoin, our core mission remains unchanged; to build a company that can successfully endure all phases of the bitcoin price cycle.
We enacted numerous changes to our bitcoin mining hosting portfolio during 2023, ending the year with six hosting partners and seven operating sites across three countries. Notably, we expanded our operations into Iceland during 2023, providing Bit Digital with geographic diversification outside of North America and into a region with an abundance of clean energy and supportive government policies. We will continue to focus our expansion areas in areas that provide cost-effective, carbon-free energy sources. As we consider our growth targets for 2024, our focus is on improving our overall fleet efficiency and lowering our production cost.
Bit Digital enacted a growth strategy in 2023 which prioritized maintaining a formidable balance sheet ahead of the ‘halving’ which is expected to occur during April 2024. We ended 2023 with a strong liquidity position and zero debt, and our liquidity position has improved materially since year-end in sympathy with rising digital asset prices. We also managed to more than double our active hash rate compared to the end of 2022, leading to a 21% increase in total bitcoin production.
We announced the launch of a new business line, Bit Digital AI, during the fall of 2023. This business aims to provide AI-focused clients with digital infrastructure services, including GPU rental services. It was important to us that we didn’t merely announce an ambition, but a real business, and this business line has already begun to contribute meaningful revenue to Bit Digital (approximately $4 million during February 2024). This enterprise draws on our core competencies as a bitcoin miner, and we believe we are on a credible path to materially expanding the scope of this business line. We look forward to demonstrating the earnings power from this business as the year progresses.”
About Bit Digital
Bit Digital, Inc. is a sustainable platform for digital assets and artificial intelligence (“AI”) infrastructure headquartered in New York City. Our bitcoin mining operations are located in the US, Canada, and Iceland. The Company has also established a business line, Bit Digital AI, that offers infrastructure services for artificial intelligence applications. For additional information, please contact ir@bit-digital.com or visit our website at www.bit-digital.com.
Investor Notice
Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 3.D of our Annual Report on Form 20-F for the fiscal year ended December 31, 2023. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or bitcoin hash rate may also materially affect the future performance of Bit Digital’s production of bitcoin. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors. See “Safe Harbor Statement” below.
Safe Harbor Statement
This press release may contain certain “forward-looking statements” relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Footnotes: 1 This figure excludes approximately 2,701 ETH that were transferred to an internally managed fund. 2 Adjusted EBITDA refers to earnings before interest expense, income tax expense and depreciation and amortization expense (“EBITDA”) adjusted to eliminate the effects of certain non-cash and / or non-recurring items. 3 Adjusted EPS is a financial measure defined as our EBITDA divided by our diluted weighted-average shares outstanding, adjusted with the EPS impact related to the adjustments made to EBITDA to derive Adjusted EBITDA. 4 “BTC equivalent” is a hypothetical illustration of the value of our digital asset portfolio in bitcoin terms. BTC equivalent is defined as if all non-BTC digital assets, comprised of ETH, LsETH, and USDC, were converted into BTC as of December 31, 2023, and added to our existing BTC balance. Conversion values are found using the closing price on coinmarketcap.com.
NEW YORK, March 13, 2024 /PRNewswire/ — Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”), a sustainable platform for digital assets and artificial intelligence (“AI”) infrastructure headquartered in New York, announced today that it will release its fiscal year 2023 results on Monday, March 18, 2024, after the stock market closes. Senior management will host a live webcast and conference call to review the results on Tuesday, March 19, 2024, at 10 a.m. ET.
To register for the earnings call, please click here.
The Company will issue a press release regarding the fiscal year 2023 earnings prior to the conference call. The press release will be posted on the Bit Digital website at www.bit-digital.com.
About Bit Digital
Bit Digital, Inc. is a sustainable platform for digital assets and artificial intelligence (“AI”) infrastructure headquartered in New York City. Our bitcoin mining operations are located in the US, Canada, and Iceland. The Company has also established a business line, Bit Digital AI, that offers specialized cloud-infrastructure services for artificial intelligence applications. For additional information, please contact ir@bit-digital.com or visit our website at www.bit-digital.com.
Investor Notice
Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 3.D of our most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2022. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or bitcoin hash rate may also materially affect the future performance of Bit Digital’s production of bitcoin. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors.
Safe Harbor Statement
This press release may contain certain “forward-looking statements” relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Franchise Program to Support the Company’s Bold Expansion Strategy as North America’s Market Share Leader
ATLANTA, March 12, 2024 (GLOBE NEWSWIRE) — Bitcoin Depot (“Bitcoin Depot” or the “Company”) (NASDAQ: BTM), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, today announced the sale of 50 new BTM kiosks to Sopris Capital, a 20-year-old multi-strategy investment firm, as part of the Company’s franchise program. Bitcoin Depot will strategically deploy and operate the new kiosks on behalf of Sopris Capital across Canada.
Bitcoin Depot launched its franchise program in 2023 to provide additional deployment opportunities to qualified partners as part of its North American expansion strategy. Franchise partners benefit from Bitcoin Depot’s expertise in operating BTMs and integration with BitAccess software, the premier software suite for Bitcoin ATM operations. The software suite provides industry-leading remote management, excellent security, fleet management through the operator panel, compliance tools, and much more. Through the franchise program, Bitcoin Depot has already added more than 100 additional BTM kiosk locations.
“We’re excited to partner with an investor who shares our vision for broadening access to Bitcoin,” said Bitcoin Depot CEO Brandon Mintz. “Our franchise program provides a capital-efficient strategy for Bitcoin Depot to continue its expansion this year as we aim to have the largest installed fleet of Bitcoin ATMs in the company’s history.”
Bitcoin Depot’s products and services provide an intuitive, quick, and convenient process for converting cash into Bitcoin, giving users the ability to access the broader digital financial system, including using their Bitcoin for purposes of making payments, transfers, remittances, online purchases, and investments.
About Bitcoin Depot Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 48 states and at thousands of name-brand retail locations in 29 states through its BDCheckout product. The Company has the largest market share in North America with approximately 6,400 kiosk locations as of September 30, 2023. Learn more at www.bitcoindepot.com
Cautionary Note Regarding Forward-Looking Statements This press release and any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance, including our growth strategy and ability to increase deployment of our products and services, the anticipated effects of the Amendment, and the closing of the Preferred Sale. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “priorities,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the business combination; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; our ability to manage future growth; our ability to develop new products and services, bring them to market in a timely manner and make enhancements to our platform; the effects of competition on our future business; our ability to issue equity or equity-linked securities; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in filings with the Securities and Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.
Contacts:
Investors Cody Slach, Alex Kovtun Gateway Group, Inc. 949-574-3860 BTM@gateway-grp.com
Media Christina Lockwood, Brenlyn Motlagh, Ryan Deloney Gateway Group, Inc. 949-574-3860 BTM@gateway-grp.com
ATLANTA, March 11, 2024 (GLOBE NEWSWIRE) — Bitcoin Depot Inc. (“Bitcoin Depot” or the “Company”), a U.S.-based Bitcoin ATM operator and leading fintech company, will hold a conference call and live audio webcast on Monday, March 25th at 11:00 a.m. Eastern time (8:00 a.m. Pacific Time) to discuss its financial results for the fourth quarter ended December 31, 2023. Bitcoin Depot plans to release results before the market open on the same day.
Call Date: Monday, March 25, 2024 Time: 11:00 a.m. Eastern time (8:00 a.m. Pacific time) U.S. dial-in: 646-307-1963 International dial-in: 800-715-9871 Conference ID: 2505953
The conference call will broadcast live and be available for replay here following the call.
Please call the conference telephone number approximately 10 minutes before the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Bitcoin Depot’s investor relations team at 1-949-574-3860.
A replay of the call will be available beginning after 3:00 p.m. Eastern time on March 25, 2024 through April 1, 2024.
U.S. replay number: 609-800-9909 International replay number: 800-770-2030 Conference ID: 2505953
About Bitcoin Depot Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 48 states and at thousands of name-brand retail locations in 29 states through its BDCheckout product. The Company has the largest market share in North America with approximately 6,400 kiosk locations as of September 30, 2023. Learn more at www.bitcoindepot.com.
Contacts:
Investors Cody Slach, Alex Kovtun Gateway Group, Inc. 949-574-3860 BTM@gateway-grp.com
Media Zach Kadletz, Brenlyn Motlagh, Ryan Deloney Gateway Group, Inc. 949-574-3860 BTM@gateway-grp.com
Bitcoin, the world’s largest cryptocurrency, has once again captured the attention of investors worldwide by setting a new all-time high price of nearly $69,000. This remarkable achievement serves as a reminder that even in the ever-evolving landscape of finance, there are always opportunities to be found – often in unexpected places.
The recent surge in Bitcoin’s value can be attributed to the launch of several spot Bitcoin exchange-traded funds (ETFs) earlier this year. These ETFs have provided everyday investors with unprecedented access to the cryptocurrency market, fueling a surge in demand that has outpaced the available supply. With institutional investors and ETFs scooping up more Bitcoin than is being mined daily, a supply crunch has emerged, further driving up prices.
While the crypto market has been the center of attention, this event also highlights the potential for overlooked investment opportunities in other sectors. Just as Bitcoin was once dismissed by many as a passing fad, there are countless emerging growth companies and innovative technologies that are currently being underestimated by the broader market.
Small-cap stocks, in particular, often fly under the radar of mainstream investors, yet they can offer significant upside potential for those willing to conduct thorough research and identify promising ventures. From groundbreaking medical innovations to disruptive technologies reshaping entire industries, the small-cap universe is brimming with hidden gems waiting to be discovered.
The key to successful investing in these often-overlooked areas lies in taking a long-term perspective and maintaining a diversified portfolio. Just as the crypto market has experienced its fair share of volatility over the years, emerging growth companies can be subject to significant price fluctuations as they navigate the challenges of scaling their operations and gaining market share.
However, for those with the patience and risk tolerance to withstand these ups and downs, the potential rewards can be substantial. Many of today’s industry titans, from Amazon to Tesla, were once small-cap companies with ambitious visions and innovative products that captured the imagination of forward-thinking investors.
As the Bitcoin story continues to unfold, it serves as a powerful reminder that investment opportunities can arise in unexpected places. By keeping an open mind, conducting thorough research, and maintaining a disciplined approach, investors can position themselves to capitalize on the next big thing – whether it’s in the realm of cryptocurrencies, cutting-edge technologies, or any other sector ripe for disruption.
Take a moment to take a look at Bitcoin Depot and Bit Digital who are exploring and pioneering the cryptocurrency sector.
The price of bitcoin has crossed over the psychologically important $50,000 level this week for the first time since December 2021. The world’s largest cryptocurrency by market capitalization rallied roughly 15% over the past week to hit $50,000 on Monday afternoon, riding a wave of bullish sentiment in crypto markets.
Several factors are contributing to bitcoin’s renewed momentum above $50,000. Firstly, the recent launch of spot bitcoin exchange-traded funds (ETFs) has provided a boost to bitcoin prices. These ETFs, which hold actual bitcoin rather than bitcoin futures, have seen strong inflows from investors. According to data from Bloomberg, spot bitcoin ETFs recorded their second largest day of inflows last Friday, totaling over $540 million.
The two largest bitcoin ETFs – BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Trust – have accumulated substantial assets after only one month of trading. The combination of easy access to bitcoin exposure through these ETFs along with optimism around the scheduled halving event in 2024 seems to be driving enthusiasm and higher prices.
The upcoming bitcoin halving, expected to occur in mid-2024, will see the bitcoin mining reward cut in half from 6.25 bitcoin per block currently to 3.125 bitcoin. This quadrennial event has historically been bullish for bitcoin prices over the long-term. According to a recent report from Grayscale Investments, while the halving poses challenges to miners in the form of reduced block rewards, innovations like Layer 2 scaling solutions could offset this by lowering transaction fees and enhancing throughput.
Beyond market structure changes like the ETFs and the halving, bitcoin also received a small boost from a geopolitical event last week. The re-election of pro-bitcoin President Nayib Bukele in El Salvador for another 5 year term was cheered by cryptocurrency advocates. El Salvador under Bukele was the first country to make bitcoin legal tender in 2021. While Bukele’s visions of a bitcoin-powered economy have stumbled, his re-election signals continued support.
After hitting the historic $50,000 mark, bitcoin pulled back modestly but has remained firmly above $48,000 over the past few days. The key question now is whether bitcoin can rise and continue trading stably above $50,000, which would signal a definitive change in market structure according to analysts.
Previous rallies above $50,000 over the past two years have been short-lived, with bitcoin failing to establish support at those levels. In March 2022, bitcoin briefly topped $48,000 before slipping back down. And in early January this year, bitcoin hit $50,000 but quickly dropped below $45,000 within days.
This time, bitcoin investors are hopeful that conditions are ripe for bitcoin to finally break out above $50,000. Analysts at Bernstein recently predicted a “fear of missing out” or FOMO rally in bitcoin, as momentum builds following the breach of $50,000. However, bitcoin remains highly volatile, as evidenced by its drop from all-time highs near $69,000 in November 2021 down to below $20,000 by the end of 2022.
Market analysts will be monitoring key support and resistance levels, like the 200-day moving average near $46,500. As long as bitcoin can avoid dropping below these key technical levels, the bullish case remains intact. But buyers will need to maintain consistent support above $50,000 and catalyze follow-on demand in order for this latest move higher to be sustainable. Other factors like rising interest rates and broad macroeconomic uncertainty still pose downside risks.
Nonetheless, the combination of factors lining up in bitcoin’s favor – the surging interest and inflows into spot ETFs, optimistic narrative around the halving, and the breakout above $50,000 – has many crypto investors calling this bitcoin’s next bull run. As bitcoin solidifies its status within mainstream finance and garners attention from major institutional players like BlackRock and Fidelity, the dynamics appear to be changing in favor of greater price stability and less volatility. But bitcoin’s freewheeling ways are difficult to tame. We will soon find out in the coming weeks and months if bitcoin has finally matured enough to leave its past boom and bust cycles behind.
Bitcoin Depot targets to have roughly 8,000 Bitcoin ATMs installed by the end of 2024
ATLANTA, Feb. 13, 2024 (GLOBE NEWSWIRE) — Bitcoin Depot (“Bitcoin Depot” or the “Company”) (NASDAQ: BTM), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, today announced the completion of a purchase of roughly 400 additional Bitcoin ATM kiosks, which the Company plans to deploy by the end of Q1 2024. To date, in 2024, Bitcoin Depot has committed to a total purchase of 900 kiosks between this purchase of 400 kiosks, and the previously announced 500 kiosk order. Bitcoin Depot intends to have the largest installed fleet of Bitcoin ATMs in its history, with roughly 8,000 kiosks installed by the end of 2024.
“We plan to expand aggressively in kiosk count in 2024 to attempt gain significant market share,” said Bitcoin Depot CEO Brandon Mintz. “According to coinatmradar.com, the number of BTMs in the Bitcoin ATM industry in the U.S. is still significantly lower than what it was at its peak in August 2022 at 34,626 because as of February 1st, 2024, the number of BTMs in the U.S. stood at 29,401 BTMs. Much of this 15% decline was related to two major BTM operators that are no longer in business, and Bitcoin Depot is well positioned to take advantage of the lack of supply of BTMs in the U.S. market.”
Bitcoin Depot’s products and services provide an intuitive, quick, and convenient process for converting cash into Bitcoin, giving users the ability to access the broader digital financial system, including using their Bitcoin for purposes of making payments, transfers, remittances, online purchases, and investments.
This news comes as the latest show of momentum for the Company following a string of recent expansion announcements and operational developments. In early 2022, Bitcoin Depot took over the #1 market share position to become the largest BTM operator in North America, and in 2023 – despite the turbulent cryptocurrency market the past couple of years – the Company became the first BTM operator to go public on a major U.S. stock exchange. Bitcoin Depot and its leadership have since been recognized and celebrated for the Company’s industry-leading growth in Forbes 30 Under 30, Deloitte’s 2023 Technology Fast 500, and, most recently, the 2023 Inc. 5000.
About Bitcoin Depot Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 48 states and at thousands of name-brand retail locations in 29 states through its BDCheckout product. The Company has the largest market share in North America with approximately 6,400 kiosk locations as of September 30, 2023. Learn more at www.bitcoindepot.com
Cautionary Note Regarding Forward-Looking Statements This press release and any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance, including our growth strategy and ability to increase deployment of our products and services, the anticipated effects of the Amendment, and the closing of the Preferred Sale. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “priorities,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the business combination; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; our ability to manage future growth; our ability to develop new products and services, bring them to market in a timely manner and make enhancements to our platform; the effects of competition on our future business; our ability to issue equity or equity-linked securities; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in filings with the Securities and Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.
Contacts:
Investors Cody Slach, Alex Kovtun Gateway Group, Inc. 949-574-3860 BTM@gateway-grp.com
Media Christina Lockwood, Brenlyn Motlagh, Ryan Deloney Gateway Group, Inc. 949-574-3860 BTM@gateway-grp.com
Bitcoin Depot Plans to Install Bitcoin ATMs in Locations Across the US South
ATLANTA, Feb. 07, 2024 (GLOBE NEWSWIRE) — Bitcoin Depot Inc. (“Bitcoin Depot” or the “Company”) (NASDAQ: BTM), a U.S.-based Bitcoin ATM operator and leading fintech company, today announced a retail partnership with a leading operator of convenience stores in the U.S.
Bitcoin Depot plans to install its BTMs in an additional 63 stores across multiple metropolitan areas, strengthening Bitcoin Depot’s retail footprint. This partnership augments Bitcoin Depot’s comprehensive growth plan, which focuses on increasing its BTM network and continuing to build a robust pipeline of major regional and national retail partners. Last month, the Company announced an additional partnership that includes a deployment of nearly 1,000 BTMs nationally.
“This expansion aligns with our commitment to bringing Bitcoin to the masses,” said Bitcoin Depot CEO Brandon Mintz. “Our goal is to bring easy and convenient crypto access to a plethora of communities while creating unmatched value for our retail partners and welcoming new customers.”
This expansion allows Bitcoin Depot customers to purchase Bitcoin in easy and accessible c-store locations across the South where a variety of additional amenities are available. As part of the partnership, additional Bitcoin Depot’s kiosks will now be available in the following states including Alabama, Arkansas, Arizona, Florida, Georgia, Illinois, Kansas, Kentucky, Louisiana, Maine, Michigan, North Carolina, Mississippi, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, and West Virginia.
Bitcoin Depot’s products and services provide an intuitive, quick, and convenient process for converting cash into Bitcoin, giving users the ability to access the broader digital financial system by conveniently purchasing Bitcoin at Bitcoin ATMs in 48 states. In addition to Bitcoin ATMs, Bitcoin Depot also has BDCheckout enabled for customers to fund their wallets with cash at participating retail locations in 28 states nationwide.
About Bitcoin Depot Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 48 states and at thousands of name-brand retail locations in 29 states through its BDCheckout product. The Company has the largest market share in North America with approximately 6,400 kiosk locations as of September 30, 2023. Learn more at www.bitcoindepot.com
Contacts:
Investors Cody Slach, Alex Kovtun Gateway Group 949-574-3860 btm@gateway-grp.com
Media Christina Lockwood, Brenlyn Motlagh, Ryan Deloney Gateway Group 949-574-3860 btm@gateway-grp.com
NEW YORK, Jan. 23, 2024 /PRNewswire/ — Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”), a sustainable platform for digital assets and artificial intelligence (“AI”) infrastructure headquartered in New York City, is pleased to announce that its customer contract for its Bit Digital AI business has commenced revenue generation as of the date of this report. 192 servers, representing 1,536 GPUs, began generating revenue on January 23, 2024. An additional 64 servers, representing 512 GPUs, are expected to start earning revenue by the end of January 2024. The total contract value for 2,048 GPUs is worth more than $50 million of annualized revenue to Bit Digital.
Sam Tabar, Bit Digital’s CEO, commented: “We are excited to begin earning revenue from our inaugural contract for our Bit Digital AI business. We expect that the steady revenue and strong margin contribution from this contract will strengthen our overall financial profile and make us more resilient to potential downswings in the price of bitcoin. Additionally, we believe the steady cash flows from this contract will enable us to opportunistically acquire new bitcoin mining rigs as we strive towards our goal of doubling our operating fleet to approximately 6.0 EH/s during 2024.”
About Bit Digital
Bit Digital, Inc. is a sustainable platform for digital assets and artificial intelligence (“AI”) infrastructure headquartered in New York City. Our bitcoin mining operations are located in the US, Canada, and Iceland. The Company has also established a business line, Bit Digital AI, that offers infrastructure services for artificial intelligence applications. For additional information, please contact ir@bit-digital.com or visit our website at www.bit-digital.com.
Investor Notice
Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 3.D of our Annual Report on Form 20-F for the fiscal year ended December 31, 2022. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or bitcoin hash rate may also materially affect the future performance of Bit Digital’s production of bitcoin. Actual operating results will vary depending on many factors including network difficulty rate, total hash rate of the network, the operations of our facilities, the status of our miners, and other factors. See “Safe Harbor Statement” below.
Safe Harbor Statement
This press release may contain certain “forward-looking statements” relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
BTM Acquisition Will Support the Company’s Bold Expansion Strategy as North America’s Market Share Leader
ATLANTA, Jan. 22, 2024 (GLOBE NEWSWIRE) — Bitcoin Depot (“Bitcoin Depot” or the “Company”) (NASDAQ: BTM), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, today announced the purchase order of 500 new Bitcoin ATM kiosks from Genmega, a leading manufacturer and provider of ATM and Kiosk solutions with well over 150,000 units deployed worldwide. The Company plans to strategically deploy these units as part of its ongoing expansion efforts throughout 2024 and beyond.
“The purchase order for these kiosks is significant as it demonstrates our ongoing commitment to a bold, strategic, and measured expansion this year,” said Bitcoin Depot CEO Brandon Mintz. “We are deeply committed to delivering a seamless and dependable experience to our retail partners and end users with a convenient experience through our kiosks. Genmega’s products have a proven track record of success, making them the ideal partner to reach new customers in 2024. We look forward to deploying these BTMs quickly in several key markets, as we continue championing widespread Bitcoin accessibility.”
Bitcoin Depot’s products and services provide an intuitive, quick, and convenient process for converting cash into Bitcoin, giving users the ability to access the broader, digital financial system, including using their Bitcoin for purposes of making payments, transfers, remittances, online purchases, and investments.
This news comes as the latest show of momentum for the Company following a string of recent expansion announcements and operational developments. In early 2022, Bitcoin Depot took over the #1 market share position to become the largest BTM operator in North America, and in 2023 – despite the turbulent cryptocurrency market – it became the first BTM operator to go public on a major U.S. stock exchange. Bitcoin Depot and its leadership have since been recognized and celebrated for the Company’s industry-leading growth in Forbes 30 Under 30, Deloitte’s 2023 Technology Fast 500, and, most recently, the 2023 Inc. 5000.
About Bitcoin Depot Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 48 states and at thousands of name-brand retail locations in 29 states through its BDCheckout product. The Company has the largest market share in North America with approximately 6,400 kiosk locations as of September 30, 2023. Learn more at www.bitcoindepot.com
Contacts:
Investors Cody Slach, Alex Kovtun Gateway Group, Inc. 949-574-3860 BTM@gateway-grp.com
Media Christina Lockwood, Brenlyn Motlagh, Ryan Deloney Gateway Group, Inc. 949-574-3860 BTM@gateway-grp.com
Bitcoin Depot Plans to Install Kiosks in Roughly 940 Stores Across 24 US States to Provide Greater Access for Users to Fund Their Bitcoin Wallet with Cash
ATLANTA, Jan. 17, 2024 (GLOBE NEWSWIRE) — Bitcoin Depot Inc. (“Bitcoin Depot” or the “Company”) (NASDAQ: BTM), a U.S.-based Bitcoin ATM operator and leading fintech company, today announced the launch of its retail partnership with a leading national convenience retailer with an extensive international network of locations across a portfolio of many brands.
Beginning in Q1 of 2024, the Company will install roughly 940 Bitcoin Depot kiosks in convenience store locations across 24 states. The initial rollout is part of a larger initiative with the opportunity to grow into additional stores beyond the initial 940.
“We are happy to be embarking on a long-term strategic partnership with one of our largest retail partners to-date. Together, we look forward to broadening our reach in tandem with a brand that values our commitment to providing access to Bitcoin,” said Bitcoin Depot Founder and CEO Brandon Mintz.
Bitcoin Depot’s products and services provide an intuitive, quick, and convenient process for converting cash into Bitcoin, giving users the ability to access the broader digital financial system by conveniently purchasing Bitcoin at Bitcoin ATMs in 48 states. In addition to Bitcoin ATMs, Bitcoin Depot also has BDCheckout enabled for customers to fund their wallets with cash at participating retail locations in 28 states across the nation.
About Bitcoin Depot Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 48 states and at thousands of name-brand retail locations in 28 states through its BDCheckout product. The Company has the largest market share in North America with approximately 6,400 kiosk locations as of September 30, 2023. Learn more at www.bitcoindepot.com
This press release and any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance, including our growth strategy and ability to increase deployment of our products and services, the anticipated effects of the Amendment, and the closing of the Preferred Sale. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “priorities,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control.
These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the business combination; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; our ability to manage future growth; our ability to develop new products and services, bring them to market in a timely manner and make enhancements to our platform; the effects of competition on our future business; our ability to issue equity or equity-linked securities; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in filings with the Securities and Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change.
We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.
Contacts:
Investors Cody Slach, Alex Kovtun Gateway Group, Inc. 949-574-3860 btm@gateway-grp.com
Media Christina Lockwood, Brenlyn Motlagh, Ryan Deloney Gateway Group, Inc. 949-574-3860 btm@gateway-grp.com
