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
Expanded Sales Team Will Prioritize Strategic Expansion as Bitcoin Depot Prepares for Continued Nationwide Growth to Increase Kiosk Installations and Strengthen Nationwide Access to Bitcoin
ATLANTA, Jan. 11, 2024 (GLOBE NEWSWIRE) — Bitcoin Depot (“Bitcoin Depot” or the “Company”) (NASDAQ: BTM), a U.S.-based Bitcoin ATM operator and leading fintech company, today announced the expansion of its workforce with the hiring of more than a dozen new sales representatives. These new team members are strategically located across the United States, including Hawaii and Puerto Rico, underscoring Bitcoin Depot’s commitment to nationwide growth and Bitcoin ATM (“BTM”) accessibility.
Bitcoin Depot expects each sales representative to play a pivotal role in the Company’s aggressive expansion strategy during 2024. Once fully engaged, the representatives are anticipated to secure roughly 100-200 new Bitcoin Depot kiosk locations on a monthly basis with the goal of expanding the number of installed BTMs by the end of 2024 to a record high for Bitcoin Depot.
“We are excited to welcome our new sales team members into the Bitcoin Depot family. Their diverse backgrounds and strategic retail relationships are integral to our mission of making Bitcoin accessible to everyone, everywhere,” said Bitcoin Depot Founder and CEO Brandon Mintz. “Integrating these new team members marks a key milestone in our journey to set a new record in Bitcoin Depot`s installed kiosks. Their dedicated efforts are essential not just for widening our geographical footprint but also for strengthening and deepening our relationships with retailers across the country.”
The new sales hires are part of 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. This approach reflects the company’s ongoing efforts to make Bitcoin more accessible to the public and to solidify its position as a market leader in the Bitcoin ATM industry.
About Bitcoin Depot Bitcoin Depot Inc. (Nasdaq: BTM), founded in 2016, is dedicated to bridging the gap between traditional finance and digital currencies. The company offers user-friendly, efficient, and intuitive ways for consumers to convert cash into Bitcoin, enabling access to the broader digital financial system. With a presence in 48 states, Bitcoin Depot operates the largest network of BTMs in North America. Through its innovative services, including thousands of kiosk locations and the BDCheckout product, Bitcoin Depot continues to be at the forefront of fintech advancements. For more information, visit 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
The long-awaited arrival of SEC-approved bitcoin exchange-traded funds (ETFs) promises to open the floodgates for mainstream investor exposure to the world’s largest cryptocurrency. After years of rejections and delays, the SEC appears ready to finally allow spot bitcoin ETFs that hold the digital asset directly.
This stamp of regulatory approval positions bitcoin to go fully mainstream in 2024. Financial advisors can now more easily allocate client assets into bitcoin through the familiar ETF wrapper. Major financial institutions and retirement accounts like 401(k)s will likely broaden access as well.
For crypto-curious investors, a spot bitcoin ETF offers a simpler way to gain exposure without dealing with digital wallets and exchanges. But navigating this new ETF landscape won’t be easy. Here’s what investors need to know:
Shop Around for Fees
Dozens of issuers have spot bitcoin ETF filings awaiting SEC approval. With so much competition, expense ratios are plunging. Several issuers like ARK Invest and Bitwise have waived fees completely for six months. Others range from 0.25% to over 1%. Pay close attention to fee structures, which will vary greatly between issuers.
Monitor Premiums and Discounts
While bitcoin itself is highly liquid, new ETFs may deviate from their net asset value or trading price. Factors like redemption policies and authorized participant rules could cause ETF shares to trade at small premiums initially. Keep an eye on premium/discount behavior, favoring ETFs that demonstrate efficient trading and tight spreads.
Consider Futures-Based ETFs Too
Spot bitcoin ETFs remove the futures curve drama, but don’t ignore futures-based funds. The ProShares Bitcoin Strategy ETF (BITO) has built a solid track record since launching in October 2021. Futures-based strategies could still make sense for tactical traders and institutional investors, despite added complexity.
Temper Short-Term Expectations
Bitcoin ETFs are unlikely to immediately trigger massive inflows from retail and institutional investors. Assets may reach $10 billion this year, but that’s tiny compared to bitcoin’s $900 billion market cap. Widespread adoption will take time as investors wait and see how these new products function.
Beware the Crypto Bubble
While bitcoin has rebounded from its 2022 lows, speculative excess still persists. Hundreds of altcoins with no utility or differentiators have billion dollar valuations. Cryptocurrency markets remain prone to volatility and hype cycles. ETFs offer exposure, but be wary of parabolic rallies.
Think Long-Term Store of Value
The bitcoin blockchain and protocol aren’t going away. Only 21 million BTC can ever be mined. Consider using ETFs as part of a diversified portfolio focused on bitcoin’s potential as a long-term store of value, similar to gold. But also be prepared for 50%+ drawdowns during times of market stress.
Look Beyond Bitcoin
Bitcoin ETFs are just the beginning. The SEC has yet to approve ETFs holding other major cryptocurrencies like ether and solana. If these are eventually permitted, diversified crypto ETFs could become an enticing one-stop shop. Institutional investors are already trading cryptocurrency index funds tracking a basket of assets.
Understand the Tax Implications
Cryptocurrency remains subject to complex U.S. tax rules that classify it as property. Investors must pay capital gains taxes whenever selling at a profit, including cashing out of ETFs at a higher bitcoin price. Long-term tax rates are more favorable. Financial advisors can help craft tax-smart crypto strategies.
See How Institutions Respond
Large asset managers and financial institutions will need time to evaluate these new products before allowing clients access. Their embrace could drive billions in inflows. But if major players bar access or remain cautious, retail adoption may lag. Pay attention to their stance.
Approval of spot bitcoin ETFs removes a huge roadblock to mainstream crypto investment. But it’s still early days. As investors navigate this rapidly evolving landscape, following prudent portfolio strategies and avoiding FOMO will be key to capitalizing on this milestone.
The cryptocurrency market is off to a strong start in 2024, led by Bitcoin’s climb back above $45,000 for the first time since April 2022. Bitcoin gained over 150% in 2023, marking its best annual performance since 2020. Analysts say bitcoin’s resurgence is driven by growing optimism that the long wait for a spot bitcoin exchange-traded fund (ETF) may finally end in early 2024.
The Securities and Exchange Commission has rejected numerous proposals for a spot bitcoin ETF over the years, arguing the crypto market is too susceptible to manipulation. But the SEC appears to be warming up to the idea amid maturing crypto regulation and infrastructure. The approval of a spot bitcoin ETF would allow mainstream brokerages to offer crypto exposure to millions of investors for the first time.
Ethereum, the native cryptocurrency of the ethereum blockchain, also rallied to start the year. It gained over 90% in 2023 despite volatility that whipsawed the crypto market. Ethereum has benefited from upgrades to the ethereum network as it transitions to a more energy-efficient proof-of-stake consensus model.
Other layer-1 blockchain tokens like Solana’s SOL, Polygon’s MATIC and Polkadot’s DOT saw steep gains in 2023 as well. The growth of decentralized finance and Web3 applications continues to drive interest in Ethereum rivals.
Mining companies like Riot Blockchain and Bit Digital were up sharply as higher bitcoin prices improve profitability for crypto miners. Even crypto-adjacent equities like Tesla, which holds bitcoin on its balance sheet, have outperformed the broader stock market recently.
Macroeconomic trends are also providing tailwinds for the crypto market after a brutal 2022 bear market. The collapse of the Terra/Luna ecosystem, bankruptcies of key industry players like Celsius Network and FTX, and meltdown of algorithmic stablecoins wiped over $2 trillion from the crypto market cap at its lowest point.
But expectations that the Federal Reserve and other central banks could start cutting interest rates in 2024 have renewed appetite for risk assets. Lower rates tend to benefit high-growth, speculative investments. The crypto market meltdown also flushed out excess leverage and speculative frenzy.
With crypto giants like FTX and Alameda Research gone, attention is returning to building and expanding the underlying utility of blockchain networks. The growth of decentralized applications and services like decentralized finance (DeFi), non-fungible tokens (NFTs), metaverse virtual worlds and Web3 remain long-term tailwinds for crypto adoption.
Some analysts predict the crypto market could get an added boost in 2024 from the U.S. presidential elections. Bitcoin’s four-year reward halving schedule has coincided with recent election year performance. If the crypto bull market resumes as 2024 dawns, analysts say the next Bitcoin halving could fuel further growth.
While risks like regulation and security breaches remain, the crypto industry has weathered previous downturns. With fundamentals still favorable for broader blockchain adoption, the crypto market appears ready to leave its 2022 woes behind as it charges into the new year.
Business intelligence software company MicroStrategy has seen its stock price explode in 2023, gaining a massive 337% so far this year. This meteoric rise is almost entirely fueled by the company’s big bet on bitcoin starting in 2020.
Unlike other major tech stocks like Nvidia and Meta which rely on growing revenue and market share, MicroStrategy’s appeal to investors stems from its holdings of the popular cryptocurrency bitcoin. The company has accumulated around 174,530 bitcoins worth approximately $7.65 billion as of late December 2022. MicroStrategy began buying bitcoin in July 2020 as a way to invest its excess corporate cash.
At the time, MicroStrategy was a relatively small software company with minimal profits. But its co-founder and then-CEO Michael Saylor saw an opportunity to boost returns on idle cash by purchasing bitcoin, which he viewed as “digital gold.” This allowed stock investors to gain exposure to bitcoin prices without directly buying the cryptocurrency.
Remarkably, MicroStrategy’s market valuation is now over $8 billion, meaning 90% of its value comes directly from its bitcoin holdings rather than its core software business. When bitcoin rises or falls, so does MicroStrategy stock. For example, 2022’s bitcoin plunge of 64% dragged MicroStrategy shares down 74%.
Saylor’s Bitcoin Bet Pays Off Big for MicroStrategy
Michael Saylor first announced MicroStrategy’s new bitcoin buying strategy in July 2020. At the time, the company had over $500 million in cash and short-term investments, but was earning little return due to rock-bottom interest rates.
Saylor decided that bitcoin offered a better store of value than either cash or gold. By Q4 2020, MicroStrategy held over 40,000 bitcoins and its stock had doubled for the year. Fast forward to 2023, and Saylor’s bitcoin bet has multiplied MicroStrategy’s stock price over 5-fold from its pre-bitcoin days.
Despite stepping down as CEO in 2022, Saylor remains executive chairman and a bitcoin bull. He expects mainstream adoption of bitcoin as an asset class to grow from 0.1% of global capital to 0.2% and higher. While bitcoin ETFs may provide some competition when approved, MicroStrategy retains an advantage in actively managing its bitcoin trove.
MicroStrategy Now Viewed as a Bitcoin Holding Company
MicroStrategy was founded in 1989 and operated for most of its history as an under-the-radar provider of business intelligence software. But bitcoin has thrust the company into the spotlight, to the point where it is now valued essentially as a bitcoin holding company.
This represents a novel use of corporate cash. Some other companies like Tesla and Block (Square) have also put portions of their balance sheet into bitcoin. However, MicroStrategy is unique in that bitcoin comprises 90% of its market valuation.
In 2023, investors have rewarded MicroStrategy’s first-mover status with a “scarcity premium” as one of the only publicly traded ways to gain pure-play exposure to bitcoin prices. However, this premium could erode as new spot bitcoin ETFs enter the market. But for now, MicroStrategy remains a one-of-a-kind bitcoin play for stock investors.
MicroStrategy Keeps Buying More Bitcoin
Despite its already enormous bitcoin position, MicroStrategy shows no signs of letting up in its accumulation of the cryptocurrency. In November 2022, the company purchased another 16,130 bitcoins for over $593 million.
MicroStrategy has adopted an aggressive “buy the dip” strategy, utilizing its steady software cash flows to continue building its bitcoin treasury. So far this strategy has paid off tremendously for shareholders.
However, detractors point to the huge risks inherent in MicroStrategy’s ultra-high concentration in such a volatile asset. Bitcoin prices can see massive swings, as in 2022 when it fell from nearly $69,000 to under $17,000 by year-end. But Michael Saylor firmly believes bitcoin will continue appreciating over the long term.
MicroStrategy Stock Surges as Bitcoin Short Sellers Get Burned
With such an enormous bet on bitcoin, it’s not surprising that MicroStrategy has been a prime target for short sellers betting against further bitcoin-fueled stock gains. About 23% of available MicroStrategy shares are currently shorted, the second highest percentage among crypto-related stocks.
But so far, the short sellers have been the ones getting burned. In just the first three quarters of 2022, over $2 billion worth of short positions were covered at a loss. Data shows short sellers lost approximately $1.4 billion specifically on bearish MicroStrategy bets this year.
If bitcoin rebounds strongly in 2023 as many analysts expect, it could force even more short covering and propel MicroStrategy shares even higher. This dynamic explains why MicroStrategy has so dramatically outpaced bitcoin itself in 2023, more than doubling the cryptocurrency’s own gains.
Conclusion: One-of-a-Kind Bitcoin Play
In conclusion, MicroStrategy has morphed from an obscure software maker into a one-of-a-kind publicly traded bitcoin holding company. It offers stock investors unparalleled exposure to bitcoin’s price movements, both good and bad.
Led by a crypto-bullish CEO, the company has accumulated a $7.65 billion bitcoin hoard and adopted a “buy the dip” strategy. So far, this move has massively rewarded shareholders in 2023, though not without major risks. With bitcoin poised to potentially become a growing asset class, investors are keeping a close eye on this unique bitcoin proxy play in MicroStrategy stock.
In a revolutionary move, El Salvador has solidified its place as a trailblazer in the world of cryptocurrency by announcing the regulatory approval and issuance of Bitcoin bonds, colloquially known as “Volcano Bonds.” Set to launch in the first quarter of 2024, these bonds represent a groundbreaking step towards financing the construction of “Bitcoin City,” a visionary project fueled by thermal energy from a volcano. As El Salvador continues to make waves in the crypto space, this article explores the intricacies of the Volcano Bonds and the broader implications for investors and the country’s economic landscape.
A Visionary Leap into Cryptocurrency
Led by President Nayib Bukele, El Salvador made history in 2021 by declaring Bitcoin as legal currency alongside the US dollar. The objective was to streamline remittances and enhance financial services accessibility for the 70 percent of Salvadorans lacking a traditional bank account. Despite this bold move, a May 2021 poll by the Central American University revealed that 71 percent of respondents believed Bitcoin had not positively impacted their family’s economic situation.
However, undeterred by public sentiment, El Salvador pressed on, guided by a vision that extended beyond mere adoption to the creation of a transformative “Bitcoin City” in the country’s eastern region. This city, powered by thermal energy harnessed from a volcano, aimed to be a beacon of innovation and sustainability.
The Volcano Bonds: Financing the Future
The Volcano Bonds, set to launch in early 2024, are instrumental in turning President Bukele’s vision into reality. Approved by the Digital Assets Commission (CNAD), these bonds represent a financial instrument designed to address sovereign debt obligations while providing the capital needed to construct Bitcoin City. With an allocation of at least $1 billion from the Volcano Bonds earmarked for the project, El Salvador is poised to create a technological marvel that showcases the synergy between cryptocurrency and sustainable development.
Building Bitcoin City: A Green Technological Marvel
Bitcoin City is more than just a construction project; it symbolizes El Salvador’s commitment to sustainable and innovative urban development. The use of thermal energy from a volcano not only underscores the country’s unique geographical advantages but also signals a departure from traditional energy sources, aligning with the global push for green initiatives.
As investors look toward the horizon, the construction of Bitcoin City becomes an intriguing prospect. The success of this project could potentially inspire similar endeavors worldwide, with governments and private entities exploring the integration of cryptocurrency in urban planning and development.
El Salvador’s Growing Bitcoin Holdings
To solidify its commitment to cryptocurrency, the Salvadoran government has steadily increased its Bitcoin holdings. Currently holding 2,381 bitcoins, the government’s latest purchase of 80 bitcoins in July 2022 reflects a strategic approach to accumulating this digital asset. President Bukele further announced a plan to acquire one bitcoin daily starting from November 17, 2022, although the government has not disclosed whether this target has been met.
This concerted effort to amass Bitcoin underscores El Salvador’s belief in the long-term value and potential of cryptocurrency. For investors, it signals a country actively diversifying its portfolio, adding a digital asset to its reserves in a strategic move that aligns with the evolving landscape of global finance.
The issuance of the Volcano Bonds is set to take place on the Bitfinex Securities Platform, a registered trading site for blockchain-based equities and bonds in El Salvador. This move not only streamlines the trading process but also marks a bridge between traditional financial systems and the burgeoning cryptocurrency landscape. It invites investors to participate in a novel financial instrument backed by the transformative power of blockchain technology.
Beyond Volcano Bonds: El Salvador’s Cryptocurrency Ventures
El Salvador’s foray into cryptocurrency extends beyond the Volcano Bonds. In a recent development, the country launched a $1 billion Bitcoin mining project in collaboration with Luxor Technology and Tether. Dubbed “Volcano Energy,” this initiative aims to establish a 241 MW generation park named in honor of the project, where Bitcoin mining will take center stage.
As El Salvador actively explores the potential of cryptocurrency in diverse sectors, investors keen on embracing the future of finance should keep a close eye on the country’s progressive initiatives. The Volcano Energy project, in particular, demonstrates the integration of Bitcoin mining with traditional energy infrastructure, offering a unique investment avenue for those looking to diversify within the cryptocurrency space.
Conclusion: Investing in El Salvador’s Cryptocurrency Odyssey
El Salvador’s journey into the world of Bitcoin bonds, Bitcoin City, and innovative cryptocurrency projects is not only historic but presents a unique investment landscape. As the Volcano Bonds come to fruition in the first quarter of 2024, investors have an opportunity to be part of a transformative chapter in the country’s economic history.
The success of Bitcoin City and other cryptocurrency initiatives in El Salvador could potentially pave the way for similar endeavors globally. Investors, whether seasoned cryptocurrency enthusiasts or those exploring the space for the first time, should closely monitor the developments in El Salvador. The “Bitcoin City” powered by a volcano is not just a symbol of technological advancement but a beacon for those seeking investment opportunities in the ever-evolving world of cryptocurrency. El Salvador’s cryptocurrency renaissance is unfolding, and investors have a front-row seat to witness the fusion of tradition and innovation in the heart of Central America.
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
NobleCon19. Bit Digital CEO Sam Tabar presented at NobleCon19. Highlights included the discussion of diversification efforts and additional detail on the Bit Digital AI business. A rebroadcast is available at https://www.channelchek.com/videos/bit-digital-noblecon19-replay.
Diversification. The new Bit Digital AI business provides a non-correlated revenue source for the Company, significantly diversifying Bit Digital’s business. as we have mentioned in prior reports, Bit Digital AI provides specialized infrastructure to support generative artificial intelligence (“AI”) workstreams.
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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.
Company Secures Preferred Vendor Status for Bitcoin ATM Services to AATAC’s 50,000 Members
ATLANTA, Nov. 14, 2023 (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 it has been named a preferred vendor with the AATAC, a national trade association of retailers, distributors, vendor suppliers and partners for the convenience store and retail industries. Bitcoin Depot is the first BTM company to have gained recognition as a preferred vendor for AATAC, strengthening Bitcoin Depot’s value proposition.
“Bitcoin Depot is proud to work with the AATAC as the association’s preferred BTM vendor, which introduces our company to AATAC’s 50,000 associated retailers nationwide,” said Bitcoin Depot CEO Brandon Mintz. “This is another milestone in our mission to bring Bitcoin to the masses.”
Bitcoin Depot is listed as a preferred ATM & Credit vendor on the AATAC website. The Company attended an AATAC trade show this year to meet with AATAC customers and members.
“We are thrilled to offer Bitcoin Depot’s services for our members,” said Ivy LaBrie, Operations Director at AATAC. “Our network of retailers represents an incomparable buying power, and we’re proud to connect them with quality, trusted companies such as Bitcoin Depot that will expand their service offerings.”
AATAC is a national association comprised of smaller buying groups, regional sub-chapters, independents, and other trade organizations under one blanket that consist of over 50,000 operators controlling over 80,000 locations across the U.S. and Puerto Rico. Currently, there are approximately 150,000 AATAC-associated C-stores in the country.
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 6,400 kiosk locations as of September 30, 2023. Learn more at www.bitcoindepot.com
About AATAC AATAC is a national association comprised of smaller buying groups, regional sub-chapters, independents, and other trade organizations under one blanket that consist of over 50,000 operators controlling over 80,000 locations across the U.S. and Puerto Rico.
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
Net Income of $1.1 Million, Down 68% Year-over-Year
Adjusted EBITDA (non-GAAP) of $13.9 Million, Up 21% Year-over-Year
Reiterates Full Year 2023 Guidance for Revenue and Adjusted EBITDA
ATLANTA, Nov. 13, 2023 (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 third quarter ended September 30, 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.
“Our results this quarter continue to demonstrate the strength of our business model and how we’re able to deliver strong results irrespective of the market environment or price of Bitcoin,” said Brandon Mintz, CEO and Founder of Bitcoin Depot. “We’ve made significant progress in advancing our growth strategy and this quarter we continued to fortify our industry-leading position with sustained strength in customer traffic and transaction volume. We remain well-positioned to capitalize on potential expansion opportunities to become the most trusted, quickest and most efficient way to purchase Bitcoin with cash across the largest network of retail locations possible.”
Third Quarter 2023 Financial Results
Revenue in the third quarter of 2023 was $179.5 million, up 3% from $174.8 million for the third quarter of 2022.
Adjusted Gross Profit, a non-GAAP measure, in the third quarter of 2023 was $26.9 million, up 26% from $21.3 million for the third quarter of 2022. Adjusted Gross Profit margin (non-GAAP) in the third quarter of 2023 was 15.0% compared to 12.2% in the third quarter of 2022.
Total operating expenses were $19.5 million for the third quarter of 2023, compared to $16.5 million for the third quarter of 2022.
Net income for the third quarter of 2023 was $1.1 million, compared to a net income of $3.3 million for the third quarter of 2022 and a net loss of $4.0 million for the second quarter of 2023.
Adjusted EBITDA, a non-GAAP measure, in the third quarter of 2023 was $13.9 million, up 21% from the third quarter of 2022. Please see “Explanation and Reconciliation of Non-GAAP Financial Measures” below.
Cash and cash equivalents were $29.7 million as of the end of the third quarter of 2023.
Recent Business Highlights
Amended existing PIPE Agreement dated June 23, 2023 (the “PIPE Agreement”) to accelerate the five remaining Reference Periods (as defined in the PIPE Agreement) and set the Settlement Price (as defined in the PIPE Agreement) in connection with the consummation of the proposed private sale by the Subscribers of 3,475,000 shares of Series A Convertible Preferred Stock of the Company to certain third parties.
Announced a share repurchase program pursuant to which Bitcoin Depot is authorized to repurchase up to $10 million of its outstanding Class A common stock through June 30, 2024.
Expanded BDCheckout program into 400 new locations across Iowa and Louisiana through an ongoing partnership with a leading global payments technology company with a nationwide retail network. BDCheckout is now available at 246 total locations in Iowa across a variety of convenience store partners such as Kum & Go, Kwik Trip and Pilot Travel Centers. BDCheckout is also expanding into 166 locations in Louisiana.
Signed an exclusive retail partnership with Jacksons Food Stores, a nationally recognized chain of more than 300 convenience stores.
Hired a new Chief Technology Officer to lead software development efforts.
Guidance
Based on current market conditions, Bitcoin Depot expects consolidated revenue in 2023 to range between $700 million and $730 million, an 8% to 13% improvement compared to $647 million in 2022. Bitcoin Depot expects Adjusted EBITDA (non-GAAP) in 2023 to range between $56 million and $59 million compared to 2022 when Bitcoin Depot generated net income of $3.5 million and Adjusted EBITDA of $41 million, representing a 37% to 44% year-over-year increase in Adjusted EBITDA. 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 third quarter ended September 30, 2023.
Call Date: Monday, November 13, 2023 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: 8247570
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 November 13, 2023 through November 20, 2023.
U.S. replay number: 609-800-9909 International replay number: 800-770-2030 Conference ID: 8247570
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 6,400 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 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 2023. 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.
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:
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
ATLANTA, Nov. 09, 2023 (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 its partnership with CORD Financial Services, LLC (CORD), a leading provider of innovative ATM solutions, to distribute Bitcoin Depot kiosks across the U.S.
CORD and Bitcoin Depot will secure Bitcoin ATM placements within CORD’s established base of customers and to customers new to CORD. In addition to now offering Bitcoin ATM services, CORD is a leader in the ATM Services Business, offering full-service ATM placements, cash management, transaction processing, merchant services, ATM equipment, sales, and 24/7 customer and technical support.
“This partnership will allow Bitcoin Depot to expand our retail locations while leveraging CORD’s expertise and customer relationships in the ATM industry,” said Bitcoin Depot CEO Brandon Mintz. “CORD has an impressive history of reliable ATM services and a demonstrated mastery of the conventional ATM space. We look forward to leveraging their relationship network and brand awareness to drive additional placement opportunities for our business.”
“Our mission is to deliver comprehensive ATM business solutions with the highest value and professional integrity,” said CORD Financial President Kenneth Gilbert. “Bitcoin Depot is the ideal partner to advance that objective, and we look forward to bringing a financial technology-driven Bitcoin ATM solution to our customer base.”
The combination of CORD’s robust infrastructure and network positions them as a fitting partner for distributing Bitcoin Depot’s state-of-the-art Bitcoin ATMs to the market, broadening Bitcoin Depot’s mission of bringing Bitcoin to the masses.
About Bitcoin Depot Bitcoin Depot (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 in 48 U.S. states through its BDCheckout product. The Company has the largest market share in North America with approximately 6,400 kiosk locations as of June 30, 2023. Learn more at www.bitcoindepot.com.
About Cord Financial: CORD Financial Services is a leading provider of innovative ATM solutions, products, and services that support merchants with responsive, knowledgeable, and caring people. CORD offers full -service ATM placements, cash management, ATM transaction processing, ATM equipment sales, ATM parts, and outstanding 24/7 customer and technical support.
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
