Tag: BTM

Release – Bitcoin Depot Partners with New England-Based Convenience Retailer Nouria Energy

Posted on by aweinsoff@channelchek.com

Research News and Market Data on BTM

May 23, 2024 8:00 AM EDTDownload as PDF

Company to Install 57 New Bitcoin ATM Kiosks Beginning in Q2 2024

ATLANTA, May 23, 2024 (GLOBE NEWSWIRE) — Bitcoin Depot (NASDAQ: BTM), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, today announced a new retail partnership with Nouria Energy Corporation (“Nouria”), a leading convenience store brand based in the northeastern U.S. with robust operations across 175 company owned c-stores and fuel retailers. Beginning in Q2 2024, Bitcoin Depot will deploy its kiosks into 57 Nouria locations across Massachusetts, Maine, and New Hampshire.

“We are thrilled to join forces with Nouria, a respected leader in convenience retail, as we continue our ambitious growth journey throughout 2024,” said Brandon Mintz, CEO of Bitcoin Depot. “At Bitcoin Depot, it is our singular mission to provide unparalleled convenience and pioneering solutions to enhance crypto accessibility for our customers. That objective is made possible through synergistic collaboration with our network of like-minded retail partners, and we look forward to our partnership with Nouria in the months ahead.”

“We are excited to partner with Bitcoin Depot to introduce BTM kiosks in Nouria stores, offering our guests exciting new opportunities to engage with cryptocurrency,” said Kristine Modugno, Director of Category Management at Nouria. “We continuously strive to elevate our suite of products and services for guests, and Bitcoin Depot’s products exemplify a customer-centric approach that perfectly aligns with our operational mentality.”

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.

The Company has successfully enacted a series of significant growth and expansion initiatives thus far in 2024, serving to reinforce its position as the market share leader in North America. In April 2024, Bitcoin Depot announced a partnership with its first major grocery chain and purchased an additional 2,300 kiosks to meet increased retailer demand. The Company’s momentum was reinforced further by recent expansion into Australia and Puerto Rico along with achieving the largest installed fleet of BTMs in its history by surpassing its goal of signing 8,000 BTM locations ahead of schedule.

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 7,400 kiosk locations as of April 1, 2024. Learn more at www.bitcoindepot.com.   

About Nouria Energy Corporation
Nouria Energy Corporation, founded in 1989, is one of New England’s largest and most trusted family-owned and operated convenience stores and fuel retailers. With a robust C- Store operation of 175 company-owned locations and a vast dealer network, Nouria provides top-tier products, fresh food, and excellent customer service throughout the Northeast. Nouria also owns and operates over 60 independent car wash locations in New England under the Golden Nozzle brand.

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 

Source: Bitcoin Depot Inc.

Released May 23, 2024

Bitcoin Depot (BTM) – Planting the Seeds For Attractive Revenue Growth

Posted on by cpereira@noblefcm.com


Wednesday, May 15, 2024

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

A transitional quarter. The company reported Q1 revenue of $138.5 million, down 15% year over year, but beating our estimate of $134.7 million. Adj. EBITDA in the quarter was $4.9 million, higher than our estimate of $4.0 million. The results reflected redeployment of kiosks and lowered results in California due to unfavorable legislation. 

Favorable kiosk growth. We believe that the company is setting the stage for accelerated revenue and cash flow growth through the deployment of kiosks. In Q1, the company increased the number of deployed kiosks by roughly 700. Post Q1, the company announced the purchase of approximately 2,300 Bitcoin kiosks at a sizeable discount of roughly 50% per-kiosk. The purchase brings the number of kiosks owned by the company to over 10,000, of which 7,061 were deployed, as of the end of Q1. 


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*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. 

Release – Bitcoin Depot Reports First Quarter 2024 Financial Results

Posted on by aweinsoff@channelchek.com

Research News and Market Data on BTM

May 14, 2024 8:05 AM EDT

Related Documents

Earnings Webcast

AUDIO

Strengthens Footprint with Over 2,000 New Retail Locations Signed in the First Quarter of 2024

Committed to Acquire Approximately 3,200 Additional Kiosks Year-to-Date to Support Expansion Strategy

Remains on Track to Deploy 8,000 Kiosks by the End of 2024

ATLANTA, May 14, 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 first quarter ended March 31, 2024. Bitcoin Depot will host a conference call and webcast at 10:00 a.m. ET today. An earnings presentation and link to the webcast will be made available at ir.bitcoindepot.com.

“Bitcoin Depot’s momentum continued in the first quarter as we fortified our industry-leading market share, expanded our footprint to new geographies, and purchased thousands of kiosks for our future growth plans,” said Brandon Mintz, CEO and Founder of Bitcoin Depot. “We plan to continue our expansion of our total operating fleet size and are on track to reach our goal of 8,000 Bitcoin ATMs installed by the end of 2024 ahead of schedule after signing over 2,000 new retail locations during the first quarter. Our strategic expansion into Puerto Rico and Australia marks a significant step toward our goal of bringing Bitcoin to the masses and establishing a market-leading presence outside of North America. Looking ahead, we remain well-positioned to execute our strategic goals this year as the world’s leading Bitcoin ATM network while continuing to optimize the business for maximum profitability ahead.”

First Quarter 2024 Financial Results

Revenue in the first quarter of 2024 was $138.5 million, down 15% from $163.6 million in the first quarter of 2023.

Gross Profit in the first quarter of 2024 was $14.4 million, down 26% from $19.5 million for the first quarter of 2023. Gross Profit margin in the first quarter of 2024 was 10.4% compared to 11.9% in the first quarter of 2023.

Total operating expenses were $16.6 million for the first quarter of 2024, compared to $13.6 million for the first quarter of 2023. 

Net loss for the first quarter of 2024 was $4.2 million, compared to net income of $6.1 million for the first quarter of 2023.

Adjusted EBITDA, a non-GAAP measure, in the first quarter of 2024 was $4.9 million, compared to Adjusted EBITDA of $13.6 million for the first quarter of 2023. Please see “Explanation and Reconciliation of Non-GAAP Financial Measures” below.

Trailing Twelve Months Ended March 31, 2024

Revenue during the trailing twelve months ended March 31, 2024 was $663.9 million, up 1% from $655.9 million compared to the twelve months ended March 31, 2023.

Gross Profit in the twelve months ended March 31, 2024 was $83.4 million, up 29% from $64.6 million compared to the twelve months ended March 31, 2023. Gross Profit margin in the twelve months ended March 31, 2024 was 12.6% compared to 9.8% in the twelve months ended March 31, 2023.

Total operating expenses were $73.5 million for the twelve months ended March 31, 2024, compared to $56.9 million for the twelve months ended March 31, 2023. 

Net loss for the twelve months ended March 31, 2024 was $8.8 million, compared to net income of $13.0 million for the twelve months ended March 31, 2023.

Adjusted EBITDA, a non-GAAP measure, in the twelve months ended March 31, 2024 was $47.6 million, compared to Adjusted EBITDA of $49.5 million for the twelve months ended March 31, 2023. Please see “Explanation and Reconciliation of Non-GAAP Financial Measures” below.

Cash and cash equivalents were $42.2 million as of the end of the first quarter of 2024.

Recent Business Highlights

  • Bitcoin Depot continued to strengthen its industry-leading market share with 7,061 kiosk locations and 6,734 BDCheckout locations at the end of 1Q24
  • Announced sales team expansion and ordered approximately 3,200 kiosks year-to-date to meet the growing demand from retailers and to support bold expansion strategy
  • Announced over 2,000 new retail locations signed in 1Q24 spanning across several states to increase Bitcoin Depot’s fleet of deployed kiosks and support ambitious goal of deploying 8,000 Bitcoin ATMs by year-end
  • Strengthened profit share program through signed partnerships with Sopris Capital and an investment fund. Through the profit share program, Bitcoin Depot has already added more than 300 additional BTM kiosk locations in 2024
  • Expanded footprint internationally into Puerto Rico and Australia
  • Signed first major grocery store partnership with Fareway across 66 locations

Conference Call

Bitcoin Depot will hold a conference call at 10:00 a.m., Eastern time (7:00 a.m. Pacific time), today to discuss its financial results for the first quarter ended March 31, 2024.

Call Date: Tuesday, May 14, 2024 
Time: 10:00 a.m. Eastern time (7:00 a.m. Pacific time)
U.S. dial-in: 646-968-2525
International dial-in: 888-596-4144
Conference ID: 1037410

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 2:00 p.m. Eastern time on May 14, 2024 through May 21, 2024.

U.S. replay number: 609-800-9909
International replay number: 800-770-2030
Conference ID: 1037410

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 49 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 7,100 kiosk locations as of April 1, 2024. Learn more at www.bitcoindepot.com.

Cautionary Statement 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 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, and worldwide growth in the adoption and use of cryptocurrencies,. 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.

View full release here.

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

Primary Logo

Source: Bitcoin Depot Inc.

Released May 14, 2024

Release – Bitcoin Depot Schedules First Quarter 2024 Conference Call for Tuesday, May 14th at 10:00 am ET

Posted on by aweinsoff@channelchek.com

Research News and Market Data on BTM

May 06, 2024 8:05 AM EDT

ATLANTA, May 06, 2024 (GLOBE NEWSWIRE) — Bitcoin Depot (“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 Tuesday, May 14th at 10:00 a.m. Eastern time (7:00 a.m. Pacific Time) to discuss its financial results for the first quarter ended March 31, 2024. Bitcoin Depot plans to release results before the market open on the same day.

Call Date: Tuesday, May 14, 2024  
Time: 10:00 a.m. Eastern time (7:00 a.m. Pacific time)
U.S. dial-in: 646-968-2525
International dial-in: 888-596-4144
Conference ID: 1037410

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 2:00 p.m. Eastern time on May 14, 2024 through May 21, 2024.

U.S. replay number: 609-800-9909
International replay number: 800-770-2030
Conference ID: 1037410

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 7,400 kiosk locations as of April 1, 2024. 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

Source: Bitcoin Depot Inc.

Released May 6, 2024

Release – Bitcoin Depot Announces Strategic Investment from Sopris Capital

Posted on by aweinsoff@channelchek.com

Research News and Market Data on BTM

April 25, 2024 8:05 AM EDTDownload as PDF

ATLANTA, April 25, 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 a strategic investment from Sopris Capital (“Sopris”), a 20-year-old multi-strategy investment firm. As part of the investment, Sopris Capital has purchased 2,906,976 Class A common shares and is now one of the Company`s largest independent shareholders.

“We are thrilled to own part of a growing, market-leading business at such a compelling valuation. We look forward to collaborating with Bitcoin Depot as they pursue their numerous growth initiatives,” said Andy Paul, Founder and CEO of Sopris Capital.

“We’re excited to welcome Sopris Capital as a strategic investor to help accelerate our growth,” said Bitcoin Depot CEO Brandon Mintz. “With their extensive network of valuable relationships and experience in the cryptocurrency space, Sopris Capital is a fantastic fit for us. Most importantly, they understand our mission and our value proposition.”

In March of this year Sopris Capital purchased 50 kiosks to become a partner in Bitcoin Depot`s Franchise Program, which allowed Sopris to leverage Bitcoin Depot`s operating expertise and receive a passive income stream from its Bitcoin ATMs.

“The investment reinforces the confidence we have in Bitcoin Depot’s strategy and growth potential, which we believe is not reflected in the current public market valuation given their underlying unit economics and ability to redeploy capital at a high return,” said Sopris Capital Vice President Dan Wedman.

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 marks the latest show of momentum for Bitcoin Depot, which holds the largest market BTM share in North America, with over 7,400 Bitcoin ATM locations. The announcement follows several recent milestones and expansions for the company, including its first partnership with a major grocery chain as well as the advancement of its newly launched profit share program in April 2024. The company also recently surpassed its goal of signing 8,000 BTM locations ahead of schedule to achieve the largest installed fleet of locations in its history and announced expansions into new markets, including Puerto Rico and Australia.

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 7,400 kiosk locations as of April 1, 2024. 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 

Primary Logo

Source: Bitcoin Depot Inc.

Released April 25, 2024

Bitcoin Depot (BTM) – Seizing an Opportunity

Posted on by cpereira@noblefcm.com


Monday, April 22, 2024

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Opportunistic kiosk purchase.  On April 18, the company announced the purchase of roughly 2,300 Bitcoin kiosks at a discount of approximately 50% per-kiosk. Notably, the company plans to deploy the majority of these kiosks over the next two quarters. Once all the kiosks from the recent purchase are delivered, the company will have over 10,000 kiosks deployed, ahead of our previous expectations. We view the announcement favorably.

Sizeable profit-share investment. On April 12, the company announced an outside firm made a multi-million dollar investment in 250 Bitcoin kiosks as part of the company’s profit sharing (or franchising) program. Notably, the kiosks will be operated by the company and a percentage of profits will be paid out to participants. The agreement provides an option for additional investment of up to 750 kiosks.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*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. 

Release – Bitcoin Depot Purchases Roughly 2,300 Kiosks to Meet Increased Retailer Demand

Posted on by aweinsoff@channelchek.com

Research News and Market Data on BTM

April 18, 2024 8:00 AM EDT

Purchase of Kiosks Solidifies Leading Market Share in North America

ATLANTA, April 18, 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 of approximately 2,300 Bitcoin ATMs. The Company plans to strategically deploy these kiosks as part of its ongoing expansion efforts throughout 2024 and beyond.

The purchase of approximately 2,300 Bitcoin ATMs comes at a greater than 50% discount in cost per-kiosk compared to the Company’s typical per-kiosk cost. The majority of the kiosks are scheduled to be delivered to Bitcoin Depot over the next two quarters. This purchase will bring the total number of kiosks in Bitcoin Depot`s fleet to over 10,000 kiosks after all of these kiosks are delivered. This rapid expansion of the Bitcoin Depot fleet helps the company meet the growing demand from retailers for its Bitcoin ATMs. Year to date, in 2024, Bitcoin Depot has signed over 2,000 new retail locations.

“This purchase will expand our fleet to over 10,000 kiosks and provides a cost-efficient opportunity to continue our expansion this year and further grow our industry-leading market share,” said Bitcoin Depot CEO Brandon Mintz. “Our pipeline of expansion opportunities remains strong and we look forward to deploying these kiosks into new locations throughout the year as we remain well-positioned to support mass crypto adoption as the world’s leading Bitcoin ATM network.”

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 marks the latest show of momentum for Bitcoin Depot, which holds the largest market BTM share in North America, with over 7,300 Bitcoin ATM locations. The announcement follows several recent milestones and expansions for the company, including its first partnership with a major grocery chain as well as the advancement of its newly launched profit share program in April 2024. The company also recently surpassed its goal of signing 8,000 BTM locations ahead of schedule to achieve the largest installed fleet of locations in its history and announced expansions into new markets, including Puerto Rico and Australia.

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 7,400 kiosk locations as of April 1, 2024. 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 

Source: Bitcoin Depot Inc.

Released April 18, 2024

Release – Bitcoin Depot Announces Multi-Million Dollar Investment from Fund for 250 BTMs Through Profit Share Program

Posted on by aweinsoff@channelchek.com

Research News and Market Data on BTM

April 12, 2024 9:01 AM EDT

Sets a New Milestone for the Program with the Largest Investment to Date, Advancing the Company’s Ambitious Growth Strategy Throughout North America

ATLANTA, April 12, 2024 (GLOBE NEWSWIRE) — Bitcoin Depot (NASDAQ: BTM), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, today announced an outside investment firm has committed a multi-million-dollar investment into 250 Bitcoin Depot BTM kiosks as part of the Company’s profit share program. The BTMs, operated by Bitcoin Depot, will provide passive income to the investment fund by paying out a percentage of monthly profits from these 250 kiosks. In addition to the 250 BTMs included in the initial agreement, the Fund has the option to invest in an additional 750 kiosks.

Bitcoin Depot’s profit-sharing program, launched in 2023, offers qualified partners a unique opportunity to participate in its North American expansion strategy. The program provides a comprehensive investment package, including kiosk use, operating software, shipping, installation, and ongoing support. It also offers a passive income stream with monthly profit splits, providing a direct financial benefit to the partner. By partnering with Bitcoin Depot, companies can leverage the Company’s expertise in BTM operations and its integration with BitAccess software, the leading software suite for Bitcoin ATM operations.

“We launched this program to give our partners the opportunity to become part of the future of digital finance by investing in its underlying infrastructure, and we couldn’t be happier with its success since its commencement,” said Scott Buchanan, COO of Bitcoin Depot. “Our program provides partners with a turn-key solution to building passive income with little to no management responsibilities required. We’re thrilled to be partnering with an investor equally aligned in our vision of making Bitcoin more convenient and accessible for all.”

Bitcoin Depot has already added more than 350 additional BTM kiosk locations to the profit share program. This news follows its March 2024 announcement of the sale of 50 new BTM kiosks as part of the program, signifying the initiative’s momentum as Bitcoin Depot continues its holistic expansion strategy in 2024 and beyond. To learn more about Bitcoin Depot’s profit share program, visit: https://bitcoindepot.com/profit-sharing-program/.

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.

The company, which went public in July 2023, holds the largest market share in North America, with over 7,300 locations. In April 2024, the company surpassed 8,000 signed BTM locations ahead of schedule to achieve the largest installed fleet of locations in its history. The Company also recently announced expansions into Puerto Rico and Australia.

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 7,300 kiosk locations as of April 1, 2024. 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 

Source: Bitcoin Depot Inc.

Released April 12, 2024

Bitcoin Depot (BTM) – Expansion Ahead of Schedule

Posted on by cpereira@noblefcm.com


Monday, April 08, 2024

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

International expansion. The company recently announced its plans to ship 125 kiosks to Australia’s largest cities, Sydney, Melbourne and Brisbane, in Q2 2024. Notably, we believe there is a sizeable opportunity for growth in Australia, which has a population of approximately 27 million people, and less than 1000 Bitcoin ATM’s in the entire county. In addition to Australia, the company expanded to Puerto Rico in March, adding 87 kiosks.

Franchise opportunities. In our view, the company should benefit from franchising, which offers the company a capital efficient method to expand operations. Notably, the company captures roughly 30%-50% of profits from franchise locations with virtually no capital committed. We view the relatively new franchise program favorably.


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Release – Bitcoin Depot Announces Expansion into Australia with 125 Bitcoin ATMs

Posted on by aweinsoff@channelchek.com

Research News and Market Data on BTM

April 04, 2024 8:00 AM EDT

Bitcoin Depot plans to install BTMs in Retail Locations Across Sydney, Melbourne, and Brisbane

ATLANTA, April 04, 2024 (GLOBE NEWSWIRE) — Bitcoin Depot (NASDAQ: BTM), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, today announced that it plans to expand its footprint internationally into Australia and ship 125 kiosks to the country in Q2 2024. The Company eagerly anticipates further expanding its global presence by offering its cash-to-Bitcoin services to individuals across the biggest metropolitan cities in the country, such as Sydney, Melbourne, and Brisbane. This announcement follows closely on the heels of the Company’s expansion into Puerto Rico in March.

“This strategic expansion into Australia marks a significant step for us, bringing our Bitcoin ATMs to more of an untapped market with significant growth potential and lower competition,” said Brandon Mintz, CEO of Bitcoin Depot. “Our goal is to offer a simple, quick, and convenient process for converting cash into Bitcoin. We see immense opportunity for growth in Australia and are excited to work with new retail partners, serve a broader customer base, and introduce Bitcoin to new users across the country. With this announcement, Bitcoin Depot will be operating in at least three countries in 2024, and we believe there is potential for further international expansion.”

Bitcoin Depot sees immense potential for Australia due to the country’s roughly 27 million-person population and its current BTM kiosk count of roughly 950 BTMs amongst only 10 operators, according to data from Coin ATM Radar. This presents a unique opportunity for the Company to capitalize on this gap in the market and the growing demand for accessible Bitcoin services in the country.

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.

“When I founded Bitcoin Depot seven years ago, my vision was to make cryptocurrency accessible to all. Today, I’m thrilled to see the significant strides we’ve made, particularly with our geographic expansion into Australia. This move not only enhances accessibility but also underscores our commitment to providing exceptional convenience and service in as many retail locations as possible,” said Mintz.

This news adds to the Company’s momentum, following recent expansion announcements and surpassing its goal of deploying 8,000 Bitcoin ATMs. Bitcoin Depot now boasts the largest installed fleet of BTMs in its history, solidifying its position as the leading BTM operator in North America. Despite market turbulence, the Company went public on a major U.S. stock exchange in 2023, earning recognition in Forbes 30 Under 30 and Deloitte’s 2023 Technology Fast 500.

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 7,400 kiosk locations as of April 1, 2024. 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 

Source: Bitcoin Depot Inc.

Released April 4, 2024

Release – mBitcoin Depot Surpasses 8,000 Signed Bitcoin ATM Locations Ahead of Schedule

Posted on by aweinsoff@channelchek.com

Research News and Market Data on BTM

April 02, 2024 8:00 AM EDTDownload as PDF

Leading Bitcoin Kiosk Provider Anticipates Reaching 2024 Year-End Goal Early, Reinforcing Market Share and Growth Trajectory

ATLANTA, April 02, 2024 (GLOBE NEWSWIRE) — Bitcoin Depot Inc. (“Bitcoin Depot” or the “Company”) (NASDAQ: BTM), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, today announced it is set to surpass its ambitious goal of deploying 8,000 Bitcoin ATMs a few months ahead of schedule, having already secured contracts for over 8,000 locations. The achievement solidifies the Company’s previously announced objective of having the largest installed fleet of BTMs in its history. Now, with over 8,000 locations signed, Bitcoin Depot just needs to install enough incremental Bitcoin ATMs to reach the previously announced goal of 8,000. In January and February of 2024 Bitcoin Depot signed over 1,600 total new locations to receive its Bitcoin ATMs.

This achievement follows a series of strategic initiatives for the Company in the first quarter of 2024 and underscores Bitcoin Depot’s continued momentum. Notably, since the start of the year, the Company has expanded its operations into Puerto Rico, continued expansion of its franchise program, solidified its commitment to purchasing 900 new kiosks to grow its footprint, and forged a deployment partnership with a major convenience store retailer, paving the way for 940 new kiosk locations across 24 states.

“This milestone showcases our team’s successful sales capabilities and reaffirms our status as the leading provider of Bitcoin accessibility throughout North America,” remarked Brandon Mintz, Founder and CEO of Bitcoin Depot. “As pioneers in this field, our commitment is to offer outstanding service and convenience, enabling our customers to effortlessly explore the digital financial ecosystem.”

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.

In early 2022, Bitcoin Depot took over the #1 market share position to become the largest BTM operator in North America. In 2023, despite recent market shifts and ongoing turbulence in the crypto currency market, 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 7,400 kiosk locations as of April 1, 2024. 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

Source: Bitcoin Depot Inc.

Released April 2, 2024

Release – Bitcoin Depot Expands into Puerto Rico with Nearly 100 BTM Locations Signed

Posted on by aweinsoff@channelchek.com

Research News and Market Data on BTM

March 26, 2024 8:00 AM EDT

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  

Source: Bitcoin Depot Inc.

Released March 26, 2024

Bitcoin Depot (BTM) – A Set Up Year For Future Growth

Posted on by cpereira@noblefcm.com


Tuesday, March 26, 2024

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Q4 results. For Q4 the company reported $148.4 million in revenue, below our forecast of $157.0 million and roughly flat compared to the prior year period. Adj. EBITDA  for the quarter was $9.0 million, which was in line with our estimate. The softer than expected revenue was largely driven by the company’s redeployment of kiosks. Notably, we believe the company’s favorable redeployment efforts could improve operating results in the long-run.

Expansion strategy. Management highlighted franchising as a favorable option for expansion. Notably, franchising offers the company a less capital intensive method for expansion, which captures approximately 30%-50% of profits from licensed kiosks. Additionally, management views New York as a significant opportunity for growth, and is currently in the application process to obtain a license to operate in the state.


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