Key Points – Coinbase acquires Deribit in a $2.9B cash-and-stock deal to expand its crypto derivatives business globally. – The acquisition strengthens Coinbase’s presence in Europe and Asia, where leveraged trading is more common. – The deal positions Coinbase for potential future U.S. regulatory shifts that may allow options trading domestically.
Coinbase is making a bold move to expand its global reach and diversify its offerings by acquiring Deribit, a leading crypto derivatives exchange, in a $2.9 billion deal. This acquisition, comprising $700 million in cash and 11 million shares of Coinbase stock, positions Coinbase to tap into the burgeoning market for crypto options and futures, particularly outside the United States.
Deribit, founded in 2016 and now headquartered in Dubai, has established itself as a dominant player in the crypto derivatives space, with 2024 trading volumes nearing $1.2 trillion. The platform’s strength lies in its robust offerings of options, futures, and spot trading services, attracting a growing base of institutional investors.
This acquisition aligns with a broader trend of consolidation in the crypto industry, spurred by a favorable regulatory climate under President Trump’s administration. Recent notable deals include Kraken’s $1.5 billion acquisition of NinjaTrader and Ripple’s $1.25 billion purchase of Hidden Road. Coinbase’s move to acquire Deribit underscores its commitment to expanding its derivatives capabilities and solidifying its position as a comprehensive player in the global crypto market.
The deal is expected to enhance Coinbase’s presence in non-U.S. markets, especially in Asia and Europe, where leveraged trading is more prevalent. By integrating Deribit’s advanced trading infrastructure, Coinbase aims to offer a broader range of derivatives products to its international clients, catering to both institutional and retail traders seeking sophisticated risk management tools.
Analysts view this acquisition as a strategic step for Coinbase to capitalize on the growing demand for crypto derivatives, which offer traders the ability to hedge positions and navigate market volatility effectively. With the crypto market maturing and attracting more institutional participation, the addition of Deribit’s platform is poised to drive significant revenue growth for Coinbase.
In the context of the evolving regulatory landscape, Coinbase’s acquisition of Deribit also reflects a proactive approach to navigating compliance requirements while expanding its global footprint. Deribit’s relocation to Dubai and its licensing under the Virtual Asset Regulatory Authority (VARA) provide Coinbase with a strategic base to operate in a jurisdiction that is increasingly becoming a hub for crypto innovation.
As the crypto industry continues to evolve, Coinbase’s acquisition of Deribit marks a significant milestone in its journey to become a leading global crypto exchange with a comprehensive suite of products and services. This move not only enhances Coinbase’s competitive edge but also signals a broader shift towards the integration of advanced financial instruments in the digital asset ecosystem.
With this acquisition, Coinbase is well-positioned to meet the growing demand for sophisticated trading solutions and to play a pivotal role in shaping the future of the global crypto derivatives market.
Key Points: – Ripple reportedly made a $4–$5 billion bid to acquire USDC issuer Circle, which was declined. – Circle is pursuing a public listing and is currently in a regulatory quiet period. – The deal reflects intensifying competition in the stablecoin space ahead of expected U.S. legislation.
Crypto payments firm Ripple made headlines this week after reports emerged that it offered between $4 billion and $5 billion to acquire Circle, the issuer of the USDC stablecoin. While the offer was ultimately turned down, the attempted acquisition highlights a growing race among major players in the digital asset space to consolidate infrastructure and scale stablecoin capabilities ahead of impending U.S. regulation.
According to Bloomberg, Ripple’s bid was rebuffed by Circle as undervaluing the company. The timing is notable: Circle recently filed for a public listing with the SEC and is currently in a regulatory “quiet period,” restricting its ability to comment on financial matters. Nevertheless, the attempted acquisition sheds light on Ripple’s expansion strategy and broader trends in the maturing stablecoin ecosystem.
Ripple CEO Brad Garlinghouse has previously stated the company would be “more proactive in looking at acquisitions,” particularly in blockchain infrastructure. Ripple’s recent launch of its own stablecoin, RLUSD, on Ethereum and the XRP Ledger is consistent with this strategy. RLUSD has grown quickly in 2025, with its market cap rising to $317 million, but it still trails far behind Circle’s USDC, which boasts a market cap exceeding $62 billion and is issued across 19 blockchains.
Stablecoins—cryptocurrencies pegged to fiat currencies like the U.S. dollar—have become central to the crypto economy. They’re used for everything from trading and remittances to DeFi protocols and cross-border payments. As such, ownership of a dominant stablecoin platform offers a critical foothold in the broader digital asset infrastructure.
For Ripple, acquiring Circle would have provided a powerful shortcut to stablecoin dominance. Beyond simply growing its token footprint, the deal could have given Ripple access to Circle’s institutional network, regulatory goodwill, and technical infrastructure—all valuable assets as Congress debates landmark stablecoin regulation. While Ripple’s own RLUSD is gaining traction, it lacks USDC’s deep liquidity and institutional adoption.
This isn’t the first major deal in the stablecoin space. In October 2024, payments firm Stripe acquired Bridge, a stablecoin platform, for $1.1 billion—one of the largest crypto M&A deals to date. The Ripple-Circle talks, though unsuccessful, suggest that much larger transactions could be on the table as fintech and crypto firms position themselves ahead of coming legislation.
Lawmakers in Washington are working on frameworks to regulate stablecoins and digital asset markets. With increased clarity, more traditional financial players—like Bank of America or PayPal—could soon enter the space. That raises the stakes for crypto-native firms like Ripple and Circle, which are racing to cement their roles before regulations unlock the next wave of competition.
For small and micro-cap crypto investors, this event underscores the growing importance of strategic acquisitions in shaping the sector’s future. Ripple’s failed bid also suggests that Circle sees itself on a trajectory toward greater independence and valuation—particularly with a public listing on the horizon.
Whether or not a Ripple-Circle deal is revived, it’s clear the stablecoin wars are accelerating—and consolidation could define the next phase of the crypto market.
ATLANTA, May 01, 2025 (GLOBE NEWSWIRE) — Bitcoin Depot (“Bitcoin Depot” or the “Company”) (NASDAQ: BTM), a U.S.-based Bitcoin ATM operator and leading fintech company, will hold a conference call and live audio webcast on Thursday, May 15th 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, 2025. Bitcoin Depot plans to release results before the market opens on the same day.
Call Date: Thursday, May 15, 2025 Time: 10:00 a.m. Eastern time (7:00 a.m. Pacific time)
Phone Instructions U.S. and Canada (toll-free): 888-596-4144 U.S. (toll): 646-968-2525 Conference ID: 4520708
A replay of the call will be available beginning after 2:00 p.m. Eastern time through May 22, 2025.
U.S. & Canada (toll-free) replay number: 800-770-2030 U.S. toll number: 609-800-9909 Conference ID: 4520708
If you have any difficulty connecting with the conference call, please contact Bitcoin Depot’s investor relations team at 1-949-574-3860.
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 over 8,400 kiosk locations as of February 25, 2025. Learn more at www.bitcoindepot.com.
Key Points – Bitcoin has rallied nearly 20% in April, diverging from slumping tech stocks. – The cryptocurrency is trading more like gold amid geopolitical and economic uncertainty. – ETF inflows and technical levels suggest further upside momentum.
Bitcoin has staged a striking rally in April, jumping nearly 20% from its early-month lows and defying the broader risk-off sentiment that’s gripped traditional markets. As stocks slumped, particularly in tech, and the U.S. dollar weakened under pressure from geopolitical volatility and economic uncertainty, Bitcoin began to chart a different path — one that more closely mirrors gold than growth stocks.
The largest cryptocurrency surged to nearly $90,000 on Tuesday, its highest level since early March, in a move that’s reigniting hopes of a long-awaited decoupling from U.S. tech equities. For most of the past two years, Bitcoin has traded like a highly volatile cousin of the Nasdaq, rising and falling with investor appetite for risk. But as the market landscape shifts under the weight of aggressive tariffs, inflation worries, and political drama in Washington, Bitcoin’s narrative as a “digital store of value” is once again gaining traction.
The turning point appears to have been the fallout from President Donald Trump’s sweeping tariff moves and his pointed attacks on Federal Reserve Chair Jerome Powell. These developments rattled markets and sent investors scrambling for assets perceived to be safe havens. Gold rocketed past $3,500 an ounce — a record — while the dollar slid to a 15-month low. Meanwhile, Bitcoin’s climb has started to mirror gold’s trajectory rather than tech’s slide.
Analysts see this shift as potentially foundational for the crypto space. Augustine Fan, a partner at crypto trading platform SignalPlus, noted that after a year of being labeled a “leveraged Nasdaq proxy,” Bitcoin is finally showing signs of reclaiming its original appeal as an alternative to fiat-based monetary systems. As questions mount over U.S. financial leadership and the credibility of the Fed’s independence, some investors are once again turning to decentralized assets as a hedge against systemic instability.
Adding to the momentum, U.S.-listed Bitcoin ETFs saw $381 million in inflows on Monday — their largest single-day intake since January. That marks a meaningful vote of confidence from institutional investors, who appear to be reallocating from traditional assets into Bitcoin in response to changing macro conditions.
Technical analysts also see room for continued upside. If Bitcoin can sustain levels above $88,800, several market watchers forecast a push toward the $92,000 to $94,000 range. For now, Bitcoin is benefiting from a rare combination of macro catalysts: weaker dollar, shaky central bank leadership, and increasing demand for liquid alternatives to traditional hedges.
For investors in small and micro-cap stocks, Bitcoin’s rise amid market turmoil may offer indirect encouragement. A shift in sentiment toward alternative assets often coincides with a renewed appetite for asymmetric opportunities — and the small-cap space typically sees a resurgence when investors move beyond large-cap safety plays in search of growth. If Bitcoin’s rally proves durable, it could signal a broader re-risking in pockets of the market not tethered to mega-cap tech.
Key Points: – GameStop’s board has approved Bitcoin as a treasury reserve asset, following speculation about the company’s interest in cryptocurrency. – The stock jumped nearly 13% in premarket trading after the announcement. – Analysts remain skeptical, comparing the move to MicroStrategy’s Bitcoin strategy, but questioning its long-term impact on GameStop’s stock.
GameStop (NYSE: GME), the video game retailer-turned-meme stock, saw its shares surge nearly 13% in premarket trading on Wednesday after confirming plans to allocate a portion of its cash reserves to Bitcoin. The move signals yet another pivot for the company as it looks to redefine its business strategy and capture investor interest amid ongoing challenges in the retail gaming sector.
In a statement released Tuesday, GameStop announced that its board of directors unanimously approved an update to its investment policy, officially allowing the company to purchase and hold Bitcoin as a treasury reserve asset. This decision follows weeks of speculation, fueled in part by a cryptic social media post from GameStop Chairman Ryan Cohen in early February, featuring a meeting with MicroStrategy CEO Michael Saylor, a well-known Bitcoin advocate.
GameStop’s announcement aligns it with MicroStrategy (NASDAQ: MSTR), a company that has aggressively invested in Bitcoin as part of its corporate treasury strategy. MicroStrategy currently holds over 447,000 Bitcoin, a move that has significantly boosted its stock price during Bitcoin bull runs.
The decision to invest in Bitcoin represents a major strategic shift for GameStop, which has struggled to define a clear business model in recent years. Following its infamous Reddit-fueled short squeeze in 2021, GameStop has experimented with NFT marketplaces, digital asset wallets, and e-commerce expansions, but none have significantly altered its financial trajectory.
While Bitcoin has seen strong gains in 2024 and 2025, GameStop’s move raises questions about its long-term financial strategy. Unlike MicroStrategy, which transformed itself into a Bitcoin-centric company, GameStop remains primarily a retail business with declining revenue. The company’s fourth-quarter earnings report, also released Tuesday, revealed a 28% decline in net sales year-over-year, further emphasizing the financial struggles it faces.
Despite the stock’s rally, analysts remain divided on whether GameStop’s Bitcoin investment will provide meaningful value. Wedbush analyst Michael Pachter voiced concerns about the decision, noting that MicroStrategy trades at approximately twice the value of its Bitcoin holdings, meaning that even a full allocation of GameStop’s $4.6 billion cash reserves into Bitcoin may not provide the same level of stock appreciation.
Additionally, Bitcoin’s volatility presents a risk for GameStop, which is already navigating declining brick-and-mortar sales, shifting consumer preferences, and increased digital gaming competition. A sudden drop in Bitcoin’s price could negatively impact GameStop’s financial position, leaving it with fewer options to reinvest in its core business.
GameStop’s Bitcoin strategy will likely fuel speculation and volatility in its stock price, much like previous meme stock cycles. However, whether this move translates into long-term value remains uncertain. Investors will be watching closely to see how GameStop executes its Bitcoin investment plan and whether it adopts a broader digital asset strategy beyond cryptocurrency holdings.
For now, the announcement has given GameStop bulls a new reason to rally, but the company’s future remains uncertain as it bets on Bitcoin to help redefine its financial outlook.
Experienced Financial Leader Joins Bitcoin ATM Pioneer to Drive Growth and Financial Strategy
ATLANTA, March 24, 2025 (GLOBE NEWSWIRE) — Bitcoin Depot (NASDAQ: BTM), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, announced today that David Gray has been appointed Chief Financial Officer (CFO), effective immediately. Gray brings over 20 years of financial leadership experience, with a proven track record of success in driving business transformation, optimizing financial performance, leading high-value mergers and acquisitions, and advising on the impacts of complex strategic initiatives.
As CFO, Gray will oversee Bitcoin Depot’s financial strategy, treasury, and corporate development, ensuring the company remains well-positioned for continued growth amid an evolving cryptocurrency landscape.
Gray joins Bitcoin Depot from Aviat Networks, where he served as CFO and helped lead the company’s growth from $275 million to nearly $500 million in revenue through strategic acquisitions and financial transformation initiatives. Previously, he held CFO and senior finance leadership roles at Superior Essex, Eaton Corporation, and Newell Brands.
“David’s expertise in financial strategy, operational excellence, and strategic planning makes him a valuable addition to our leadership team,” said Brandon Mintz, CEO of Bitcoin Depot. “His experience navigating complex financial landscapes and driving sustainable growth will be crucial as we continue to expand Bitcoin access, scale our operations, and reinforce our market leadership.”
Commenting on his appointment, Gray said: “Bitcoin Depot has built a strong foundation as a leader in the Bitcoin ATM sector, and I’m eager to contribute to its financial strategy during a time of rapid innovation and expansion. I look forward to collaborating with the leadership team to enhance Bitcoin Depot’s financial strength, drive strategic growth, and support its mission of expanding access to Bitcoin.”
Gray holds a B.S. in Accounting from Penn State University and is a Certified Management Accountant (CMA) and a Certified Public Accountant (CPA).
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 8,400 kiosk locations as of December 31, 2024. 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, 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.
Q4 Revenue of $136.8 Million Compared to $148.4 Million in the Prior Year Quarter
Q4 Operating Expenses Down 16% Year-Over-Year to $15.0 Million
Q4 Net Income up Significantly to $5.4 Million Compared to a Net Loss of $1.7 Million in the Prior Year Quarter
Q4 Adjusted Gross Profit up 18% Year-Over-Year to $25.4 Million
Q4 Adjusted EBITDA up 34% Year-Over-Year to $12.0 Million
ATLANTA, March 18, 2025 (GLOBE NEWSWIRE) — Bitcoin Depot Inc. (“Bitcoin Depot” or the “Company”), a U.S.-based Bitcoin ATM operator and leading fintech company, today reported financial results for the fourth quarter and full year ended December 31, 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.
“As we highlighted in our fourth-quarter pre-announcement, 2024 ended on a strong note, driven by sequential revenue growth and substantial improvements in adjusted EBITDA, both sequentially and year-over-year,” said Brandon Mintz, CEO and Founder of Bitcoin Depot. “In the fourth quarter, we made significant progress in expanding our Bitcoin ATM network and optimizing existing machines to enhance profitability — and the results speak for themselves.
“Looking ahead, we are confident that the optimization efforts we implemented throughout 2024 will begin to positively impact our financial performance as we move through 2025. With our aggressive international and domestic kiosk expansion strategy, we anticipate that 2025 will mark a strong return to growth for the business. As part of this, we are reintroducing financial guidance, projecting robust growth in the first quarter. Additionally, we remain committed to leveraging our strong cash flow to drive shareholder value initiatives, including the potential for a cash dividend. We have also continued to strengthen our Bitcoin treasury holdings, recently increasing our total to 94 BTC, reflecting our confidence in Bitcoin as a valuable financial asset and an integral part of our business model.”
Fourth Quarter 2024 Financial Results
Revenue in the fourth quarter of 2024 was $136.8 million compared to $148.4 million in the fourth quarter of 2023. This decline was driven by the impact of unfavorable legislation that was passed in California that went into effect in January 2024, along with the Company’s continued process of relocating underperforming kiosks to optimize fleet profitability.
Total operating expenses declined 16% to $15.0 million for the fourth quarter of 2024 compared to $17.8 million for the fourth quarter of 2023 due to the costs of going public in 2023 that did not recur in 2024.
Net income for the fourth quarter of 2024 increased significantly to $5.4 million compared to a net loss of $1.7 million for the fourth quarter of 2023. The increase was due to lower depreciation and amortization and lower operating expenses in 2024.
Adjusted gross profit, a non-GAAP measure, in the third quarter of 2024 increased 18% to $25.4 million from $21.6 million for the fourth quarter of 2023. Adjusted gross profit margin, a non-GAAP measure, in the fourth quarter of 2024 increased approximately 400 basis points to 18.6% compared to 14.5% in the fourth quarter of 2023. Please see “Explanation and Reconciliation of Non-GAAP Financial Measures” below.
Adjusted EBITDA, a non-GAAP measure, in the fourth quarter of 2024 increased 34% to $12.0 million compared to $9.0 million for the fourth quarter of 2023. The increase was primarily due to the higher net income. Please see “Explanation and Reconciliation of Non-GAAP Financial Measures” below.
Full Year 2024 Financial Results
Revenue in 2024 was $573.7 million from $689.0 million in 2023. This decline was largely driven by the impact of unfavorable legislation that was passed in California that went into effect in January 2024, along with the Company’s continued process of relocating underperforming kiosks in order to optimize fleet profitability.
Total operating expenses declined 5% to $67.2 million compared to $70.6 million in 2023 due to the costs of going public in 2023 that did not recur in 2024 as well as other cost saving measures.
Net income in 2024 increased by 432% to $7.8 million compared to $1.5 million in 2023. The increase was primarily due to expenses with going public in 2023 that did not recur in 2024 along with other expense reductions.
Adjusted gross profit, a non-GAAP measure, in 2024 was $91.4 million compared to $101.0 million in 2023. The adjusted gross profit margin, a non-GAAP measure, in 2024 increased 120 basis points to 15.9% compared to 14.7% in 2023. Please see “Explanation and Reconciliation of Non-GAAP Financial Measures” below.
Adjusted EBITDA, a non-GAAP measure, in 2024 was $38.7 million compared to $56.3 million in 2023. The decline was due to the lower revenue. Please see “Explanation and Reconciliation of Non-GAAP Financial Measures” below.
Cash, cash equivalents, and cryptocurrencies were $31.0 million as of the end of 2024 compared to $30.5 million at the end of 2023.
Q1 2025 Outlook
Q1 2025 is off to a very strong start as we continue to see growth from our relocation strategy. We anticipate Q1 revenues to be between $151 million and $154 million which would represent growth of between 9% and 11% compared to Q1 2024.
We are projecting adjusted EBITDA for Q1 2025 to be between $12 million and $14 million which would represent growth of over 200% compared to Q1 of 2024.
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 fourth quarter and full year ended December 31, 2024.
Call Date: Tuesday, March 18, 2025 Time: 10:00 a.m. Eastern time (7:00 a.m. Pacific time)
Phone Instructions U.S. dial-in: 646-968-2525 International dial-in: 888-596-4144 Conference ID: 8224936
A replay of the call will be available beginning after 2:00 p.m. Eastern time through March 25, 2025.
U.S. & Canada replay number: 800-770-2030 U.S. toll number: 609-800-9909 Conference ID: 8224936
If you have any difficulty connecting with the conference call, please contact Bitcoin Depot’s investor relations team at 1-949-574-3860.
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 over 8,400 kiosk locations as of February 25, 2025. 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, 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.
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, share-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 Net (loss) income to Adjusted EBITDA for the periods indicated:
The following table presents a reconciliation of revenue to Adjusted Gross Profit for the periods indicated:
ATLANTA, March 04, 2025 (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, March 18th at 10:00 a.m. Eastern time (7:00 a.m. Pacific time) to discuss its financial results for the fourth quarter and full year ended December 31, 2024. Bitcoin Depot plans to release results before the market open on the same day.
Call Date: Tuesday, March 18, 2025 Time: 10:00 a.m. Eastern time (7:00 a.m. Pacific time)
Phone Instructions U.S. and Canada (toll-free): 888-596-4144 U.S. (toll): 646-968-2525 Conference ID: 8224936
A replay of the call will be available beginning after 2:00 p.m. Eastern time through March 25, 2025.
U.S. & Canada (toll-free) replay number: 800-770-2030 U.S. toll number: 609-800-9909 Conference ID: 8224936
If you have any difficulty connecting with the conference call, please contact Bitcoin Depot’s investor relations team at 1-949-574-3860.
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 over 8,400 kiosk locations as of February 25, 2025. Learn more at www.bitcoindepot.com.
Key Points: – Bitcoin fell below $90,000 for the first time since January, marking a nearly 20% decline from its all-time high. – A $1.5 billion security breach at Bybit and ongoing macroeconomic uncertainty have contributed to the market selloff. – Crypto-linked stocks like MicroStrategy and Coinbase have also seen significant declines as investor confidence wanes.
Bitcoin, the world’s largest cryptocurrency by market capitalization, tumbled below the $90,000 mark on Monday, extending a broader crypto market selloff. As of 10:57 AM EST, Bitcoin was trading at approximately $87,595, reflecting a 6.8% decline from the previous close. The leading digital asset has now fallen nearly 20% from its record high of $109,000 set in January.
The downturn has impacted the broader cryptocurrency market, with Ethereum (ETH) dropping 8.7% to $2,418 and other major altcoins like Solana (SOL) and Dogecoin (DOGE) posting losses of 7.9% and 8.8%, respectively.
Several factors have weighed on Bitcoin’s price, including macroeconomic uncertainty, regulatory concerns, and a major security breach. The broader financial markets have shown increased volatility, with the S&P 500 posting a three-day losing streak. Investors are wary of persistent inflation and the Federal Reserve’s policy stance, which has added to Bitcoin’s downward momentum.
Adding to the pressure, a $1.5 billion hack on Dubai-based cryptocurrency exchange Bybit last week has shaken investor confidence. Although Bybit reassured customers that their assets remained safe, the breach has reignited fears over crypto security vulnerabilities.
Regulatory uncertainty is also playing a role in market sentiment. The recent inauguration of President Donald Trump has introduced questions about the administration’s stance on cryptocurrency regulation. While Trump’s pro-business policies could favor crypto adoption, the lack of clear guidelines has created short-term uncertainty for investors.
The selloff has extended beyond digital assets, impacting crypto-related equities. Shares of MicroStrategy (MSTR), a major corporate holder of Bitcoin, fell 8.5%, while Coinbase Global (COIN) and Robinhood (HOOD) saw declines of 7% to 9%. The downturn in these stocks underscores Bitcoin’s influence on the broader financial market.
Market analysts remain divided on Bitcoin’s short-term outlook. Some believe the digital asset has not yet found its floor, with Geoffrey Kendrick, global head of digital assets research at Standard Chartered, predicting further declines into the “low $80Ks.”
Others see the price drop as a potential buying opportunity. Data from Kraken suggests an increase in the long-short ratio, indicating that traders are “buying the dip” in anticipation of a recovery. However, given the ongoing volatility, analysts urge investors to exercise caution before making any significant moves.
As Bitcoin navigates uncertain terrain, investors are watching macroeconomic developments, regulatory updates, and market liquidity for further signals. While the cryptocurrency has historically rebounded from sharp corrections, the current environment calls for prudent risk management.
For now, Bitcoin remains at a crossroads, and its next move will depend on whether confidence can be restored in the market.
Key Points: – Hackers stole $1.5 billion from Bybit, marking the largest crypto exchange hack in history. – The Lazarus Group, a North Korean state-backed hacking collective, has been linked to the attack. – Bybit secured a bridge loan to cover losses and reassure customers, but market confidence remains shaken.
A catastrophic security breach has sent shockwaves through the cryptocurrency sector as Bybit, one of the world’s leading digital asset exchanges, lost $1.5 billion in a sophisticated attack. This unprecedented theft surpasses previous major incidents, including the 2021 Poly Network breach ($610 million) and the 2022 Binance exploit ($570 million). Most alarming to security experts is that attackers successfully compromised Bybit’s cold storage system—offline wallets widely considered the most secure method for safeguarding digital assets.
Attack Details and Attribution
Blockchain analytics firms Elliptic and Arkham Intelligence have tracked the stolen funds across multiple blockchain networks as attackers rapidly dispersed and liquidated assets through various platforms. Investigators have attributed the attack to North Korea’s Lazarus Group, a state-sponsored cybercrime collective responsible for stealing billions from financial institutions and cryptocurrency organizations to fund government operations.
The associated addresses have been flagged across all major blockchain monitoring systems. However, the Lazarus Group’s sophisticated laundering techniques utilizing decentralized protocols and mixing services make complete fund recovery highly challenging.
Market Impact and Bybit’s Response
The security breach triggered immediate mass withdrawals from Bybit as users feared potential insolvency risks. CEO Ben Zhou moved quickly to stabilize the situation, assuring users that all withdrawals would continue to process normally. The exchange secured emergency funding from strategic partners to cover potential losses.
Despite these assurances, investor confidence has been severely impacted. Many institutional and retail traders are reassessing their exposure to centralized exchanges, with increasing interest in self-custody solutions and decentralized finance alternatives that minimize counterparty risk.
The incident has attracted heightened regulatory attention, with financial authorities in multiple jurisdictions signaling intentions to impose stricter security requirements and oversight on cryptocurrency exchanges. Industry analysis projects this could accelerate adoption of decentralized exchanges (DEXs), which operate without central custodians and provide users direct control over their assets.
Ethereum Market Dynamics
In an unexpected development, Ethereum markets showed remarkable resilience following the hack. On-chain data revealed significant ETH purchases from Bybit’s treasury addresses, fueling speculation about strategic accumulation during market uncertainty. This activity aligns with institutional behavior from traditional finance giants like BlackRock and Fidelity, which have steadily increased Ethereum holdings throughout recent market cycles.
Layer-2 scaling networks built on Ethereum—including Arbitrum, Optimism, and Celestia—have maintained strong adoption metrics despite the broader market turbulence, suggesting investor confidence in Ethereum’s ecosystem remains intact despite security concerns at centralized exchanges.
Future Security Implications
The Bybit breach represents a watershed moment for cryptocurrency security practices. The successful compromise of cold storage systems—previously considered nearly impenetrable—forces a fundamental reassessment of digital asset protection strategies across the industry.
Expanded implementation of multi-signature authentication requirements, real-time anomaly detection systems, and insurance solutions designed specifically for cryptocurrency theft are becoming industry priorities. Several leading exchanges have already announced enhanced security measures in response to the incident.
Traditional cold storage alone is no longer sufficient protection against sophisticated threat actors. The industry must evolve toward comprehensive security frameworks that combine technical controls with governance safeguards.
As regulatory frameworks evolve and security standards mature, investors should anticipate a period of adjustment across cryptocurrency markets. Whether this incident ultimately drives adoption toward decentralized platforms or strengthens security at centralized exchanges, the fundamental importance of robust security practices has never been more evident in digital asset investing.
Key Points: – Bitcoin hits $104,000, marking a 420% increase from its $20,000 price two years ago – Trump names David Sacks as crypto “czar” and plans regulatory overhaul – Administration aims to create $21 billion Strategic Bitcoin Reserve
Bitcoin’s price surged past $100,000 on Friday as cryptocurrency markets anticipate major policy shifts under President-elect Donald Trump’s incoming administration. The world’s leading cryptocurrency rose approximately 5% to $104,000, reflecting growing optimism about Trump’s promised pro-crypto agenda.
Trump, who once dismissed bitcoin as a “scam,” has undergone a dramatic shift in his stance toward digital currencies. His campaign promises include transforming the United States into the global “crypto capital,” with specific plans for industry-friendly regulations and the establishment of a government cryptocurrency stockpile.
The president-elect has already begun assembling a team of crypto advocates for key positions, including David Sacks as the administration’s cryptocurrency “czar” and Bo Hines as executive director of the Presidential Council of Advisers for Digital Assets. Paul Atkins, Trump’s pick to lead the SEC, has been a vocal supporter of cryptocurrencies, signaling a stark departure from the regulatory approach of the Biden administration.
One of Trump’s most ambitious proposals is the creation of a Strategic Bitcoin Reserve, which would require the Treasury Department to maintain at least $21 billion in bitcoin through its Exchange Stabilization Fund. This initiative would represent a significant shift in government policy, as historically, the U.S. has auctioned off cryptocurrency seized in law enforcement operations.
The cryptocurrency industry, which felt targeted by outgoing SEC Chairman Gary Gensler’s enforcement actions, has welcomed these developments. Peter Van Valkenburgh, executive director of Coin Center, expressed optimism about the expected “tone change at the SEC” under the new administration.
The industry’s enthusiasm is evident in the organization of the first-ever “Crypto Ball,” a sold-out celebration featuring “an elite lineup of musical entertainment” to mark the inauguration of what supporters are calling the first “crypto president.”
However, critics continue to raise concerns about cryptocurrency’s volatile nature and its potential use in illegal activities. Despite these reservations, bitcoin has demonstrated remarkable resilience, with its value increasing dramatically from around $20,000 two years ago to its current record levels.
As Trump prepares to take office on January 20, the cryptocurrency market eagerly awaits the implementation of his promised policies, which could reshape the regulatory landscape for digital assets in the United States.
Joe Gomes, CFA, 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.
HPC and AI. As of November 30, 2024, Bit Digital had 266 servers actively generating revenue and earned approximately $4.3 million of total unaudited GPU Cloud revenue during the month. At Enovum’s data center, the Company had 13 customers actively generating revenue with colocation revenue of approximately $503,500. We believe the Boosteroid agreement, along with the two MSAs signed in the third quarter should expand revenue in the coming months.
Mining Side. The Company produced 44.9 BTC in the month, a 14.0% decrease from 52.2 BTC in October. The active hash rate was 2.51 EH/s, a slight increase from 2.43 EH/s last month. Bit Digital’s hosting provider, Coinmint, being acquired resulted in the termination of hosting contracts. Management has signed term sheets for the lost hosting capacity and is replacing energy inefficient miners, with a 3.0 EH/s active hash rate expected by the first half of 2025.
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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.
In the wake of recent elections, the stock and cryptocurrency markets have surged as investor optimism is fueled by FOMO (Fear of Missing Out). While this bullish momentum brings opportunities, it also signals caution, especially given the high volatility seen across markets. For investors, understanding the potential and risks in this unique environment is key to making wise decisions.
One notable trend is the recent outperformance of the Russell 2000 index, an index that tracks small-cap stocks, which has shown greater gains compared to larger indices like the S&P 500 and Nasdaq. This trend hints at potential opportunities within small-cap companies, but it’s crucial for investors to recognize the volatile backdrop surrounding these gains.
The Russell 2000 index, composed primarily of small-cap stocks, has experienced a significant uptick in recent weeks, outpacing some of the larger, more familiar indices. Small-cap stocks historically perform well during economic recoveries, as investors tend to favor companies with high-growth potential. Smaller companies often have greater room for expansion compared to established giants, which can lead to impressive returns if these firms capitalize on their growth potential.
For investors who can tolerate a higher level of risk, small-cap stocks within the Russell 2000 may offer appealing opportunities. However, even in an optimistic market, it’s essential to approach these investments carefully, as smaller companies tend to be more volatile and sensitive to economic shifts.
Post-election optimism isn’t unusual, and investors often flock to markets anticipating favorable policies or economic changes that could benefit various sectors. This year, that optimism is even more pronounced as both traditional and digital markets see upward momentum. The crypto markets are also surging, with certain tokens like Bitcoin reaching new highs alongside the rally in stocks. These gains across both asset types contribute to the FOMO effect, where investors feel compelled to jump in quickly, potentially without due diligence.
However, FOMO can lead to hasty decisions, as investors rush to capture potential gains without fully evaluating the risks. In the current climate, it’s critical to remember that the same forces driving prices up can lead to sudden drops as market conditions shift.
Despite these upward trends, the high volatility in both stock and crypto markets should serve as a caution flag. Small-cap stocks, while promising, are known for their vulnerability to rapid price swings. They’re also more likely to be affected by liquidity issues, which can amplify losses during sell-offs. Similarly, cryptocurrencies are notoriously volatile and subject to external forces such as regulatory changes, technological developments, and shifts in investor sentiment.
For those considering investments in these areas, being prepared for sudden price changes and being comfortable with the associated risks is essential.
To navigate these volatile waters successfully, investors should keep the following tips in mind:
Risk Assessment – Understanding your personal risk tolerance is crucial, especially with small-cap stocks and cryptocurrencies. Not every portfolio is suited for high-risk, high-volatility assets, so evaluate carefully before diving in.
Diversification – A diversified portfolio can help manage risk by balancing small-cap and cryptocurrency investments with more stable assets. This approach can soften the impact of any single asset’s fluctuations, creating a more resilient portfolio.
Due Diligence – For investors interested in small-cap stocks, doing thorough research is essential. Look for companies with solid fundamentals, promising growth potential, and innovative offerings that set them apart from competitors.
Stay Informed – Markets can shift quickly, especially during periods of economic or political change. Following relevant news and trends can help investors stay ahead of potential risks and make informed decisions when the market moves.
The post-election market surge brings both promise and caution. Investors looking to take advantage of small-cap stock outperformance or capitalize on crypto market gains should do so with a clear understanding of the risks. In a market driven by FOMO, a balanced approach that includes careful research, risk management, and diversification is key. With these strategies, investors can navigate today’s volatility effectively, capturing opportunities without losing sight of the inherent risks.
