Former President Donald Trump has issued a full pardon for Binance founder Changpeng “CZ” Zhao, closing one of the most closely watched cases in cryptocurrency history and sparking new debate over the direction of U.S. digital asset policy.
Zhao, who had pleaded guilty in 2023 to charges related to money laundering violations during his tenure as CEO of Binance, had been serving a short prison sentence following a landmark $4.3 billion settlement between the crypto exchange and the U.S. Department of Justice. Prosecutors had originally pushed for a multi-year sentence, arguing that Binance’s compliance failures allowed illicit transactions to move through its platform.
The White House described the decision as an effort to correct what it viewed as excessive enforcement against the cryptocurrency sector under the previous administration. Officials suggested that the case against Zhao reflected a broader pattern of hostility toward digital assets that, in their view, discouraged innovation and weakened the United States’ position as a global technology leader.
Zhao’s return to public life is expected to have wide-ranging implications for the crypto industry. Supporters see the pardon as a signal that Washington may adopt a more constructive stance toward blockchain and decentralized finance. Others view it as a politically charged move that raises questions about the growing influence of wealthy crypto figures in U.S. policymaking.
The timing of the pardon has drawn particular attention because of reports linking a Trump-affiliated cryptocurrency venture to trading infrastructure associated with Binance. The project, which reportedly generated billions of dollars in value after the 2024 election, has fueled speculation that Zhao’s reinstatement could strengthen ties between political and corporate crypto interests.
In financial markets, the decision was interpreted as a potential boost for sentiment across the digital asset sector. Traders and fund managers see the move as a possible preview of lighter regulation and renewed growth momentum in an industry that has faced years of uncertainty. Some analysts noted that restoring a high-profile figure like Zhao could accelerate investment in U.S.-based blockchain initiatives, particularly if the administration follows through with policies aimed at promoting innovation and capital formation.
Critics, however, argue that the pardon undermines confidence in fair and consistent regulation. Lawmakers who have long pressed for stricter oversight of cryptocurrency markets warned that leniency toward industry executives could set a troubling precedent, encouraging future violations by major exchanges.
Despite the controversy, the decision underscores the shifting balance of power in Washington as digital assets become a more prominent component of the economy. With Zhao now free to re-enter the industry, Binance and the broader crypto market may find new momentum — though questions about transparency, accountability, and influence are likely to persist.
The pardon not only revives one of crypto’s most influential figures but also signals that the United States may be entering a new era of engagement with digital finance — one defined as much by political calculation as by innovation.
ATLANTA, Oct. 07, 2025 (GLOBE NEWSWIRE) — Bitcoin Depot Inc. (Nasdaq: BTM) (“Bitcoin Depot” or the “Company”), a U.S.-based Bitcoin ATM operator and leading fintech company, today announced that it has entered into definitive agreements to sell an aggregate of 4,285,716 shares of its Class A common stock, at a purchase price of $3.50 per share in a registered direct offering. The closing of the offering is expected to occur on or about October 8, 2025, subject to the satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
The aggregate gross proceeds to the Company from the offering are expected to be approximately $15 million, before deducting the placement agent fees and other offering expenses payable by the Company. The Company currently intends to use the net proceeds from the offering for general corporate purposes.
The shares of Class A common stock described above are being offered pursuant to a “shelf” registration statement (File No. 333-288208) filed with the Securities and Exchange Commission (“SEC”) on June 20, 2025 and declared effective on July 1, 2025. The offering is being made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. The prospectus supplement and the accompanying prospectus relating to the shares of Class A common stock being offered will be filed with the SEC and be available at the SEC’s website at www.sec.gov. Electronic copies of the prospectus supplement and the accompanying prospectus relating to the securities being offered may also be obtained, when available, by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by telephone at (212) 856-5711 or e-mail at placements@hcwco.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
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 47 states and at thousands of name-brand retail locations in 31 states through its BDCheckout product. The Company has the largest market share in North America with over 9,000 kiosk locations as of August 2025. Learn more at www.bitcoindepot.com.
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 Securities 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 completion of the offering, the satisfaction of customary closing conditions related to the offering and the intended use of net proceeds from the offering. 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. Such statements involve known and unknown risks, uncertainties, and other factors that could cause the actual results of the Company to differ materially from the results expressed or implied by such statements. In making these statements, the Company relies upon assumptions and analysis based on the Company’s experience and perception of historical trends, current conditions, and expected future developments, as well as other factors the Company considers appropriate under the circumstances. The Company believes these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements 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 may differ from assumptions. Many actual events and circumstances are beyond our control.
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. Subsequent events and developments could 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.
Universal “First-Transaction ID Verification” Sets the Standard for Bitcoin ATM Compliance and Consumer Protection
ATLANTA, Oct. 06, 2025 (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 recent roll out of new compliance standards that make it one of the only operators in the industry to require customers to provide identification before transacting for any amount of money. The initiative applies to all new and existing customers, ensuring they benefit from the highest level of protection, well beyond what is currently required by federal law. The Company has also launched additional protections for seniors, reinforcing its leadership in consumer protection and responsible access to digital assets.
“Bitcoin Depot has always placed compliance and consumer protection at the center of our business,” said Brandon Mintz, CEO of Bitcoin Depot. “By strengthening our safeguards, we’re making crypto access safer and more trusted for everyone, while setting the standard for the industry.”
Building on its existing protocols, including robust Know Your Customer (KYC), Anti-Money Laundering (AML) safeguards, and blockchain monitoring, the Company’s expanded identity collection and verification requirements further separates Bitcoin Depot from the rest of the industry and demonstrates its leadership in elevating the standard for compliance. Collecting this information enables the Company to strengthen its compliance framework and ensure greater protection for customers against fraud and money laundering risks.
The Company has also reinforced its protections for older adults, adding additional protections to identify and prevent potential scam activity. These safeguards reflect Bitcoin Depot’s continued investment in compliance and its commitment to protecting consumers.
These measures follow the Company’s appointment of Philip Brown as Chief Compliance Officer in July 2025, underscoring Bitcoin Depot’s continued investment in regulatory leadership and consumer protection.
Commenting on the new protections, Brown said: “Requiring ID from every customer and adding senior-specific safeguards enhances our ability to stop scams sooner and protect legitimate users, while keeping access to crypto kiosks simple and accessible.”
Bitcoin Depot kiosks allow customers to seamlessly convert cash into Bitcoin, which customers can use to access the broader digital financial system for payments, transfers, remittances, 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 47 states and at thousands of name-brand retail locations in 31 states through its BDCheckout product. The Company has the largest market share in North America with over 9,000 kiosk locations as of August 2025. 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.
Bitcoin continues to dominate headlines with a historic rally that swept its price above $125,000, renewing debate among investors about the line between long-term potential and speculative excess. The world’s largest cryptocurrency has reached new all-time highs amid a turbulent global backdrop, embodying both optimism for the digital asset’s future and sharply increasing risk in the growing crypto derivatives market.
The current rally, widely referred to as the “debasement trade,” finds its roots in persistent economic and political stress—most notably, the sustained U.S. government shutdown and mounting fiscal uncertainty. Investors have flocked to alternative assets, with gold racing past $3,900 per ounce at the same time. However, Bitcoin’s ascent is being fueled by more than just a search for safety: speculative forces, particularly in the options market, are now exerting substantial influence on the price.
U.S. Bitcoin exchange-traded funds (ETFs) have drawn $3.2 billion in inflows over the past week, marking the second-largest week since their inception in 2024. The size of these inflows, and the recent milestone of $49.8 billion in open interest for BlackRock’s iShares Bitcoin Trust (IBIT), highlight a marked shift: traditional finance is now inseparably linked with crypto, and its traders are helping to amplify price moves—both up and down.
The rapidly expanding ecosystem of derivatives is supercharging Bitcoin’s momentum. Combined open interest across IBIT and Deribit, the largest crypto derivatives platform, now approaches $80 billion—a near tenfold increase since the beginning of 2024. Options have become a principal driver of price activity; currently, over 60% of open Bitcoin options positions are call options, reflecting bullish bets on further gains.
Analysts warn, however, that the concentration of leveraged positions adds new complexities. The use of options amplifies both rallies and corrections, raising the possibility that sudden shifts in sentiment could trigger cascading liquidations—heightening volatility past even Bitcoin’s usual standards. This dynamic is not lost on traders who recall similar risk patterns during past bull runs.
From a technical perspective, Bitcoin is now consolidating gains with key support levels at $120,000 and crucial resistance at $135,000. Short-term projections place $150,000 as the next psychological barrier if upward momentum holds. October holds special attention for crypto traders; dubbed “Uptober,” the month has historically returned more than 22% on average for Bitcoin during the last decade. Some technical analysts, however, suggest a period of sideways movement could precede any fresh breakout, and algorithmic models signal breakout odds remain subdued in the immediate term.
Institutional adoption remains a powerful force, with legacy finance giants and individual investors alike piling into exchange-traded funds and options. Yet the rapid growth in derivatives and the surge in leveraged bets have made the market especially sensitive to sentiment reversals. Investors should be mindful: now, more than ever, Bitcoin’s greatest rallies often coincide with its sharpest corrections.
As 2025’s crypto market takes shape, this rally is a clear sign of Bitcoin’s maturity and mainstream adoption—but it also serves as a timely reminder that reward and risk, in the world of digital assets, are never far apart.
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Strong preliminary results. Bitcoin Depot announced preliminary Q3 results of approximately $160M in revenue (+18% Y/Y) and roughly 50% growth in adj. EBITDA versus the prior year. Both topline and profitability are tracking well ahead of management’s prior Q2 guidance of high-single-digit revenue and 20–30% adj. EBITDA growth.
Beating expectations. In light of these results, the company is expected to exceed our Q3 forecast of $146.5M in revenue and $11.0M in adj. EBITDA. Preliminary figures imply approximately $13.8M in adj. EBITDA, meaning profitability should surpass our expectations by nearly 25%.
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.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
An Offering. Bit Digital is offering $135 million of convertible notes. The deal is upsized from an original $100 million. Net proceeds from the offering will be used primarily to purchase Ethereum, and may be used for general corporate purposes, including potential investments, acquisitions, and other business opportunities. The capital raise continues management’s goal of becoming a major Ethereum treasury company, in our view.
Details. The Notes will be senior, unsecured obligations of the Company and will accrue interest at a rate of 4.00% per year, payable semiannually in arrears. The Notes will mature on October 1, 2030. The initial conversion rate will be 240.3846 shares per $1,000 principal amount of Notes (equivalent to an initial conversion price of $4.16 per ordinary share and represents a conversion premium of 30% above the last reported sale price of the ordinary shares on September 29, 2025, which was $3.20).
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.
Cryptocurrency markets extended losses on Thursday as Bitcoin, Ether, and other digital assets tumbled in a week marked by heavy liquidations, ETF outflows, and growing caution across risk assets. The slide comes just a day before a massive $22 billion in options tied to the two largest tokens is set to expire, amplifying volatility across trading desks.
Bitcoin fell below $110,000 for the first time in four weeks, shedding more than 3% by late afternoon in New York. Ether fared worse, dropping as much as 8% intraday to below $4,000 before trimming losses. The sell-off spread quickly to smaller tokens, with Solana, Dogecoin, and Cronos posting declines of 6% to 10%.
The rout has erased more than $140 billion in market value this week, according to CoinMarketCap data. Analysts note that the pressure has been fueled by forced unwinds of leveraged positions on offshore exchanges, where opaque reporting and differing index rules can magnify price swings. More than $1.6 billion in long positions was liquidated earlier in the week, with an additional $500 million cleared in the past 24 hours alone.
Ether has faced particular selling pressure, with U.S.-listed exchange-traded funds seeing nearly $300 million in net outflows since Monday. That shift in flows has coincided with technical breakdowns, raising the risk of further liquidations if the token slips decisively below $3,800. A deeper slide could drag on listed companies that hold large amounts of Ether and Bitcoin on their balance sheets, since these so-called digital-asset treasury stocks trade as leveraged proxies for underlying coin prices.
The sell-off also weighed on publicly traded crypto-related firms. Robinhood and Coinbase both lost more than 3% on Thursday, while mining and digital asset infrastructure companies posted similar declines. Investor sentiment toward the “treasury model,” where firms hold cryptocurrencies as part of their capital strategy, has weakened as premiums over net asset value narrow and new issuance dilutes holders.
Beyond crypto-specific factors, the broader macro environment has added pressure. U.S. equities pulled back from recent record highs amid worries that enthusiasm around artificial intelligence may have overheated valuations. Uncertainty over the Federal Reserve’s interest rate path continues to ripple through risk assets. At the same time, the Treasury’s efforts to refill its General Account by issuing new debt has acted as a liquidity drain, redirecting capital away from speculative markets such as digital assets.
Despite the turbulence, Bitcoin and Ether remain among the year’s best-performing major assets, still up significantly from 2024 levels. Crypto advocates point out that historically, September has been one of the more volatile months for digital assets, with the final quarter often delivering stronger seasonal tailwinds.
Friday’s options expiry could prove pivotal. Roughly $17 billion in contracts tied to Bitcoin and $5.3 billion linked to Ether are due to roll off, a notional value large enough to trigger outsized price swings depending on how traders reposition. Market watchers suggest that whether Bitcoin can hold above $110,000 and Ether above $3,800 will help set the tone for the next leg of trading into year-end.
For now, caution is dominating sentiment, as investors weigh the possibility of further liquidations against the backdrop of one of the largest options expirations of the year.
The wave of cryptocurrency-linked companies hitting the public markets this year gained fresh momentum on Friday, as Gemini Space Station made its long-awaited debut on the Nasdaq.
Shares in the exchange, founded by Cameron and Tyler Winklevoss, opened at $37.01 after its initial public offering was priced at $28. Within minutes, the stock soared above $45 before retreating to trade around $35 by mid-afternoon. Even after paring gains, Gemini shares were still up more than 20% from their offering price, valuing the company at roughly $1.5 billion.
The trading session wasn’t without drama. A sharp spike in volatility triggered an automatic 10-minute halt shortly after the open, a common safeguard for new listings experiencing outsized swings.
The offering itself raised approximately $425 million, reflecting robust investor demand. Pricing came in well above early estimates of $17 to $19, which were later raised to $24 to $26. By the time Gemini hit the market, enthusiasm had pushed the IPO into the upper range of expectations.
Gemini enters public trading during an especially fertile period for crypto-related IPOs. In June, stablecoin operator Circle Internet Group priced its shares at $31 before closing its first day at $83. Two months later, fintech exchange Bullish went public at $37 and ended its first session near $68. Just yesterday, Figure Technologies, another blockchain player, surged more than 40% in its debut.
These strong first-day performances reflect a broader investor appetite for digital-asset infrastructure, even amid lingering questions around regulation and long-term adoption. Data shows tech IPOs overall have averaged a 36% first-day return over the past year, but crypto-linked listings have consistently outpaced that benchmark.
For Gemini, the IPO marks both a validation and an expansion opportunity. The firm currently manages more than $21 billion in assets and serves approximately 10,000 institutional clients worldwide. Beyond its core exchange platform, the company has diversified into stablecoins, a U.S. credit card product, and a studio dedicated to nonfungible tokens (NFTs).
The timing is strategic. With digital assets edging closer to mainstream financial adoption and institutional participation rising, public investors are eager to gain direct exposure to companies positioned at the center of this ecosystem. Gemini’s listing provides exactly that.
The company’s trajectory also underscores how far the Winklevoss brothers have come since their early public battles in the tech world. Once known primarily for their legal dispute with Facebook founder Mark Zuckerberg, the twins have steadily built Gemini into a brand synonymous with regulatory compliance, security, and user trust in crypto markets.
As the stock settles in the days ahead, traders and analysts will be watching closely to see whether Gemini can maintain momentum — and whether this latest IPO is another signal that crypto finance is entering a new phase of market maturity.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Data. Bit Digital reported its monthly Ethereum (“ETH”) treasury and staking metrics for the month of August 2025. As of August 31, 2025, the Company held approximately 121,252 ETH, including approximately 15,084 ETH and ETH-equivalents held in an externally managed fund, and approximately 5,094 ETH presented on an as-converted basis from LsETH using the Coinbase conversion rate as of 8/31/25. The Company’s total staked ETH was approximately 105,031 as of August 31st.
Yield and Value. Staking operations generated approximately 249 ETH in rewards during August, representing an annualized yield of approximately 2.94%. Based on a closing ETH price of $4,391.91, as of August 31, 2025, the market value of the Company’s ETH holdings was approximately $532.5 million.
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.
Former MoneyGram Chairman and CEO Brings Two Decades of Payments and Compliance Expertise
ATLANTA, Aug. 26, 2025 (GLOBE NEWSWIRE) — Bitcoin Depot (NASDAQ: BTM), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, today announced the appointment of Alex Holmes to its Board of Directors and Audit Committee, effective August 20, 2025. Holmes is a globally recognized leader in payments, compliance, and blockchain innovation, with more than 25 years of experience guiding financial services companies through transformation, regulatory complexity, and global expansion. As a member of Bitcoin Depot’s Board and Audit Committee, Holmes will provide strategic guidance as the crypto industry continues to rapidly evolve.
“Alex has a proven track record of scaling financial services companies while maintaining the highest standards of compliance and consumer trust. His expertise will be critical in helping to guide Bitcoin Depot’s next phase of growth,” said Brandon Mintz, CEO and founder of Bitcoin Depot. “As we continue to expand our footprint, set new industry standards of compliance, and expand crypto access for customers across North America and beyond, we couldn’t be more thrilled to welcome Alex on board.”
Holmes currently serves as Executive Vice Chairman of United Texas Bank, a strategic advisor to several Web3 ventures including Orobit Inc., and a board member of Jingle Pay / Acamas Group in Dubai. He previously spent nearly two decades at MoneyGram International, where he served as Chairman and CEO from 2016-2025. During his tenure, Holmes led MoneyGram’s transformation into a global fintech powerhouse, expanding digital adoption, modernizing compliance infrastructure, and pioneering cross-border blockchain integration initiatives. Under his leadership, MoneyGram earned recognition as one of the Best Places to Work, Most Trustworthy Companies in America, and a Top Workplace (2022–2025). He also oversaw the company’s $2 billion acquisition by Madison Dearborn Partners in 2023.
“Bitcoin Depot has built a unique and powerful platform at the intersection of cash and crypto, with a sustained focus on accessibility, consumer value, and compliance,” said Holmes. “I look forward to supporting Bitcoin Depot as it continues to strengthen its leadership in the BTM sector and advances its mission to bring crypto to the masses.”
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 47 states and at thousands of name-brand retail locations in 31 states through its BDCheckout product. The Company has the largest market share in North America with over 9,000 kiosk locations as of June 2025. 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.
Thumzup Media Corporation has announced a major strategic shift with plans to acquire Dogehash Technologies, Inc., a leading industrial-scale blockchain infrastructure company specializing in Dogecoin and Litecoin mining. The all-stock transaction is expected to close in the fourth quarter of 2025, pending shareholder approvals, and will mark Thumzup’s transformation from a digital marketing platform into a diversified digital asset infrastructure company.
Under the terms of the agreement, Dogehash shareholders will exchange their holdings for 30.7 million shares of Thumzup stock. Following the merger, the combined entity will be renamed Dogehash Technologies Holdings, Inc. and trade on Nasdaq under the ticker symbol XDOG.
Thumzup recently completed a $50 million common stock offering to support its expansion into cryptocurrency strategies. This capital will fund additional mining equipment, energy infrastructure, and the accumulation of digital assets for a long-term treasury strategy.
Robert Steele, CEO of Thumzup, framed the move as a natural evolution for the company, blending digital marketing expertise with blockchain-based financial infrastructure. By combining Dogehash’s mining fleet with Thumzup’s strategic capital and brand, the company aims to become a global leader in Dogecoin-focused mining.
Dogehash currently operates around 2,500 high-performance Scrypt ASIC miners, with plans to scale significantly by year-end and into 2026. The company’s flagship mining hub is located at a renewable-energy-powered data center in North America, with additional satellite operations coming online.
The fleet leverages industry-leading energy efficiency and uptime, designed to deliver steady block rewards from Dogecoin and Litecoin. Importantly, Dogehash differentiates itself by building infrastructure rather than simply buying digital assets. This approach ensures recurring production-based revenue, creating a sustainable pipeline of Dogecoin accumulation.
Dogecoin remains one of the most active cryptocurrencies globally, ranking among the largest by market capitalization and consistently seeing billions in daily transaction volume. Its fast block times, low transaction fees, and inflationary but predictable issuance model give it utility as both a transactional currency and a reliable mining asset.
Unlike Bitcoin, which relies on halving events that reduce miner rewards every four years, Dogecoin’s issuance schedule offers steadier miner economics. Combined with the efficiency of Scrypt-based mining hardware, this positions Dogehash to capture stronger power-to-revenue ratios compared to many Bitcoin miners.
Looking ahead, the company plans to leverage Dogecoin’s Layer-2 DeFi ecosystem, DogeOS, to enhance miner returns through staking and yield-generating products.
Beyond mining, Thumzup’s board has authorized diversification of its digital asset treasury to include not only Dogecoin and Litecoin but also Solana, Ripple, Ether, and USD Coin. This multi-asset approach is designed to give the company flexibility in a rapidly evolving digital economy.
If successful, the Dogehash acquisition could position the combined company as one of the most prominent players in the emerging Dogecoin mining industry, bridging the gap between utility-scale crypto infrastructure and mainstream financial strategies.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Transformation. Since the end of 1Q25, Bit Digital has transformed the business: first moving to an Ethereum treasury and staking platform, and then the WhiteFiber IPO. The focus going forward at Bit Digital is to build one of the largest institutional balance sheets in the public markets and generate scalable staking yield. We expect the WhiteFiber holding to be liquidated over time to fund this goal.
2Q25 Results. Revenue of $25.7 million fell from $29.0 million in 2Q24, was flat sequentially, and in-line with our $25.4 million estimate. The key difference was Mining revenue, which fell to $6.6 million from $16.1 million last year. Cloud Services revenue rose to $16.6 million from $12.5 million in 2Q24. Higher one-time G&A costs and lower gross margins across most business lines, offset by a $27.1 million gain on Digital Assets, resulted in operating income of $13.9 million, compared to an operating loss of $11.5 million in 2Q24, which was impacted by a $11.5 million loss on Digital Assets. The Company reported net income of $14.9 million, or $0.07/sh, versus a net loss of $12 million, or $0.09/sh last year.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Q2 Net Income up 183% Year-Over-Year to $12.3 Million
Q2 Gross Profit up 32% Year-Over-Year to $30.9 Million
Q2 Adjusted EBITDA up 46% Year-Over-Year to $18.5 Million
ATLANTA, Aug. 12, 2025 (GLOBE NEWSWIRE) — Bitcoin Depot Inc. (Nasdaq: BTM) (“Bitcoin Depot” or the “Company”), a U.S.-based Bitcoin ATM operator and leading fintech company, today reported financial results for the second quarter ended June 30, 2025. 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 delivered another strong quarter, with 6% revenue growth and a 46% increase in Adjusted EBITDA to $18.5 million,” said Brandon Mintz, Founder and CEO of Bitcoin Depot. “Our performance demonstrates the operating leverage in our business, driven by kiosk expansion, higher transaction volumes, and disciplined cost management. As a result, we significantly improved profitability, with net income more than tripling year-over-year, and further strengthened our balance sheet. With nearly $60 million in cash and digital assets, we are well-positioned to capitalize on growth opportunities, both in the U.S. and internationally. Looking ahead, we remain focused on scaling efficiently and delivering sustained value for our customers and shareholders.”
“In addition to our financial progress, we’ve taken meaningful steps to further strengthen our operations and enhance shareholder alignment. We eliminated our former UP-C corporate structure to simplify our governance and improve transparency, and continued to strategically add Bitcoin to our treasury. These actions reflect our long-term commitment to responsible growth, prudent capital allocation, and building a stronger, more shareholder-friendly company.”
Second Quarter 2025 Financial Results
Revenue in the second quarter of 2025 increased 6% to $172.1 million compared to $163.1 million in the second quarter of 2024. This increase was driven by increased kiosk deployment and higher median transaction size.
Total operating expenses declined 9% to $17.0 million for the second quarter of 2025 compared to $18.8 million for the second quarter of 2024 due to lower depreciation, insurance and share-based compensation expenses as the Company continues to optimize its cost structure as a steady-state public company.
Net income for the second quarter of 2025 increased 183% to $12.3 million compared to $4.4 million for the second quarter of 2024. Net income attributable to common shareholders increased to $6.1 million, or $0.16 per share, from a net loss of $2.6 million, or ($0.13) per share, in last year’s second quarter. The increase was due to higher revenue and income from operations in 2025, as well as a $2.3 million mark-to-market gain on the Company’s BTC investment holdings.
Gross profit in the second quarter of 2025 increased 32% to $30.9 million from $23.4 million for the second quarter of 2024. Gross profit margin in the second quarter of 2025 increased approximately 360 basis points to 17.9% compared to 14.3% in the second quarter of 2024.
Adjusted EBITDA, a non-GAAP measure, in the second quarter of 2025 increased 46% to $18.5 million compared to $12.7 million for the second quarter of 2024. The increase was primarily due to the higher revenue and gross profit. Please see “Explanation and Reconciliation of Non-GAAP Financial Measures” below.
Cash, cash equivalents, and cryptocurrencies as of June 30, 2025, were $59.6 million compared to $31.0 million at the end of 2024. The company used $0.6 million in the second quarter of 2025 to acquire 6.00 more Bitcoin, bringing the total held for investment to 100.35 BTC.
Net cash flows provided by operations in the first six months of 2025 were $26.4 million compared to $11.5 million in the first six months of 2024.
Outlook
The Company expects revenue in the third quarter of 2025 to grow high-single digits on a percentage basis from the third quarter of 2024, and Adjusted EBITDA to be 20% to 30% above the prior year quarter.
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 second quarter ended June 30, 2025.
Call Date: Tuesday, August 12, 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: 9071245
A replay of the call will be available beginning after 2:00 p.m. Eastern time through August 19, 2025.
U.S. & Canada (toll-free) replay number: 800-770-2030 U.S. toll number: 609-800-9909 Conference ID: 9071245
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 47 states and at thousands of name-brand retail locations in 31 states through its BDCheckout product. The Company has the largest market share in North America with over 8,800 kiosk locations as of June 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.
