Gold and silver prices climbed sharply on Monday as investors sought out safer assets amid growing expectations of a Federal Reserve rate cut in December and rising concern over currency volatility triggered by a surging Japanese yen. The combination of shifting monetary policy, weakening crypto markets, and broader uncertainty across global assets helped propel precious metals to new milestones.
Gold futures pushed above $4,270 per troy ounce, extending the metal’s winning streak to a fourth consecutive month. The latest rally puts gold less than 2% away from its October all-time high of $4,336. With more than a 60% gain year-to-date, gold has vastly outperformed major stock indices like the S&P 500 and has moved ahead of bitcoin, which is now down roughly 9% for the year after Monday’s steep drop.
Silver’s performance has been even more dramatic. The metal briefly surged above $58 per ounce, marking a fresh nominal all-time high. While inflation-adjusted levels remain below the historic 1980 peak near $150, silver’s 100% year-to-date rise reflects strong investor demand, tightening supply, and heightened interest in smaller, more volatile precious metals markets. Many analysts now believe the metal could soon test the $60 level.
A major catalyst behind the rally is increasing confidence that the Federal Reserve may cut interest rates by at least 25 basis points at its upcoming meeting. Softer commentary from Fed officials in recent weeks has strengthened expectations for easing monetary policy, putting downward pressure on the US dollar. A weaker dollar typically supports precious metals, making them more attractive to international investors.
Lower rates also reduce the competitive appeal of yield-bearing assets such as Treasury bonds, prompting investors to reallocate funds into gold and silver, which historically perform better in easing cycles.
Another factor lifting metals on Monday was turbulence in the foreign exchange market. A surge in the Japanese yen raised concerns that investors who previously borrowed cheaply in yen to buy higher-yielding US assets might unwind those positions. Such a shift can destabilize broader markets, driving traders into defensive holdings like bullion.
Meanwhile, cryptocurrency markets saw a sharp pullback, adding momentum to the metals rally. Bitcoin’s decline contributed to a broader move out of speculative digital assets and into traditional safe havens.
While gold attracts the most attention, other precious metals have also benefited from tightening market conditions. Platinum is up more than 85% this year, and palladium has gained over 65%, reflecting their smaller market sizes and heightened sensitivity to supply constraints.
Looking ahead, major banks are projecting further upside for bullion. Goldman Sachs expects gold to approach $4,900 by the end of next year, while UBS recently raised its mid-2026 target to $4,500 per ounce, citing strong demand for portfolio diversification and ongoing geopolitical uncertainty.
As investors continue to navigate a landscape marked by shifting monetary policy, currency disruptions, and volatile risk assets, gold and silver appear well positioned to remain key beneficiaries of the global flight to safety.
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.
Leadership transition effective January 1, 2026. The company appointed Scott Buchanan as Chief Executive Officer, while founder Brandon Mintz will step out of the CEO role and assume the newly formalized title of Executive Chairman. Mintz, already serving as Chairman of the Board, will shift his focus more explicitly toward long-term strategy, M&A evaluation, and broader growth initiatives.
Buchanan a logical choice to lead as CEO. Mr. Buchanan has held a series of senior roles since 2019, including CFO, COO, acting CFO, President, and board member. In our view, he has already been a central driver of execution, financial discipline, and operational scaling within the organization, making him a natural fit to formalize leadership as CEO.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Company Also Names Industry Veteran Elizabeth Simer as COO
ATLANTA, Nov. 21, 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 a planned leadership transition designed to support the Company’s long-term strategy, operational scaling, and M&A objectives.
Bitcoin Depot’s Board of Directors has appointed Scott Buchanan, the Company’s current President and Chief Operating Officer, as Chief Executive Officer, effective January 1, 2026. Also at that time, Brandon Mintz, Founder, CEO, and Chairman of the Board, will move out of the CEO role and continue as Executive Chairman, dedicating more time to shaping Bitcoin Depot’s strategic vision, evaluating growth and M&A opportunities, and supporting the board in driving long-term value creation. From now until January 1, Mr. Mintz and Mr. Buchanan will work closely together to ensure a smooth transition into the CEO role. Buchanan has held senior leadership roles at Bitcoin Depot since 2019 and has been a key part of the Company’s growth as a public company. He has served as President since August 2025 and as COO and a board member since March 2022, including a period as acting chief financial officer.
“This year has been pivotal for Bitcoin Depot, marked by continued innovation and significant steps forward in executing our strategic priorities,” said Mintz. “This leadership evolution positions us to capitalize on the significant strategic, operational, and M&A opportunities ahead. Stepping out of the CEO role allows me to focus more directly on the Company’s long-term direction. Scott has shown extraordinary leadership and operational discipline, and I’m confident he will continue to elevate Bitcoin Depot as CEO.”
“I’m honored to step into the CEO role and continue advancing the strong vision Brandon has built,” said Buchanan. “With a renewed focus on operational excellence, strategic expansion, and thoughtful M&A evaluation, Bitcoin Depot is well-positioned to continue strengthening our leadership in the Bitcoin ATM market and broaden the value we bring to customers and partners every day.”
As part of the transition, Bitcoin Depot has also appointed Elizabeth Simer as Chief Operating Officer. Simer brings over 15 years of experience in operational, financial, and strategic leadership, including senior roles at Slickdeals, Square, Intuit, and Opportunity Financial. Previously, Simer held various product, marketing, and strategy positions at multiple Fortune 500 companies. In her new role, she will oversee kiosk footprint expansion, product development, and operational scaling initiatives.
“Bitcoin Depot is entering a compelling phase of its evolution, and I’m thrilled to join the team,” said Simer. “As the Company continues to grow with a strong foundation and clear vision, I look forward to supporting Scott and the team as we strengthen our operational capabilities and advance our strategic priorities.”
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 Agreement. 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.
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.
Overview. The third quarter was Bit Digital’s first full period as a focused Ethereum treasury and staking company. During the quarter the Company continued to expand its ETH position, at quarter end holding approximately 122,000 ETH. By the end of October, that number had risen to more than 153,000 ETH, a fivefold increase since June.
3Q25 Results. Revenue for the quarter was $30.5 million, up from $22.7 million in 3Q24. We were at $31.5 million. Significantly, staking revenue grew to about $2.9 million, up from $400,000 in the prior quarter, driven by the increase in ETH holdings and a higher real life yield price. Due to a $168 million gain on digital asset valuation, BTBT reported $150.9 million, or $0.47/sh, of net income. We had forecasted a breakeven quarter, not including mark-to-market gains.
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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.
Bitcoin began the week under heavy pressure, slipping below $93,000 on Monday and deepening a pullback that has now erased roughly 25% from October’s all-time high above $126,000. The sharp decline is forcing investors to reassess whether the recent weakness is merely a corrective pause—or the early stages of the crypto market’s historically familiar four-year cycle downturn.
The latest slide follows last month’s massive liquidation event, when roughly $19 billion in leveraged long positions were wiped out. That flush triggered a wave of forced selling and marked a turning point after months of aggressive bullish positioning. Long-term holders have also taken profits into strength, adding to downward pressure.
This correction arrives at a time that closely overlaps with Bitcoin’s typical post-halving peak window. Historically, new cycle highs occur between 400 and 600 days after the halving event. With the latest halving taking place in April 2024, Bitcoin is now within the same timeframe that preceded major tops in past cycles. This pattern has fueled what analysts describe as a “self-fulfilling prophecy”—investors expect weakness based on the timing alone, and their behavior creates selling pressure that brings it to life.
Still, several research groups argue that this drawdown does not resemble the steep 60–70% collapses seen during prior cycle peaks. Analysts point to structural differences in today’s market, including far deeper institutional participation and the rapid growth of Bitcoin ETFs. Large asset managers have continued adding exposure even as prices fall, a sign of what they describe as “higher-quality and more consistent ownership.”
Supportive regulatory developments may also help cushion the decline. The Trump administration’s pro-Bitcoin stance, along with ongoing progress on the Clarity Act in Congress, is widely viewed as a net positive for long-term market maturation. Some analysts believe this framework is helping shift Bitcoin closer to a mainstream institutional asset class, with corrections becoming less extreme than in past cycles.
MicroStrategy continues to reinforce that thesis. The company revealed another significant purchase on Monday—8,178 additional Bitcoin at an average price of $102,171 each, totaling $835 million. The firm’s steady accumulation, even during periods of weakness, remains a confidence anchor for parts of the market.
But short-term risks remain elevated. Research firm 10X noted that new buyer momentum stalled around October 10, leaving the market vulnerable as macro conditions deteriorate. A more hawkish tone from the Federal Reserve has pressured risk assets broadly, tightening financial conditions and raising the threshold for speculative flows into crypto.
Analysts have flagged $93,000 as a critical support zone. A decisive breakdown could spark another wave of liquidations, adding volatility to an already fragile environment. Some believe Bitcoin could retest support near the $80,000 level—last seen shortly after the U.S. election—before finding a durable bottom.
Even so, many long-term investors view the current weakness as a potential entry point rather than the start of a prolonged bear cycle. With institutional adoption rising and ETF inflows broadening the asset’s investor base, the coming weeks will determine whether Bitcoin stabilizes—or whether the deeper mechanics of the four-year cycle will reassert themselves.
Bitcoin prices are facing their sharpest correction in months, with the cryptocurrency falling nearly 20% from its record high above $126,000 in early October. After briefly slipping below the key $100,000 threshold, Bitcoin is now trading near its lowest level in six months, leaving investors wondering whether the current downturn signals a temporary pullback or the start of a longer bear phase.
Analysts point to a combination of factors driving the decline, including profit-taking by early adopters and large-scale liquidations of leveraged positions. Data from Compass Point shows that long-term holders have sold more than 1 million Bitcoin since late June, marking one of the most significant waves of distribution in recent history. The selloff has weakened key support levels around $117,000 and $112,000, triggering stop-loss cascades and forcing many leveraged traders to unwind positions.
Market strategists caution that sentiment remains fragile. Markus Thielen of 10X Research noted that Bitcoin has failed to reclaim previous support zones, suggesting that the market may still have room to correct further before finding stability. According to Thielen, the next few weeks could be pivotal as investors reassess risk amid tightening liquidity and shifting macroeconomic dynamics. His firm warns that a drop below $93,000 could open the door to deeper losses, potentially testing the $70,000 level if liquidation pressures intensify.
The broader macro backdrop has also turned less favorable. The U.S. dollar has staged a rebound in recent weeks, exerting downward pressure on risk assets, including cryptocurrencies. Historically, Bitcoin tends to struggle when the dollar strengthens, as it reduces international purchasing power and dampens speculative demand. Additionally, the ongoing U.S. government shutdown has tightened liquidity conditions across financial markets, further weighing on investor sentiment.
Still, not all analysts are pessimistic. Some see this correction as a healthy reset in a long-term uptrend that remains intact. JPMorgan recently suggested that much of the forced deleveraging that triggered October’s decline has already played out. The bank’s analysts argue that rising volatility in gold has made Bitcoin relatively more attractive to investors seeking alternative stores of value. Their projections suggest Bitcoin could rebound to as high as $170,000 over the next 6 to 12 months, especially if market confidence stabilizes and macro conditions improve.
Potential catalysts could come from the policy side. A possible Federal Reserve rate cut in December and speculation about a more dovish leadership change when Chair Jerome Powell’s term expires in May could inject new optimism into markets. Similarly, the eventual resolution of the government shutdown may bring renewed liquidity into the system, which some believe could spill over into digital assets.
For now, the crypto market remains caught between optimism about long-term adoption and the short-term realities of profit-taking and tightening liquidity. While Bitcoin’s resilience near the $100,000 mark shows that investor interest remains strong, the coming weeks will likely determine whether this pullback marks a buying opportunity or the start of a more prolonged consolidation phase.
ATLANTA, Oct. 30, 2025 (GLOBE NEWSWIRE) — Bitcoin Depot (Nasdaq: BTM) (“Bitcoin Depot” or the “Company”), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, will hold a conference call and live audio webcast on Thursday, November 13th at 10:00 a.m. Eastern time (7:00 a.m. Pacific time) to discuss its financial results for the third quarter ended September 30, 2025. Bitcoin Depot plans to release its results before the market opens on the same day.
Call Date: Thursday, November 13, 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: 4229885
A replay of the call will be available beginning after 2:00 p.m. Eastern time through November 20, 2025.
U.S. & Canada (toll-free) replay number: 800-770-2030 U.S. toll number: 609-800-9909 Conference ID: 4229885
If you have any difficulty connecting with the conference call, please contact Bitcoin Depot’s investor relations team at 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 9,000 kiosk locations as of August 2025. Learn more at www.bitcoindepot.com.
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%.
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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.
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.
