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.
In a bold move to consolidate its position in the rapidly evolving digital payments landscape, Ripple has announced its intent to acquire Rail, a Toronto-based stablecoin payment platform, for $200 million. This strategic acquisition represents more than just another corporate deal—it signals Ripple’s commitment to capturing the explosive growth in stablecoin-powered international business payments.
The timing of this acquisition is particularly significant. As traditional financial institutions grapple with the inefficiencies of legacy cross-border payment systems, stablecoins have emerged as a compelling alternative, offering the speed and cost advantages of blockchain technology while maintaining price stability through fiat currency backing. Rail’s impressive market penetration—processing an anticipated 10% of the $36 billion global business-to-business stablecoin payment market in 2025—demonstrates the platform’s ability to execute at scale in this burgeoning sector.
Rail’s value proposition extends beyond mere transaction processing. The platform has built sophisticated infrastructure that addresses critical pain points in international business payments. Its virtual account system eliminates the need for companies to maintain dedicated cryptocurrency bank accounts or exchange wallets, significantly lowering barriers to entry for traditional businesses hesitant to directly hold digital assets. This approach has proven particularly attractive to enterprises seeking the benefits of blockchain-based payments without the operational complexity typically associated with cryptocurrency management.
For Ripple, this acquisition represents a natural evolution of its enterprise-focused strategy. While the company has established itself as a leader in institutional digital asset solutions, Rail’s automated back-office infrastructure and comprehensive fiat-to-stablecoin bridging capabilities fill crucial gaps in Ripple’s service offering. The combination creates what executives describe as the most comprehensive stablecoin payment solution available in the current market.
The strategic synergies between the two companies are immediately apparent. Ripple brings extensive regulatory compliance infrastructure, including over 60 licenses across multiple jurisdictions, along with established relationships with major financial institutions. Rail contributes technical innovation in virtual account management and a proven track record in stablecoin payment processing. Together, they can offer clients a seamless experience spanning traditional banking rails and cutting-edge blockchain infrastructure.
The acquisition also reflects broader industry trends toward consolidation in the fintech space. As regulatory frameworks for digital assets mature and institutional adoption accelerates, companies with complementary capabilities are increasingly seeking to combine forces rather than compete across overlapping territories. Ripple’s approach of acquiring rather than building these capabilities internally suggests confidence in Rail’s existing technology and team.
From a competitive standpoint, this deal positions Ripple to challenge established players in the international payments space more effectively. Traditional providers like SWIFT and correspondent banking networks have struggled to match the speed and cost efficiency of blockchain-based alternatives. By combining Ripple’s liquidity network with Rail’s operational infrastructure, the merged entity can offer enterprise clients a genuinely differentiated value proposition.
The $200 million price tag, while substantial, represents a strategic investment in Ripple’s long-term vision of blockchain-powered global finance. With the acquisition expected to close in the fourth quarter of 2025, pending regulatory approvals, both companies will have time to integrate their operations and prepare for what promises to be an increasingly competitive landscape in digital payments infrastructure.
The total cryptocurrency market cap has hit a record $4 trillion, led by a surge in Bitcoin past $120,000 and strong momentum in Ethereum, which is up 40% this month. The rally is being driven by ETF inflows, a surge in altcoins, and recent U.S. regulatory developments targeting stablecoins. With institutional interest on the rise, some analysts believe Bitcoin could reach $150,000 in the coming weeks.
Crypto Breaks Records — Again
Digital assets are once again front and center as the total cryptocurrency market capitalization surpassed $4 trillion this week — a new all-time high. Bitcoin (BTC), which makes up about 60% of the market, recently broke above $120,000, while Ethereum (ETH) is up roughly 40% month-to-date, including a 22% gain over the past five days.
The surge is being fueled by renewed investor enthusiasm, inflows into U.S.-listed crypto ETFs, and increased altcoin activity. Ethereum’s rally, in particular, has been boosted by over $1.7 billion in ETF inflows this week, a record for the token.
ETF Inflows and Institutional Interest
U.S.-listed ETFs continue to play a central role in the crypto market’s expansion. Bitcoin funds have seen more than $5 billion in inflows in July alone, while Ether ETFs have drawn nearly $3 billion. These instruments are giving both retail and institutional investors easier access to crypto exposure — and appear to be accelerating price momentum.
Altcoins Join the Party
While Bitcoin and Ethereum are leading headlines, altcoins are also seeing significant upside. Uniswap (UNI), for instance, surged double digits in early trading today. Broader altcoin strength has contributed to the market’s $4T milestone and reflects growing risk appetite among crypto investors.
Regulators Step In — Stablecoins Targeted
Adding to the momentum: policy clarity. For the first time, U.S. lawmakers passed legislation to regulate stablecoins — digital tokens pegged to fiat currencies — introducing both federal and state oversight for what is now a $265 billion market. The move is seen by many as an attempt to legitimize digital dollar substitutes and give institutional investors greater confidence in the space.
Looking Ahead
With sentiment bullish and regulatory frameworks starting to take shape, many market watchers believe the rally could continue. Some analysts are calling for Bitcoin to reach $150,000 in the near term, citing continued ETF inflows, reduced selling pressure, and growing demand from global investors.
📈 Historical Context
The previous all-time crypto market cap high was $3 trillion in November 2021, before falling below $900 billion during the 2022 bear market.
Bitcoin’s all-time low was below $70 in 2013. It hit $20,000 in late 2017, $69,000 in 2021, and now $120,000 in July 2025.
Ethereum launched in 2015 at under $1. Its current rally has pushed it back toward all-time highs set in 2021 (~$4,800).
The first U.S.-listed spot Bitcoin ETF was approved in January 2024, igniting a fresh wave of institutional participation.
Grayscale Investments, one of the most prominent names in digital asset management, has officially begun the process of becoming a publicly traded company. The firm confirmed this week that it confidentially submitted a draft registration statement with the U.S. Securities and Exchange Commission (SEC), signaling its intent to launch an initial public offering (IPO) later this year.
This move arrives amid a resurgence in the cryptocurrency market, with Bitcoin recently climbing above $120,000 for the first time. As institutional adoption deepens and lawmakers advance supportive legislation during what’s being called “Crypto Week” in Washington, the timing of Grayscale’s announcement aligns with a broader wave of investor enthusiasm and regulatory clarity.
Founded in 2013, Grayscale has grown into a cornerstone of the digital asset space. The firm currently manages more than $33 billion in assets and offers over 35 crypto investment products. Among its offerings is a spot Bitcoin ETF that allows investors to gain exposure to Bitcoin price movements without directly holding the underlying asset. This innovation has positioned Grayscale as a leader in connecting traditional investors to the crypto economy.
The decision to file confidentially allows Grayscale to maintain flexibility as it navigates the IPO process. This common strategy enables companies to engage with regulators and fine-tune their offering away from public scrutiny. However, by confirming the filing publicly, Grayscale also sends a clear message: the firm is ready to play on a larger stage.
The IPO comes on the heels of other major crypto firms moving toward public markets. Last month, stablecoin issuer Circle made a splash with a highly successful listing, and Gemini—backed by the Winklevoss twins—has also filed for its own debut. Grayscale’s move further underscores how digital asset firms are maturing beyond the early-adopter phase and entering mainstream finance.
Importantly, Grayscale has already left its mark on financial regulation. The firm played a critical role in paving the way for spot Bitcoin ETFs in the U.S., winning a significant court battle in 2023 that pressured the SEC to approve such products. While its own Grayscale Bitcoin Trust (GBTC) has since been overtaken in size by BlackRock’s lower-fee iShares Bitcoin Trust, Grayscale’s pioneering efforts have helped shape the entire category.
For investors, the potential IPO is not just about a new crypto stock hitting the market. It’s a signal of the asset class’s institutional credibility and long-term staying power. As more corporations and funds add Bitcoin and other digital assets to their balance sheets, and as Congress takes steps toward a clear regulatory framework, companies like Grayscale stand to benefit from both structural tailwinds and investor demand.
While no timeline has been finalized, industry expectations point to a public debut later this year, pending market conditions and regulatory approval. With its deep product suite, brand recognition, and early-mover advantage, Grayscale’s IPO could mark another key milestone in crypto’s journey from fringe finance to Wall Street fixture.
Bitcoin has once again captured the spotlight after smashing through the $112,000 mark this week—its first all-time high since May 2025. This milestone solidifies the cryptocurrency’s remarkable comeback and affirms its growing relevance in mainstream finance. As of Thursday morning, BTCUSD is trading slightly below its record, consolidating gains while traders and investors alike look ahead to what’s next.
The digital asset’s latest rally is driven by a combination of favorable technicals, strengthening institutional demand, and a more constructive policy environment in the U.S. That’s an increasingly powerful trifecta in a year where markets have otherwise been defined by policy uncertainty and choppy economic data.
Technically, Bitcoin has broken above the top of a descending channel it’s been trading in since late May. This kind of breakout is often viewed as a bullish continuation signal, suggesting the uptrend that started earlier in the year may still have room to run.
Momentum indicators such as the Relative Strength Index (RSI) remain strong but not yet overbought, implying the rally could continue without immediate risk of a pullback. A widely used forecasting technique known as the measuring principle places Bitcoin’s next major upside target near $146,400, suggesting a potential 30% gain from current levels.
Fundamentally, Bitcoin’s breakout is underpinned by a steady stream of positive developments. Notably, more corporations have begun adding Bitcoin to their balance sheets—signaling long-term belief in its value as a hedge or store of wealth. Meanwhile, lawmakers in Washington are making progress on bipartisan crypto legislation aimed at providing regulatory clarity, particularly around digital asset custody and taxation.
Additionally, the rise of spot Bitcoin ETFs continues to attract institutional money that might otherwise avoid crypto exchanges. While trading volumes on platforms like Coinbase remain muted, demand through custodial services and ETFs is on the rise—a sign that “quiet accumulation” is likely underway.
Bitcoin is up nearly 19% year-to-date, a performance that puts it in line with top-performing tech stocks like Microsoft and Nvidia. For many investors, this reinforces the asset’s appeal as a digital growth play with asymmetric upside potential.
While the medium- and long-term outlook remains bullish, investors should keep an eye on near-term support. The$107,000level, just under the breakout trendline and 50-day moving average, could serve as the first key floor during any pullbacks.
A break below that might open the door for a retest of the psychological$100,000 level, which coincides with a dense area of price action from late 2024 and early 2025.
Bitcoin’s new all-time high marks more than just a number—it reflects growing maturity in the asset class. Whether you’re a long-term believer or a tactical trader, the setup ahead presents both opportunity and risk. But for now, Bitcoin’s breakout confirms what many in the crypto space have long expected: the next chapter of mainstream adoption is already underway.
In a historic move for the crypto industry, the U.S. Senate has passed the GENIUS Act—short for Guiding and Establishing National Innovation for US Stablecoins—laying the foundation for the first federal framework governing stablecoins. Though the bill still awaits approval from the House of Representatives and President Trump’s signature, its Senate passage marks a seismic shift in crypto policy that could reshape the digital asset landscape.
Stablecoins, digital tokens typically pegged to the U.S. dollar, are widely used for trading, payments, and preserving value in volatile markets. The GENIUS Act aims to bring oversight and legitimacy to this rapidly growing segment by requiring issuers to maintain full reserves in cash or U.S. Treasury assets, undergo routine audits, and publicly disclose their reserve compositions monthly.
The legislation has already catalyzed a dramatic response. According to CoinDesk, the total market capitalization of stablecoins surged to a record $251.7 billion, reflecting a 22% year-to-date increase. Industry leaders, including Circle (CRCL)—the largest U.S. stablecoin issuer—have hailed the bill as a breakthrough. Circle’s stock has soared 400% since going public in early June, signaling investor confidence in the sector’s regulated future.
“This bill gives us the right foundation,” said Dante Disparte, Circle’s Chief Strategy Officer. “Whether you’re a bank, a fintech, or a non-bank issuer, you now have a common regulatory floor.”
One of the most consequential elements of the GENIUS Act is its two-tiered regulatory approach: large issuers with over $10 billion in assets will fall under federal oversight, led by the Federal Reserve and Office of the Comptroller of the Currency (OCC), while smaller issuers will be supervised by state regulators. Additionally, the act prohibits stablecoins from paying interest, a provision meant to draw a clear line between digital currencies and traditional savings products.
The bill also restricts members of Congress and their families from profiting off stablecoin ventures—though notably excludes President Trump and his family, sparking some partisan criticism. Trump’s growing involvement in the sector, including the launch of USD1 stablecoin by his crypto firm World Liberty Financial, has raised eyebrows and energized Republican support.
Big banks and corporations are now eyeing stablecoin issuance. Bank of America has confirmed it is exploring options, and Amazon and Walmart are reportedly assessing opportunities, though both companies remain cautious. The potential for new entrants to bypass traditional payment rails like Visa and Mastercard could be disruptive—and lucrative.
Despite concerns over investor runs and tech monopolies, the GENIUS Act includes strict consumer protection clauses, criminal penalties for noncompliance, and Treasury approval for tech firms wishing to issue stablecoins. Treasury Secretary Scott Bessent projects the U.S. stablecoin market could exceed $2 trillion by 2028 if the bill becomes law.
As the House prepares to review the bill—possibly attaching it to broader crypto legislation—investors are bracing for what could be the most significant wave of adoption and innovation in crypto history. If passed in full, the GENIUS Act could signal not just regulation—but a rebranding of stablecoins from speculative tools to mainstream financial instruments.
Company Now Holds Over 100 BTC as Part of Long-Term Growth Strategy
ATLANTA, June 13, 2025 (GLOBE NEWSWIRE) — Bitcoin Depot (NASDAQ: BTM), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, today announced it has purchased additional Bitcoin (BTC) as part of its treasury strategy first initiated in June 2024.
The move follows the Company’s earlier purchases of 51 and 11 BTC in February 2025. With this latest addition, Bitcoin Depot now holds over 100 BTC in its treasury, further reinforcing its belief in Bitcoin’s long-term potential as both a strategic asset and a store of value.
“As the digital asset landscape continues to evolve during a period of strong industry momentum and innovation, we view Bitcoin as a foundational piece of our long-term growth strategy, and this purchase is a continuation of that conviction,” said Brandon Mintz, CEO and founder of Bitcoin Depot. “As we expand our treasury and our footprint, we remain committed to enabling access to Bitcoin and aligning with its future.”
This announcement comes as Bitcoin continues to experience significant momentum in 2025, marked by policy and regulatory clarity, growing institutional demand, increased adoption, and the recent all-time price high of over $111,000.
Bitcoin Depot’s latest BTC purchase also follows a wave of strong business growth for the Company, including the recent strategic acquisition of regional operator Pelicoin’s assets to further strengthen its market leadership. Today, Bitcoin Depot operates the largest Bitcoin ATM network in North America, with more than 8,500 locations and a growing international footprint.
The financial terms of the transaction were not disclosed. For more information, visit www.bitcoindepot.com.
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 8,500 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.
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.
Bolsters its southern operations. On June 11, the company announced that it had acquired the assets of Pelicoin, a crypto ATM company with operations in the Gulf South (particularly MS, AL, TX, TN). The additional kiosks, which we believe to be roughly 50, are expected to be fully integrated within several weeks.
Industry consolidation. In our view, the acquisition demonstrates the attractive industry consolidation opportunity for the company. Notably, the Pelicoin acquisition marks the second time in the last 18 months that the company has opportunistically added to its kiosk fleet. In April 2024, the company acquired 2,300 kiosks at a 50% discount from a defunct operator. We believe, with its healthy cash balance of $35 million (as of 3/31/25), the company is well positioned to continue to consolidate the industry as opportunities arise.
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Stripe’s acquisition of crypto wallet provider Privy represents far more than a simple technology purchase—it’s a calculated move to position the payments giant at the forefront of the digital currency revolution. This strategic acquisition, coming on the heels of Stripe’s massive $1.1 billion purchase of Bridge earlier this year, demonstrates the company’s commitment to building a comprehensive cryptocurrency infrastructure that could fundamentally reshape how businesses and consumers interact with digital assets.
Privy’s impressive scale provides immediate validation of the crypto wallet market’s maturity. With over 75 million accounts across more than 1,000 developer teams facilitating billions in transactions, the New York-based startup has proven that cryptocurrency wallets can achieve mainstream adoption when properly executed. Founded in 2021 by Henri Stern and Asta Li, Privy solved a critical problem in the crypto ecosystem by creating developer-friendly APIs that eliminate the technical barriers traditionally associated with wallet creation and blockchain integration.
The timing of this acquisition is particularly significant given the broader cryptocurrency market’s evolution toward practical utility rather than speculative trading. Privy’s technology spans multiple high-growth sectors including decentralized finance, gaming, artificial intelligence agents, and consumer applications, indicating that crypto infrastructure is becoming integral to diverse business models rather than remaining confined to niche financial applications.
Stripe’s strategic vision becomes clearer when considering how Privy’s capabilities complement the company’s existing strengths. The payments processor has built its reputation on simplifying complex financial operations for merchants, and cryptocurrency transactions represent the next logical frontier. By integrating Privy’s wallet technology with Bridge’s stablecoin infrastructure and Stripe’s global payment network, the company is creating a unified platform that could make cryptocurrency transactions as seamless as traditional card payments.
The acquisition’s structure reveals Stripe’s confidence in Privy’s independent value proposition. By allowing Privy to continue operating as an independent product, Stripe acknowledges that the crypto wallet market requires specialized expertise and dedicated focus. This approach mirrors successful technology acquisitions where the parent company provides resources and distribution while preserving the acquired company’s innovative culture and technical capabilities.
Patrick Collison’s statement about enabling “Internet-native financial services” hints at Stripe’s larger ambition to challenge traditional banking infrastructure. The combination of wallet technology, stablecoin capabilities, and global payment processing creates a powerful alternative to conventional financial systems, particularly for international transactions where traditional banking remains slow and expensive.
The undisclosed acquisition price, while notable, is less important than the strategic implications. Privy’s $40 million in raised capital from prominent investors including Ribbit Capital and Coinbase Ventures suggests a valuation multiple that reflects both current performance and future potential. For Stripe, which processes hundreds of billions in annual payment volume, the cost of this acquisition is minimal compared to the potential revenue from expanding into cryptocurrency infrastructure.
This acquisition positions Stripe to capture value from the inevitable growth in cryptocurrency adoption while maintaining its core business focus. As regulatory clarity improves and institutional adoption accelerates, companies with comprehensive crypto infrastructure will possess significant competitive advantages in the evolving digital economy.
ATLANTA, May 30, 2025 (GLOBE NEWSWIRE) — Bitcoin Depot Inc. (Nasdaq: BTM) (“Bitcoin Depot” or the “Company”), a U.S.-based Bitcoin ATM operator and leading fintech company, announced it has simplified its organizational and capital structure by eliminating its Up-C Restructuring (the “Up-C Restructuring”).
Pursuant to the Up-C Restructuring, BT Assets, Inc., an entity controlled by the Company’s Founder and CEO, Brandon Mintz, that held Common Units in BT HoldCo LLC and shares of the Company’s Class V Common Stock has merged with a subsidiary of the Company and received 41,193,024 shares of the Company’s Class M common stock, which will continue to carry 10 votes per share, as consideration in the merger.
In connection with the Up-C Restructuring, all of the shares of the Company’s Class V Common Stock held by BT Assets have been transferred to the Company and cancelled. After giving effect to the Up-C Restructuring, Mintz holds a total of 41,193,024 shares of the Company’s Class M Common Stock and 142,973 shares of the Company’s Class A Common Stock.
Post-transaction, Bitcoin Depot now wholly-owns its principal operating subsidiaries. The Company believes the simpler structure will offer benefits like better stock liquidity, easier use of stock for acquisitions, and a clearer corporate profile.
In addition, the Up-C Restructuring extinguishes the $2.2 million Tax Receivable Agreement liability and will lead to further long-term savings, as the Company estimates its cash tax rate will be reduced by an estimated 12 percentage points. Other professional services costs associated with tax, accounting and legal will also be reduced by this simpler structure.
About Bitcoin Depot
Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 48 states and at thousands of name-brand retail locations in 29 states through its BDCheckout product. The Company has the largest market share in North America with over 8,400 kiosk locations as of February 25, 2025. Learn more at www.bitcoindepot.com.
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Key Points: – Circle launches IPO to raise $624M, targeting a $5.65B valuation amid stablecoin growth. – USDC’s market cap has surged 40% in 2025, driven by rising demand and pending U.S. regulation. – Cathie Wood’s ARK and Coinbase stand to benefit as Circle eyes wider institutional adoption.
Circle, the fintech firm behind the widely-used USDC stablecoin, has officially launched its long-anticipated initial public offering (IPO), aiming to raise approximately $624 million. The move would value the company at around $5.65 billion — and closer to $6.7 billion when including outstanding shares and options — marking a pivotal moment for both Circle and the broader digital asset space.
The offering includes 24 million shares of Class A common stock, priced between $24 and $26 per share. Of those, Circle itself will sell 9.6 million, while existing shareholders are offloading the remaining 14.4 million. The shares will trade under the ticker CRCL on the New York Stock Exchange, giving traditional investors direct exposure to one of the most influential players in the crypto ecosystem.
Founded in 2018, Circle’s signature product, USD Coin (USDC), is now the second-largest stablecoin in the world, with around $62 billion in circulation — roughly 27% of the total stablecoin market. It trails only Tether (USDT), which holds a 67% share. However, USDC has outpaced its rival in growth this year, boasting a 40% increase in market cap compared to Tether’s 10%, according to CryptoQuant.
The IPO comes at a strategic inflection point for the crypto industry, as U.S. lawmakers move closer to passing the first major federal legislation aimed at stablecoins. Last week, the Senate advanced a regulatory bill that would establish clear guidelines for their issuance and oversight. Former President Donald Trump, now back in office, has voiced strong support for crypto regulation and stated his desire to sign a stablecoin-focused bill before the August recess.
A significant backer of Circle’s IPO is ARK Investment Management, led by Cathie Wood, which has signaled interest in purchasing up to $150 million worth of shares — a vote of confidence in Circle’s future and stablecoin utility.
The IPO is also expected to have notable ripple effects for Coinbase, a co-founder of USDC and one of its primary distribution channels. Coinbase and Circle maintain a 50/50 revenue-sharing agreement on USDC, and the crypto exchange earns 100% of the interest income generated by USDC-based products on its platform. Coinbase CEO Brian Armstrong has called making USDC the world’s top stablecoin a “stretch goal” for the company.
Beyond trading and DeFi use cases, USDC and other stablecoins have increasingly been recognized for their ability to move U.S. dollars quickly and inexpensively across borders. This functionality is attracting attention from fintech firms, traditional banks, and policymakers alike — especially as global conversations around preserving U.S. dollar dominance intensify.
With its IPO, Circle isn’t just going public — it’s stepping into the spotlight as a central player in the next era of global finance.
