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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Bitcoin Depot
Bitcoin Depot (BTM) investor relations material
Bitcoin Depot has been otc
Bitcoin Depot Registration filing summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Registration filing summary10 Apr, 2026
Company overview and business model
Operates the largest network of Bitcoin ATMs (BTMs) in North America, with approximately 9,700 kiosks as of December 31, 2025, and a 23% U.S. market share.
Offers cash-to-Bitcoin transactions via BTMs and BDCheckout at 16,300 retail locations, plus a mobile app for online purchases.
Revenue primarily from cash sales of Bitcoin at kiosks, with additional software revenue from BitAccess, which provides BTM software to third-party operators.
Expanded through acquisitions (e.g., National Bitcoin ATM, Kutt Inc.) and franchise profit-sharing arrangements.
Focuses on compliance, robust KYC/AML procedures, and maintaining low Bitcoin inventory to manage price volatility.
Financial performance and metrics
2025 revenue: $614.9 million (up 7.2% from 2024); net income: $4.7 million; Adjusted EBITDA: $56.4 million.
Gross profit margin: 17.2% in 2025, up from 15.9% in 2024.
Working capital at year-end 2025: $16.7 million; cash and cash equivalents: $65.6 million.
Positive cash flow from operations: $34.0 million in 2025.
2026 revenue expected to decline 30–40% due to enhanced compliance and regulatory pressures.
Use of proceeds and capital allocation
No proceeds to the company from this offering; all shares are being sold by selling stockholders.
Capital allocation focused on reinvestment in business growth, compliance, and strategic acquisitions.
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Latest events from Bitcoin Depot
- Registers 651,786 shares for resale by Kutt, Inc. sellers; no proceeds to issuer; major BTM operator.BTM
Registration filing - 2026 revenue projected to drop 30%-40% amid regulatory headwinds despite 2025 growth.BTMQ4 2025
- Registering up to $25M in securities, with $13M at-the-market stock offering via H.C. Wainwright.BTMRegistration Filing
- Up to $100 million in securities offered by a top Bitcoin ATM operator with exclusive retail partnerships.BTMRegistration Filing
- Seven directors up for election and a new auditor ratification, with CEO holding voting control.BTMProxy Filing
- Shareholders will vote online to elect seven directors and ratify the auditor at the December 2024 meeting.BTMProxy Filing
- Net income more than doubled despite a 25% revenue drop, with a 2025 dividend planned.BTMQ3 2024
- Q2 2024 revenue fell 17% YoY, but net income and cash improved as ATM targets were surpassed.BTMQ2 2024
- Q4 2024 adjusted EBITDA surged 33–34% as margins improved despite lower revenue.BTMQ4 2024
Bitcoin Depot
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Frequently asked questions
Bitcoin Depot Inc. operates one of the largest networks of cryptocurrency ATMs, commonly referred to as Bitcoin Teller Machines (BTMs), across North America. The company allows customers to buy and sell cryptocurrencies, including Bitcoin, Litecoin, and Ethereum, using its extensive network of BTMs. Additionally, Bitcoin Depot offers its BDCheckout service, which enables users to purchase cryptocurrency at retail locations and fund their digital wallets. The company focuses on providing easy access to digital currencies, particularly for those who prefer using cash. Bitcoin Depot is headquartered in Atlanta, Georgia, and its shares are listed on the NASDAQ.