Bitcoin Depot (BTM) Registration Filing summary

Company overview and business model

• Operates the largest network of Bitcoin ATMs (BTMs) in North America, enabling cash users to buy and sell Bitcoin at over 8,300 kiosks and through a mobile app as of September 30, 2024.

• Maintains exclusive BTM deployment with Circle K in the U.S. and Canada, with over 1,200 installations, and has additional kiosks in various retail locations.

• Revenue is primarily generated from transaction fees and is not directly correlated to Bitcoin price volatility; most users utilize services for non-speculative purposes such as remittances and online purchases.

Financial performance and metrics

• Reported revenues of $436.9 million for the nine months ended September 30, 2024, down 15.2% from $540.6 million in the same period of 2023, despite a 127% increase in Bitcoin price.

• As of November 12, 2024, 18,122,048 shares of Class A common stock were outstanding, with a public float of approximately $39.25 million.

Use of proceeds and capital allocation

• Net proceeds from the offering will be used for general corporate purposes and working capital requirements, with management retaining broad discretion over allocation.

• Pending use, proceeds may be invested in commercial paper, government and non-government debt securities, and/or money market funds.