Bitcoin Depot, an Atlanta-based crypto ATM manufacturer, released financial results for 2024's third fiscal quarter.
The firm noted $135.3 million in revenue for the quarter, a 25% decrease compared to the $179.5 million brought in the third financial quarter of 2023, according to a Nov. 14 filing with the U.S. Securities and Exchange Commission. The company also reported holding over $1.31 million in cryptocurrencies.
“During the third quarter, we made significant strides in expanding our Bitcoin ATM network while working to optimize existing machines for greater profitability,” said Brandon Mintz, CEO and Founder of Bitcoin Depot, in a Nov. 13 statement. “We ended the quarter with 8,300 machines, surpassing our goals and reflecting our team's execution and vision to enhance Bitcoin’s accessibility."
Bitcoin Depot went public at an $885 million valuation in August 2022. The firm's Class A Common Stock, with the ticker BTM, trades on NASDAQ and is valued at $1.99 as of 4:22 p.m. ET (21:22 UTC) on Nov. 15. It currently has a market cap of around $118.2 million.
Bitcoin Depot maintains around 16,700 locations across the United States, Canada and Australia, according to the firm's website.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.