According to Odaily Planet Daily, Bitcoin Depot, which has more than 7,400 Bitcoin ATMs in the United States, announced that it will seek to allocate part of its cash reserves to Bitcoin. The company explained that this strategy aligns it with other forward-looking institutions that use Bitcoin as a hedge against inflation and benefit from its assets in the future.
Bitcoin Depot said its bitcoin purchases would be “opportunistic in nature” and would not include funding for its operations. CEO Brandon Mintz said the move demonstrates the company’s “long-standing belief in bitcoin as an important financial asset and store of value.”
The company did not disclose how much of its cash reserves it intends to convert into Bitcoin, nor did it say whether it had set any percentage target for the task.