Bitcoin Depot Exceeds Goal Deploying of 8,000 Bitcoin ATMs Five Months Ahead of Schedule

Rhea-AI Summary

Bitcoin Depot (NASDAQ: BTM), a leading U.S.-based Bitcoin ATM operator, has surpassed its goal of deploying 8,000 Bitcoin ATMs five months ahead of schedule, with a total of 8,180 kiosks installed. This achievement underscores the company's market dominance and accelerated growth. Key highlights of Bitcoin Depot's expansion in 2024 include:

• Expanding into Australia and Puerto Rico with nearly 225 new ATMs
• Partnering with major convenience store brands
• Increasing its BTM fleet by over 900 kiosks
• Advancing its profit-sharing program
• Adopting a Bitcoin treasury strategy

The company's success has been recognized through various accolades, including Forbes 30 Under 30 and Deloitte's 2023 Technology Fast 500.

Positive

• Exceeded goal of 8,000 Bitcoin ATMs, reaching 8,180 kiosks
• Expanded into Australia and Puerto Rico with 225 new ATMs
• Increased BTM fleet by over 900 kiosks in 2024
• Secured partnerships with major convenience store brands
• Maintained market-leading position as largest BTM operator in North America
• Became first BTM operator to go public on a major U.S. stock exchange in 2023

Negative

• None.

Insights

Financial Analyst

The achievement of deploying over 8,000 Bitcoin ATMs ahead of schedule highlights Bitcoin Depot's effective execution of its expansion strategy. This milestone not only demonstrates operational efficiency but also indicates robust demand for Bitcoin ATMs, which can be a positive indicator for the company's revenue growth. The aggressive expansion into new markets like Australia and Puerto Rico diversifies its geographical footprint and mitigates regional risks. The strategic adoption of a Bitcoin treasury policy aligns with their commitment to the digital financial ecosystem and can potentially enhance their balance sheet value if Bitcoin prices appreciate.

Market Research Analyst

Surpassing deployment goals significantly ahead of schedule solidifies Bitcoin Depot's market leadership in the Bitcoin ATM space. This rapid expansion could enhance brand recognition and customer loyalty, particularly with partnerships in retail sectors. The increased accessibility through convenience stores ensures a broader customer base, which may drive higher transaction volumes and subsequent revenue streams. The company’s proactive approach in aligning with digital finance trends positions it favorably against competitors. Investors should note the potential for increased market share and the benefits of early market penetration.

Tech Expert

Bitcoin Depot’s deployment of over 8,000 ATMs exemplifies technological scalability and infrastructure robustness. The rapid installation and operationalization of these ATMs reflect well on the company's technical capabilities and logistical efficiency. Expanding into multiple regions and integrating with retail stores showcase their adaptability and resourcefulness in leveraging technology to meet market demands. The company’s strategic initiatives, such as the Bitcoin treasury strategy, indicate a forward-thinking approach that aligns with the evolving digital currency landscape, which could bolster their technological prowess and asset value in the long term.

Pioneering Bitcoin ATM Provider Continues Market Dominance and Accelerated Growth with the Largest Installed Fleet in Its History

ATLANTA, July 22, 2024 (GLOBE NEWSWIRE) -- Bitcoin Depot Inc. (“Bitcoin Depot” or the “Company”) (NASDAQ: BTM), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, today proudly announced that it has achieved and exceeded its ambitious goal of deploying over 8,000 Bitcoin ATMs five months ahead of schedule, with 8,180 kiosks. This milestone reinforces Bitcoin Depot's abiding market dominance and showcases its rapid growth trajectory. The achievement solidifies the Company’s previously announced achievement of signing 8,000 locations and its year-end objective of having the largest installed fleet of BTMs in the Company’s history.

"Surpassing our deployment goal well ahead of schedule is a testament to the relentless dedication of our team and our strategic initiatives aimed at expanding Bitcoin’s accessibility,” said Bitcoin Depot CEO Brandon Mintz. “Building on the momentum we’ve already cultivated in the first half of 2024; we have no intention of slowing down as we gear up to provide even more customers with seamless access to the digital financial ecosystem. "

Bitcoin Depot's aggressive expansion strategy has been a key driver of this achievement. In the first half of 2024, the Company not only secured contracts to exceed over 8,000 kiosk locations but also enhanced its operational footprint significantly.

Highlights of the company's achievements year-to-date include:

• Expanded into Australia and Puerto Rico, introducing nearly 225 Bitcoin ATMs.
• Announced retail partnership announcements with leading national and regional convenience store brands, increasing accessibility and brand reach.
• Expanded its BTM fleet by over 900 kiosks to support 2024 growth initiatives.
• Advanced its profit-sharing program through kiosks sales and investments from Sopris Capital.
• Adopted a Bitcoin treasury strategy to further align with its commitment to the digital financial ecosystem. 
  
  

Bitcoin Depot's ATMs offer a straightforward, quick, and convenient method for converting cash into Bitcoin. This empowers users to participate in the digital financial ecosystem, facilitating payments, transfers, remittances, online purchases, and investments.

Since becoming the largest BTM operator in North America in early 2022, Bitcoin Depot has maintained its market-leading position. Despite market volatility, the Company made history in 2023 by becoming the first BTM operator to go public on a major U.S. stock exchange. The Company and its leadership have earned recognition for their exceptional growth, including accolades from Forbes 30 Under 30, Deloitte’s 2023 Technology Fast 500, and the 2023 Inc. 5000.

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 approximately 7,400 kiosk locations as of April 1, 2024. 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.

Contacts: 

Investors  
Cody Slach, Alex Kovtun  
Gateway Group, Inc.  
949-574-3860  
BTM@gateway-grp.com 

Media  
Christina Lockwood, Brenlyn Motlagh, Ryan Deloney  
Gateway Group, Inc. 
949-574-3860  
BTM@gateway-grp.com

FAQ

How many Bitcoin ATMs has Bitcoin Depot (BTM) deployed as of July 2024?

As of July 2024, Bitcoin Depot (BTM) has deployed 8,180 Bitcoin ATMs, exceeding its goal of 8,000 kiosks five months ahead of schedule.

What new markets did Bitcoin Depot (BTM) expand into in 2024?

In 2024, Bitcoin Depot (BTM) expanded into Australia and Puerto Rico, introducing nearly 225 Bitcoin ATMs in these new markets.

How many new Bitcoin ATMs did Bitcoin Depot (BTM) add to its fleet in 2024?

Bitcoin Depot (BTM) expanded its BTM fleet by over 900 kiosks in 2024 to support its growth initiatives.

What major milestone did Bitcoin Depot (BTM) achieve in the U.S. stock market in 2023?

In 2023, Bitcoin Depot (BTM) became the first Bitcoin ATM operator to go public on a major U.S. stock exchange.