Bitcoin Depot Expands BDCheckout Program to Six New States

Rhea-AI Summary

Bitcoin Depot (NASDAQ: BTM) has expanded its BDCheckout program to six new states: Alaska, Arkansas, Illinois, North Carolina, Oregon, and Texas. This expansion increases the program's coverage to 31 states and adds over 1,500 new locations, bringing the total BDCheckout locations to 7,723. The program allows customers to load cash into their Bitcoin Depot digital wallets at major retail partners' cash registers.

CEO Brandon Mintz emphasized the company's mission to make cryptocurrency accessible to everyone. This expansion follows recent achievements, including exceeding 8,000 Bitcoin ATMs ahead of schedule and expanding to Australia and Puerto Rico. Bitcoin Depot continues to lead as the largest BTM operator in North America, focusing on innovative solutions to bridge cash and digital currencies.

Positive

• Expanded BDCheckout program to 6 new states, increasing coverage to 31 states
• Added over 1,500 new BDCheckout locations, totaling 7,723
• Exceeded goal of 8,000 Bitcoin ATMs, reaching 8,180 kiosks
• Expanded to international markets including Australia and Puerto Rico
• Added nearly 225 Bitcoin ATMs in Australia and Puerto Rico
• Expanded BTM fleet by over 900 kiosks this year

Negative

• None.

Insights

Fintech Analyst

Bitcoin Depot's expansion of BDCheckout to six new states is a strategic move to enhance its market presence and user accessibility. The increase to 7,723 total locations across 31 states signifies substantial growth in the company's cash-to-crypto infrastructure. This expansion, coupled with their recent achievement of 8,180 Bitcoin ATMs, positions Bitcoin Depot as a dominant player in the U.S. crypto accessibility market.

The company's focus on bridging the gap between cash and digital currencies through convenient retail partnerships could potentially increase adoption rates among traditional cash users. However, investors should consider the regulatory landscape in these new states and potential competition from other fintech players entering the crypto space. The expansion's impact on revenue and profitability will be important to monitor in upcoming financial reports.

Market Expansion Strategist

Bitcoin Depot's aggressive expansion strategy is noteworthy. By adding 1,500 new locations across six states, they're not just growing numerically but also diversifying geographically. This move could help mitigate regional regulatory risks and tap into diverse customer bases. The inclusion of states like Texas and Illinois, with large populations and diverse economies, is particularly strategic.

However, the rapid pace of expansion raises questions about operational efficiency and quality control. Investors should watch for any signs of growing pains, such as increased operational costs or customer service issues. The company's ability to maintain consistent service quality across this expanded network will be important for long-term success and customer retention in a competitive fintech landscape.

Cryptocurrency Adoption Analyst

Bitcoin Depot's expansion of BDCheckout is a significant step towards mainstream crypto adoption. By providing an easy cash-to-crypto on-ramp at familiar retail locations, they're lowering the barrier to entry for potential crypto users. This could be particularly impactful in states like Arkansas and North Carolina, where crypto adoption might be lagging.

However, the true measure of success will be in the usage statistics and transaction volumes generated through these new locations. Investors should look for data on user acquisition and retention rates in these new markets. Additionally, the company's ability to educate new users and ensure compliance with varying state regulations will be critical. While the expansion is promising, its long-term impact on cryptocurrency adoption and Bitcoin Depot's bottom line remains to be seen.

Extending Service to 31 States, Providing Customers with More Access Points for Loading Cash into Their Bitcoin Depot Digital Wallets

ATLANTA, Aug. 05, 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, announced today the expansion of its BDCheckout program into six new states: Alaska, Arkansas, Illinois, North Carolina, Oregon, and Texas. This expansion increases the total footprint of BDCheckout to 31 states, allowing even more customers to conveniently load cash into their Bitcoin Depot digital wallets at major retail partners.

The BDCheckout program provides an in-app experience that allows customers to conveniently load cash into their Bitcoin Depot digital wallets directly at the cash register. Since its initial launch in 2022, BDCheckout has continuously expanded, now covering over 1,500 new locations in Alaska (27), Arkansas (112), Illinois (360), North Carolina (496), Oregon (145), and Texas (396). These additions increase Bitcoin Depot’s total number of BDCheckout locations to 7,723, significantly enhancing accessibility and convenience for its users and reinforcing Bitcoin Depot’s position as a market leader in cryptocurrency accessibility.

"Expanding BDCheckout to these six new states marks a significant milestone in our mission to make cryptocurrency accessible to everyone," said Bitcoin Depot CEO Brandon Mintz. "As we continue this remarkable year of growth, our focus remains on delivering unparalleled convenience and superior service to our customers by providing —a simpler way to buy Bitcoin quickly, conveniently, and securely."

BDCheckout allows users to load cash into their Bitcoin Depot digital wallets through the Bitcoin Depot mobile app, which enables them to generate a barcode in the app and present it at participating retail locations to complete the transaction.

As the largest BTM operator in North America, Bitcoin Depot continues to lead the industry with innovative solutions that bridge the gap between cash and digital currencies. This announcement follows a series of notable achievements and recent momentum for Bitcoin Depot. Earlier this month, The Company exceeded its goal of deploying over 8,000 Bitcoin ATMs five months ahead of schedule, reaching a total of 8,180 kiosks. This rapid expansion is part of Bitcoin Depot's broader growth strategy, which has also seen the addition of nearly 225 Bitcoin ATMs in Australia and Puerto Rico, and significant retail partnerships serving to broaden its market reach. The company has also expanded its BTM fleet by over 900 kiosks this year and advanced its profit-sharing program.

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 31 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
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 states does Bitcoin Depot's BDCheckout program now cover?

Bitcoin Depot's BDCheckout program now covers 31 states after expanding to six new states: Alaska, Arkansas, Illinois, North Carolina, Oregon, and Texas.

What is the total number of BDCheckout locations for Bitcoin Depot (BTM) after the recent expansion?

After the recent expansion, Bitcoin Depot (BTM) now has a total of 7,723 BDCheckout locations.

How many Bitcoin ATMs does Bitcoin Depot (BTM) currently operate?

Bitcoin Depot (BTM) currently operates 8,180 Bitcoin ATMs, exceeding their goal of 8,000 kiosks five months ahead of schedule.

What new international markets has Bitcoin Depot (BTM) expanded to recently?

Bitcoin Depot (BTM) has recently expanded its operations to Australia and Puerto Rico, adding nearly 225 Bitcoin ATMs in these new markets.