Bitcoin Depot Expands BTM Network Through Partnership with Prominent Texas Convenience Store Chain

Rhea-AI Summary

Bitcoin Depot (NASDAQ: BTM) has announced the deployment of 50 new Bitcoin ATMs through a partnership with a major convenience store chain across the Texas Panhandle and surrounding states. This expansion aims to provide easier access to Bitcoin purchases and participation in digital finance.

The company has achieved several key milestones, including expanding its BDCheckout Program to six new states and extending operations to Australia and Puerto Rico. In July 2024, Bitcoin Depot surpassed its target of deploying over 8,000 Bitcoin ATMs five months ahead of schedule, maintaining its position as North America's largest BTM operator.

The BTMs are designed to enable customers to convert cash into Bitcoin efficiently for various purposes including payments, transfers, remittances, and investments.

Positive

• Deployment of 50 new Bitcoin ATMs in high-traffic locations
• Geographic expansion into Australia and Puerto Rico
• Exceeded 8,000 BTM deployment goal ahead of schedule
• BDCheckout Program expansion to six additional states

Negative

• None.

Insights

Fintech Market Analyst

The deployment of 50 new BTMs across Texas represents a strategic expansion in Bitcoin Depot's infrastructure, though the impact is relatively modest given their existing network of over 8,000 BTMs. The partnership with a regional convenience store chain provides valuable high-traffic locations, potentially increasing transaction volume and revenue per machine due to improved accessibility and visibility.

The expansion into the Texas Panhandle is particularly noteworthy as the region has traditionally been underserved in terms of crypto access points. This move could capture untapped market demand in rural and suburban areas where digital currency adoption has been by accessibility barriers. The timing aligns well with Bitcoin's recent price movements and growing mainstream interest.

From an operational perspective, the company's ability to exceed its BTM deployment targets ahead of schedule demonstrates strong execution capabilities and effective supply chain management. The broader international expansion into Australia and Puerto Rico, coupled with the BDCheckout Program extension, suggests a well-structured growth strategy focused on both geographic expansion and service diversification.

Retail Distribution Strategist

The convenience store partnership presents a significant competitive advantage through prime retail positioning. These locations typically generate steady foot traffic and operate during extended hours, which can drive higher BTM utilization rates compared to standalone installations. The Texas Panhandle's demographic profile, characterized by a mix of rural and urban populations, provides an interesting test market for crypto adoption in diverse communities.

While 50 BTMs may seem modest, the strategic value lies in establishing a presence in a new regional market through a trusted retail partner. This model can be replicated with other convenience store chains, potentially leading to larger deployment opportunities. The expansion also strengthens Bitcoin Depot's position as North America's largest BTM operator, creating barriers to entry for competitors in these markets.

Bringing Greater Access to Bitcoin for Communities Across the Texas Panhandle and Surrounding Regions

ATLANTA, Jan. 08, 2025 (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 announced the deployment of 50 additional Bitcoin ATMs in partnership with a prominent convenience store operator with locations across the Texas Panhandle and nearby states. The expansion provides customers with convenient access to purchase Bitcoin and participate in the broader digital financial system.

“With this partnership, we’re not only expanding our retail footprint in the Southwestern U.S.; we’re directly addressing the growing demand for convenient crypto access,” said Brandon Mintz, CEO of Bitcoin Depot. “By working with a well-known retail partner in high-traffic locations, we’re making cryptocurrency accessible to a broader audience, particularly those who may not have had convenient access before. We’re excited to continue providing accessible and secure financial options for everyone as Bitcoin’s momentum drives new users to enter the market.”

As the largest BTM operator in North America, Bitcoin Depot has built significant momentum in the last year, marked by record-breaking industry highs and key company milestones such as expanding its BDCheckout Program to six new states and extending its reach into Australia and Puerto Rico. In July 2024, the Company also exceeded its goal of deploying over 8,000 Bitcoin ATMs five months ahead of schedule. These achievements are part of Bitcoin Depot's broader growth strategy and mission of Bringing Bitcoin to the Masses.^® 

Bitcoin Depot BTMs are designed to provide a seamless user experience, allowing customers to quickly convert cash into Bitcoin and access the broader digital financial system for payments, transfers, remittances, and investments.

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 8,486 kiosk locations as of December 05, 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 
Brenlyn Motlagh, Ryan Deloney 
Gateway Group, Inc. 
949-574-3860 
BTM@gateway-grp.com

FAQ

How many new Bitcoin ATMs is BTM deploying in Texas?

Bitcoin Depot (BTM) is deploying 50 new Bitcoin ATMs across the Texas Panhandle and surrounding regions through its partnership with a prominent convenience store chain.

How many total Bitcoin ATMs does BTM operate as of July 2024?

As of July 2024, Bitcoin Depot has exceeded 8,000 Bitcoin ATMs, reaching this milestone five months ahead of schedule.

What regions did BTM expand to in its recent growth?

Bitcoin Depot expanded its operations to Australia and Puerto Rico, while also extending its BDCheckout Program to six new states.

What services do Bitcoin Depot's BTMs offer to customers?

Bitcoin Depot's BTMs allow customers to convert cash into Bitcoin and access the digital financial system for payments, transfers, remittances, and investments.