Bitcoin Depot Surpasses 8,000 Signed Bitcoin ATM Locations Ahead of Schedule
- Bitcoin Depot is set to surpass its goal of deploying 8,000 Bitcoin ATMs ahead of schedule.
- The Company has already secured contracts for over 8,000 locations, solidifying its position as the leading BTM operator in North America.
- Strategic initiatives in the first quarter of 2024, such as expanding into Puerto Rico and partnering with a major convenience store retailer, have driven the Company's growth.
- Bitcoin Depot's commitment to outstanding service and convenience has been recognized through industry awards like Forbes 30 Under 30 and Deloitte's 2023 Technology Fast 500.
- None.
Insights
The accelerated deployment of Bitcoin ATMs by Bitcoin Depot Inc. is a significant development in the fintech and cryptocurrency space. The company's ability to secure contracts for over 8,000 locations ahead of schedule suggests a robust demand for cryptocurrency transactions in physical locations. This expansion could indicate a growing trend of cryptocurrency adoption among the general public, which in turn could have implications for the wider acceptance and use of digital currencies.
From a market perspective, the partnership with a major convenience store retailer to deploy 940 new kiosk locations expands Bitcoin Depot's reach and accessibility, potentially increasing transaction volumes and revenue. It's also noteworthy that the company's expansion into Puerto Rico and the continuation of its franchise program reflect strategic growth initiatives that may contribute to its long-term market position.
However, it's important to consider the volatility of the cryptocurrency market and regulatory uncertainties that could impact the company's growth trajectory. The rapid expansion of BTMs must be balanced with the potential risks associated with cryptocurrency markets, including price fluctuations and regulatory changes that may affect consumer confidence and usage patterns.
Bitcoin Depot's early achievement of its installation goal is a positive signal to investors, reflecting operational efficiency and effective sales capabilities. The company's recent public listing and recognition in industry rankings such as Forbes 30 Under 30 and Deloitte’s Technology Fast 500 enhance its credibility and could contribute to investor confidence.
It's essential to analyze the financial implications of the company's rapid expansion. The upfront costs associated with deploying additional BTMs and securing new contracts must be weighed against the potential increase in transaction fees and revenue. Furthermore, the company's decision to purchase 900 new kiosks indicates a commitment to capital investment for growth. Investors should monitor the return on these investments, particularly in a market that is as dynamic and unpredictable as cryptocurrency.
Long-term sustainability will depend on the company's ability to maintain its market share and adapt to regulatory and market changes. As the cryptocurrency market matures, Bitcoin Depot's expansion strategy and operational execution will be key factors in determining its financial performance and stock valuation.
Leading Bitcoin Kiosk Provider Anticipates Reaching 2024 Year-End Goal Early, Reinforcing Market Share and Growth Trajectory
ATLANTA, April 02, 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 announced it is set to surpass its ambitious goal of deploying 8,000 Bitcoin ATMs a few months ahead of schedule, having already secured contracts for over 8,000 locations. The achievement solidifies the Company’s previously announced objective of having the largest installed fleet of BTMs in its history. Now, with over 8,000 locations signed, Bitcoin Depot just needs to install enough incremental Bitcoin ATMs to reach the previously announced goal of 8,000. In January and February of 2024 Bitcoin Depot signed over 1,600 total new locations to receive its Bitcoin ATMs.
This achievement follows a series of strategic initiatives for the Company in the first quarter of 2024 and underscores Bitcoin Depot's continued momentum. Notably, since the start of the year, the Company has expanded its operations into Puerto Rico, continued expansion of its franchise program, solidified its commitment to purchasing 900 new kiosks to grow its footprint, and forged a deployment partnership with a major convenience store retailer, paving the way for 940 new kiosk locations across 24 states.
“This milestone showcases our team's successful sales capabilities and reaffirms our status as the leading provider of Bitcoin accessibility throughout North America,” remarked Brandon Mintz, Founder and CEO of Bitcoin Depot. “As pioneers in this field, our commitment is to offer outstanding service and convenience, enabling our customers to effortlessly explore the digital financial ecosystem.”
Bitcoin Depot’s products and services provide an intuitive, quick, and convenient process for converting cash into Bitcoin, giving users the ability to access the broader digital financial system, including using their Bitcoin for purposes of making payments, transfers, remittances, online purchases, and investments.
In early 2022, Bitcoin Depot took over the #1 market share position to become the largest BTM operator in North America. In 2023, despite recent market shifts and ongoing turbulence in the crypto currency market, the Company became the first BTM operator to go public on a major U.S. stock exchange. Bitcoin Depot and its leadership have since been recognized and celebrated for the Company’s industry-leading growth in Forbes 30 Under 30, Deloitte’s 2023 Technology Fast 500, and, most recently, 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 is Bitcoin Depot deploying ahead of schedule?
In which year did Bitcoin Depot become the largest BTM operator in North America?
Which major convenience store retailer did Bitcoin Depot partner with for new kiosk locations?
What industry awards has Bitcoin Depot received?
