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Rhea-AI Filing Summary

Bitcoin Depot Inc. (Nasdaq: BTM) has filed a shelf registration statement on Form 424B5 allowing it to issue up to $100 million in securities, including Class A common stock, preferred stock, warrants and/or units, in one or more offerings. Specific terms, pricing and underwriters will be disclosed in future prospectus supplements.

Capital structure & potential dilution: The company currently has 22,555,710 Class A shares outstanding, 41,193,024 Class M shares (10 votes per share) controlled by the CEO, and 43,848,750 warrants exercisable at $11.50 until June 30 2033. Any issuance under the shelf could materially increase the public float and dilute existing holders, though proceeds will fund “general corporate purposes.”

Business snapshot: Bitcoin Depot operates the largest Bitcoin ATM (BTM) network in North America with 8,483 kiosks and BDCheckout access in 10,926 retail locations as of March 31 2025. Q1 2025 revenue was $164.2 million, up from $138.5 million in Q1 2024, yet the company notes a 9.7 % revenue decline on a trailing-twelve-month basis despite a 15.7 % rise in Bitcoin prices, underscoring limited correlation between revenue and crypto price movements.

Key relationships & competitive position: The firm is the exclusive BTM provider for approximately 900 U.S. and Canadian Circle K stores and also licenses its BitAccess processing software to third-party operators, generating recurring software revenue.

Risk highlights (summarised from filing):

  • High dilution risk from additional equity or equity-linked issuances.
  • Complex, multi-class share structure with super-voting Class M and Class V shares.
  • Regulatory, competitive and litigation uncertainties outlined under “Risk Factors.”

Bitcoin Depot Inc. (Nasdaq: BTM) ha depositato una dichiarazione di registrazione a scaffale sul Modulo 424B5 che le consente di emettere fino a 100 milioni di dollari in titoli, inclusi azioni ordinarie di Classe A, azioni privilegiate, warrant e/o unità, in una o più offerte. Termini specifici, prezzi e sottoscrittori saranno comunicati in supplementi al prospetto futuri.

Struttura del capitale e potenziale diluizione: Attualmente la società ha 22.555.710 azioni di Classe A in circolazione, 41.193.024 azioni di Classe M (10 voti per azione) controllate dall’Amministratore Delegato, e 43.848.750 warrant esercitabili a $11,50 fino al 30 giugno 2033. Qualsiasi emissione nell’ambito di questo programma potrebbe aumentare significativamente il flottante pubblico e diluire gli azionisti esistenti, sebbene i proventi saranno destinati a “scopi generali aziendali.”

Panoramica aziendale: Bitcoin Depot gestisce la rete di sportelli automatici Bitcoin (BTM) più grande del Nord America con 8.483 chioschi e accesso BDCheckout in 10.926 punti vendita al 31 marzo 2025. I ricavi del primo trimestre 2025 sono stati di 164,2 milioni di dollari, in aumento rispetto ai 138,5 milioni del primo trimestre 2024, ma la società segnala un calo del 9,7% dei ricavi su base trailing twelve months nonostante un aumento del 15,7% del prezzo del Bitcoin, evidenziando una limitata correlazione tra ricavi e movimenti del prezzo delle criptovalute.

Principali rapporti e posizione competitiva: L’azienda è il fornitore esclusivo di BTM per circa 900 negozi Circle K negli Stati Uniti e in Canada e concede in licenza il suo software di elaborazione BitAccess a operatori terzi, generando ricavi ricorrenti da software.

Punti di rischio principali (riassunti dal deposito):

  • Elevato rischio di diluizione da ulteriori emissioni di azioni o titoli collegati a capitale.
  • Struttura azionaria complessa con azioni multi-classe e azioni super-voto di Classe M e Classe V.
  • Incertezze regolamentari, competitive e legali descritte nella sezione “Fattori di rischio.”

Bitcoin Depot Inc. (Nasdaq: BTM) ha presentado una declaración de registro en estantería en el Formulario 424B5 que le permite emitir hasta 100 millones de dólares en valores, incluyendo acciones ordinarias Clase A, acciones preferentes, warrants y/o unidades, en una o más ofertas. Los términos específicos, precios y suscriptores se revelarán en futuros suplementos al prospecto.

Estructura de capital y posible dilución: La compañía actualmente tiene 22,555,710 acciones Clase A en circulación, 41,193,024 acciones Clase M (10 votos por acción) controladas por el CEO, y 43,848,750 warrants ejercitables a $11.50 hasta el 30 de junio de 2033. Cualquier emisión bajo esta autorización podría aumentar materialmente el flotante público y diluir a los accionistas existentes, aunque los ingresos se destinarán a “propósitos corporativos generales.”

Resumen del negocio: Bitcoin Depot opera la red más grande de cajeros automáticos de Bitcoin (BTM) en Norteamérica con 8,483 quioscos y acceso BDCheckout en 10,926 ubicaciones minoristas al 31 de marzo de 2025. Los ingresos del primer trimestre de 2025 fueron de 164.2 millones de dólares, frente a 138.5 millones en el primer trimestre de 2024, aunque la empresa señala una disminución del 9.7% en ingresos en los últimos doce meses a pesar de un aumento del 15.7% en el precio de Bitcoin, lo que subraya una correlación limitada entre ingresos y movimientos en el precio de las criptomonedas.

Relaciones clave y posición competitiva: La empresa es el proveedor exclusivo de BTM para aproximadamente 900 tiendas Circle K en EE.UU. y Canadá y también licencia su software de procesamiento BitAccess a operadores terceros, generando ingresos recurrentes por software.

Aspectos destacados de riesgo (resumidos del documento):

  • Alto riesgo de dilución por emisiones adicionales de acciones o valores vinculados a acciones.
  • Estructura accionaria compleja y multiclasificada con acciones Clase M y Clase V con supervoto.
  • Incertidumbres regulatorias, competitivas y legales descritas en “Factores de Riesgo.”

Bitcoin Depot Inc. (나스닥: BTM)는 최대 1억 달러 규모의 증권을 발행할 수 있는 424B5 양식의 선등록 서류를 제출했습니다. 여기에는 클래스 A 보통주, 우선주, 워런트 및/또는 단위가 포함되며, 한 번 이상의 공모에서 발행할 수 있습니다. 구체적인 조건, 가격 및 인수인은 향후 투자설명서 보충자료에서 공개될 예정입니다.

자본 구조 및 잠재적 희석: 현재 회사는 22,555,710주의 클래스 A 주식, CEO가 통제하는 41,193,024주의 클래스 M 주식(주당 10표), 그리고 2033년 6월 30일까지 행사 가능한 43,848,750주의 워런트를 보유하고 있습니다. 이번 선등록을 통한 발행은 공개 유통 주식 수를 크게 늘리고 기존 주주를 희석시킬 수 있으나, 자금은 “일반 기업 목적”에 사용될 예정입니다.

사업 개요: Bitcoin Depot는 2025년 3월 31일 기준 북미에서 가장 큰 비트코인 ATM(BTM) 네트워크를 운영하고 있으며, 8,483대의 키오스크10,926개 소매점에서 BDCheckout 서비스를 제공합니다. 2025년 1분기 매출은 1억 6,420만 달러로 2024년 1분기 1억 3,850만 달러에서 증가했지만, 회사는 비트코인 가격이 15.7% 상승했음에도 불구하고 지난 12개월 동안 매출이 9.7% 감소했다고 밝혀, 매출과 암호화폐 가격 변동 간의 상관관계가 제한적임을 보여줍니다.

주요 관계 및 경쟁 위치: 이 회사는 미국과 캐나다의 약 900개 Circle K 매장에 독점적으로 BTM을 공급하며, BitAccess 처리 소프트웨어를 제3자 운영자에게 라이선스하여 반복적인 소프트웨어 수익을 창출하고 있습니다.

위험 요약 (신고서에서 발췌):

  • 추가 주식 또는 주식 연계 증권 발행에 따른 높은 희석 위험.
  • 슈퍼보팅 권한이 있는 클래스 M 및 클래스 V 주식을 포함한 복잡한 다중 클래스 주식 구조.
  • “위험 요소”에 명시된 규제, 경쟁 및 소송 관련 불확실성.

Bitcoin Depot Inc. (Nasdaq : BTM) a déposé une déclaration d’enregistrement en étagère sur le formulaire 424B5 lui permettant d’émettre jusqu’à 100 millions de dollars en titres, y compris des actions ordinaires de Classe A, des actions privilégiées, des bons de souscription et/ou des unités, en une ou plusieurs offres. Les termes spécifiques, les prix et les souscripteurs seront divulgués dans de futurs suppléments au prospectus.

Structure du capital et dilution potentielle : La société détient actuellement 22 555 710 actions de Classe A en circulation, 41 193 024 actions de Classe M (10 voix par action) contrôlées par le PDG, et 43 848 750 bons de souscription exerçables à 11,50 $ jusqu’au 30 juin 2033. Toute émission dans le cadre de ce programme pourrait augmenter considérablement le flottant public et diluer les actionnaires existants, bien que les fonds servent à des « fins générales d’entreprise ».

Présentation de l’activité : Bitcoin Depot exploite le plus grand réseau de distributeurs automatiques Bitcoin (BTM) en Amérique du Nord avec 8 483 kiosques et un accès BDCheckout dans 10 926 points de vente au 31 mars 2025. Le chiffre d’affaires du premier trimestre 2025 s’est élevé à 164,2 millions de dollars, contre 138,5 millions au premier trimestre 2024, mais la société note une baisse de 9,7 % du chiffre d’affaires sur les douze derniers mois malgré une hausse de 15,7 % du prix du Bitcoin, soulignant une corrélation limitée entre le chiffre d’affaires et les fluctuations du prix des cryptomonnaies.

Relations clés et position concurrentielle : L’entreprise est le fournisseur exclusif de BTM pour environ 900 magasins Circle K aux États-Unis et au Canada et licence également son logiciel de traitement BitAccess à des opérateurs tiers, générant des revenus récurrents liés au logiciel.

Points clés de risque (résumés du dépôt) :

  • Risque élevé de dilution lié à des émissions supplémentaires d’actions ou de titres liés aux actions.
  • Structure d’actions complexe et multi-classes avec des actions Classe M et Classe V à super-vote.
  • Incertainités réglementaires, concurrentielles et juridiques décrites dans la section « Facteurs de risque ».

Bitcoin Depot Inc. (Nasdaq: BTM) hat eine Shelf-Registrierungserklärung auf Formular 424B5 eingereicht, die es dem Unternehmen ermöglicht, bis zu 100 Millionen US-Dollar an Wertpapieren auszugeben, darunter Class A Stammaktien, Vorzugsaktien, Warrants und/oder Einheiten, in einer oder mehreren Emissionen. Spezifische Bedingungen, Preise und Underwriter werden in zukünftigen Prospektergänzungen bekannt gegeben.

Kapitalstruktur & potenzielle Verwässerung: Das Unternehmen hat derzeit 22.555.710 Class A Aktien ausstehend, 41.193.024 Class M Aktien (10 Stimmen pro Aktie), die vom CEO kontrolliert werden, sowie 43.848.750 Warrants, die bis zum 30. Juni 2033 zu 11,50 USD ausgeübt werden können. Jegliche Ausgabe im Rahmen der Shelf-Registrierung könnte den Streubesitz erheblich erhöhen und bestehende Aktionäre verwässern, wobei die Erlöse für „allgemeine Unternehmenszwecke“ verwendet werden.

Geschäftsüberblick: Bitcoin Depot betreibt das größte Bitcoin-ATM (BTM)-Netzwerk in Nordamerika mit 8.483 Kiosken und BDCheckout-Zugang in 10.926 Einzelhandelsstandorten zum 31. März 2025. Der Umsatz im ersten Quartal 2025 betrug 164,2 Millionen US-Dollar, gegenüber 138,5 Millionen im ersten Quartal 2024, wobei das Unternehmen jedoch einen 9,7 %igen Umsatzrückgang auf Basis der letzten zwölf Monate trotz eines 15,7 %igen Anstiegs des Bitcoin-Preises verzeichnet, was auf eine begrenzte Korrelation zwischen Umsatz und Kryptopreisbewegungen hinweist.

Wesentliche Beziehungen & Wettbewerbsposition: Das Unternehmen ist exklusiver BTM-Anbieter für etwa 900 Circle K Filialen in den USA und Kanada und lizenziert zudem seine BitAccess-Verarbeitungssoftware an Drittanbieter, was wiederkehrende Softwareerlöse generiert.

Risikohighlights (zusammengefasst aus der Einreichung):

  • Hohes Verwässerungsrisiko durch zusätzliche Aktien- oder aktiengebundene Emissionen.
  • Komplexe, mehrstufige Aktienstruktur mit Super-Voting Class M und Class V Aktien.
  • Regulatorische, wettbewerbliche und rechtliche Unsicherheiten, die unter „Risikofaktoren“ dargestellt sind.
Positive
  • $100 million shelf registration gives the company flexible, low-cost access to capital for expansion or debt management.
  • Q1 2025 revenue rose to $164.2 million, an 18.6 % increase versus Q1 2024, demonstrating continued transactional demand despite Bitcoin price volatility.
  • Largest BTM network with 8,483 kiosks and exclusive deployment in roughly 900 Circle K stores strengthens competitive moat.
Negative
  • Potential dilution: issuance of up to $100 million in equity or equity-linked securities could materially dilute existing Class A shareholders.
  • Trailing-twelve-month revenue down 9.7 % even as Bitcoin prices climbed, signaling possible demand softening or margin compression.
  • Super-voting Class M shares concentrate control with the CEO, limiting minority shareholder influence on future corporate actions.

Insights

TL;DR: $100 M shelf adds capital flexibility but flags dilution; revenue growth mixed; overall neutral until issuance terms clear.

The mixed-shelf provides management with a quick, cost-effective way to raise up to $100 million, roughly equal to six months of Q1 2025 run-rate revenue. This liquidity could fund further kiosk roll-outs, software enhancements or debt repayment without timing constraints. However, with only 22.6 million Class A shares outstanding and a recent $5.63 price, issuing common stock would be highly dilutive if the full authorization is tapped. Investors should monitor subsequent prospectus supplements for size, pricing, and whether the company leans toward non-dilutive instruments such as preferred stock or warrants. Given the exclusive Circle K partnership and 18 % year-on-year Q1 revenue growth, the additional capital could accelerate market share gains if deployed efficiently.

TL;DR: Multi-class super-voting structure plus new shelf raises governance and control concentration concerns.

The prospectus confirms a highly complex capital stack: Class M (10 votes/share) alone bestows majority control on the CEO and affiliated entities. The shelf could widen economic ownership among public investors without reducing this voting concentration, entrenching management. Further, 43.8 million outstanding warrants and potential preferred issuances complicate future dilution math. While such structures are permissible, they often draw scrutiny from institutional investors and proxy advisers, especially for companies seeking additional equity. I view the control dynamics, coupled with dilution flexibility, as governance-negative despite operational momentum.

Bitcoin Depot Inc. (Nasdaq: BTM) ha depositato una dichiarazione di registrazione a scaffale sul Modulo 424B5 che le consente di emettere fino a 100 milioni di dollari in titoli, inclusi azioni ordinarie di Classe A, azioni privilegiate, warrant e/o unità, in una o più offerte. Termini specifici, prezzi e sottoscrittori saranno comunicati in supplementi al prospetto futuri.

Struttura del capitale e potenziale diluizione: Attualmente la società ha 22.555.710 azioni di Classe A in circolazione, 41.193.024 azioni di Classe M (10 voti per azione) controllate dall’Amministratore Delegato, e 43.848.750 warrant esercitabili a $11,50 fino al 30 giugno 2033. Qualsiasi emissione nell’ambito di questo programma potrebbe aumentare significativamente il flottante pubblico e diluire gli azionisti esistenti, sebbene i proventi saranno destinati a “scopi generali aziendali.”

Panoramica aziendale: Bitcoin Depot gestisce la rete di sportelli automatici Bitcoin (BTM) più grande del Nord America con 8.483 chioschi e accesso BDCheckout in 10.926 punti vendita al 31 marzo 2025. I ricavi del primo trimestre 2025 sono stati di 164,2 milioni di dollari, in aumento rispetto ai 138,5 milioni del primo trimestre 2024, ma la società segnala un calo del 9,7% dei ricavi su base trailing twelve months nonostante un aumento del 15,7% del prezzo del Bitcoin, evidenziando una limitata correlazione tra ricavi e movimenti del prezzo delle criptovalute.

Principali rapporti e posizione competitiva: L’azienda è il fornitore esclusivo di BTM per circa 900 negozi Circle K negli Stati Uniti e in Canada e concede in licenza il suo software di elaborazione BitAccess a operatori terzi, generando ricavi ricorrenti da software.

Punti di rischio principali (riassunti dal deposito):

  • Elevato rischio di diluizione da ulteriori emissioni di azioni o titoli collegati a capitale.
  • Struttura azionaria complessa con azioni multi-classe e azioni super-voto di Classe M e Classe V.
  • Incertezze regolamentari, competitive e legali descritte nella sezione “Fattori di rischio.”

Bitcoin Depot Inc. (Nasdaq: BTM) ha presentado una declaración de registro en estantería en el Formulario 424B5 que le permite emitir hasta 100 millones de dólares en valores, incluyendo acciones ordinarias Clase A, acciones preferentes, warrants y/o unidades, en una o más ofertas. Los términos específicos, precios y suscriptores se revelarán en futuros suplementos al prospecto.

Estructura de capital y posible dilución: La compañía actualmente tiene 22,555,710 acciones Clase A en circulación, 41,193,024 acciones Clase M (10 votos por acción) controladas por el CEO, y 43,848,750 warrants ejercitables a $11.50 hasta el 30 de junio de 2033. Cualquier emisión bajo esta autorización podría aumentar materialmente el flotante público y diluir a los accionistas existentes, aunque los ingresos se destinarán a “propósitos corporativos generales.”

Resumen del negocio: Bitcoin Depot opera la red más grande de cajeros automáticos de Bitcoin (BTM) en Norteamérica con 8,483 quioscos y acceso BDCheckout en 10,926 ubicaciones minoristas al 31 de marzo de 2025. Los ingresos del primer trimestre de 2025 fueron de 164.2 millones de dólares, frente a 138.5 millones en el primer trimestre de 2024, aunque la empresa señala una disminución del 9.7% en ingresos en los últimos doce meses a pesar de un aumento del 15.7% en el precio de Bitcoin, lo que subraya una correlación limitada entre ingresos y movimientos en el precio de las criptomonedas.

Relaciones clave y posición competitiva: La empresa es el proveedor exclusivo de BTM para aproximadamente 900 tiendas Circle K en EE.UU. y Canadá y también licencia su software de procesamiento BitAccess a operadores terceros, generando ingresos recurrentes por software.

Aspectos destacados de riesgo (resumidos del documento):

  • Alto riesgo de dilución por emisiones adicionales de acciones o valores vinculados a acciones.
  • Estructura accionaria compleja y multiclasificada con acciones Clase M y Clase V con supervoto.
  • Incertidumbres regulatorias, competitivas y legales descritas en “Factores de Riesgo.”

Bitcoin Depot Inc. (나스닥: BTM)는 최대 1억 달러 규모의 증권을 발행할 수 있는 424B5 양식의 선등록 서류를 제출했습니다. 여기에는 클래스 A 보통주, 우선주, 워런트 및/또는 단위가 포함되며, 한 번 이상의 공모에서 발행할 수 있습니다. 구체적인 조건, 가격 및 인수인은 향후 투자설명서 보충자료에서 공개될 예정입니다.

자본 구조 및 잠재적 희석: 현재 회사는 22,555,710주의 클래스 A 주식, CEO가 통제하는 41,193,024주의 클래스 M 주식(주당 10표), 그리고 2033년 6월 30일까지 행사 가능한 43,848,750주의 워런트를 보유하고 있습니다. 이번 선등록을 통한 발행은 공개 유통 주식 수를 크게 늘리고 기존 주주를 희석시킬 수 있으나, 자금은 “일반 기업 목적”에 사용될 예정입니다.

사업 개요: Bitcoin Depot는 2025년 3월 31일 기준 북미에서 가장 큰 비트코인 ATM(BTM) 네트워크를 운영하고 있으며, 8,483대의 키오스크10,926개 소매점에서 BDCheckout 서비스를 제공합니다. 2025년 1분기 매출은 1억 6,420만 달러로 2024년 1분기 1억 3,850만 달러에서 증가했지만, 회사는 비트코인 가격이 15.7% 상승했음에도 불구하고 지난 12개월 동안 매출이 9.7% 감소했다고 밝혀, 매출과 암호화폐 가격 변동 간의 상관관계가 제한적임을 보여줍니다.

주요 관계 및 경쟁 위치: 이 회사는 미국과 캐나다의 약 900개 Circle K 매장에 독점적으로 BTM을 공급하며, BitAccess 처리 소프트웨어를 제3자 운영자에게 라이선스하여 반복적인 소프트웨어 수익을 창출하고 있습니다.

위험 요약 (신고서에서 발췌):

  • 추가 주식 또는 주식 연계 증권 발행에 따른 높은 희석 위험.
  • 슈퍼보팅 권한이 있는 클래스 M 및 클래스 V 주식을 포함한 복잡한 다중 클래스 주식 구조.
  • “위험 요소”에 명시된 규제, 경쟁 및 소송 관련 불확실성.

Bitcoin Depot Inc. (Nasdaq : BTM) a déposé une déclaration d’enregistrement en étagère sur le formulaire 424B5 lui permettant d’émettre jusqu’à 100 millions de dollars en titres, y compris des actions ordinaires de Classe A, des actions privilégiées, des bons de souscription et/ou des unités, en une ou plusieurs offres. Les termes spécifiques, les prix et les souscripteurs seront divulgués dans de futurs suppléments au prospectus.

Structure du capital et dilution potentielle : La société détient actuellement 22 555 710 actions de Classe A en circulation, 41 193 024 actions de Classe M (10 voix par action) contrôlées par le PDG, et 43 848 750 bons de souscription exerçables à 11,50 $ jusqu’au 30 juin 2033. Toute émission dans le cadre de ce programme pourrait augmenter considérablement le flottant public et diluer les actionnaires existants, bien que les fonds servent à des « fins générales d’entreprise ».

Présentation de l’activité : Bitcoin Depot exploite le plus grand réseau de distributeurs automatiques Bitcoin (BTM) en Amérique du Nord avec 8 483 kiosques et un accès BDCheckout dans 10 926 points de vente au 31 mars 2025. Le chiffre d’affaires du premier trimestre 2025 s’est élevé à 164,2 millions de dollars, contre 138,5 millions au premier trimestre 2024, mais la société note une baisse de 9,7 % du chiffre d’affaires sur les douze derniers mois malgré une hausse de 15,7 % du prix du Bitcoin, soulignant une corrélation limitée entre le chiffre d’affaires et les fluctuations du prix des cryptomonnaies.

Relations clés et position concurrentielle : L’entreprise est le fournisseur exclusif de BTM pour environ 900 magasins Circle K aux États-Unis et au Canada et licence également son logiciel de traitement BitAccess à des opérateurs tiers, générant des revenus récurrents liés au logiciel.

Points clés de risque (résumés du dépôt) :

  • Risque élevé de dilution lié à des émissions supplémentaires d’actions ou de titres liés aux actions.
  • Structure d’actions complexe et multi-classes avec des actions Classe M et Classe V à super-vote.
  • Incertainités réglementaires, concurrentielles et juridiques décrites dans la section « Facteurs de risque ».

Bitcoin Depot Inc. (Nasdaq: BTM) hat eine Shelf-Registrierungserklärung auf Formular 424B5 eingereicht, die es dem Unternehmen ermöglicht, bis zu 100 Millionen US-Dollar an Wertpapieren auszugeben, darunter Class A Stammaktien, Vorzugsaktien, Warrants und/oder Einheiten, in einer oder mehreren Emissionen. Spezifische Bedingungen, Preise und Underwriter werden in zukünftigen Prospektergänzungen bekannt gegeben.

Kapitalstruktur & potenzielle Verwässerung: Das Unternehmen hat derzeit 22.555.710 Class A Aktien ausstehend, 41.193.024 Class M Aktien (10 Stimmen pro Aktie), die vom CEO kontrolliert werden, sowie 43.848.750 Warrants, die bis zum 30. Juni 2033 zu 11,50 USD ausgeübt werden können. Jegliche Ausgabe im Rahmen der Shelf-Registrierung könnte den Streubesitz erheblich erhöhen und bestehende Aktionäre verwässern, wobei die Erlöse für „allgemeine Unternehmenszwecke“ verwendet werden.

Geschäftsüberblick: Bitcoin Depot betreibt das größte Bitcoin-ATM (BTM)-Netzwerk in Nordamerika mit 8.483 Kiosken und BDCheckout-Zugang in 10.926 Einzelhandelsstandorten zum 31. März 2025. Der Umsatz im ersten Quartal 2025 betrug 164,2 Millionen US-Dollar, gegenüber 138,5 Millionen im ersten Quartal 2024, wobei das Unternehmen jedoch einen 9,7 %igen Umsatzrückgang auf Basis der letzten zwölf Monate trotz eines 15,7 %igen Anstiegs des Bitcoin-Preises verzeichnet, was auf eine begrenzte Korrelation zwischen Umsatz und Kryptopreisbewegungen hinweist.

Wesentliche Beziehungen & Wettbewerbsposition: Das Unternehmen ist exklusiver BTM-Anbieter für etwa 900 Circle K Filialen in den USA und Kanada und lizenziert zudem seine BitAccess-Verarbeitungssoftware an Drittanbieter, was wiederkehrende Softwareerlöse generiert.

Risikohighlights (zusammengefasst aus der Einreichung):

  • Hohes Verwässerungsrisiko durch zusätzliche Aktien- oder aktiengebundene Emissionen.
  • Komplexe, mehrstufige Aktienstruktur mit Super-Voting Class M und Class V Aktien.
  • Regulatorische, wettbewerbliche und rechtliche Unsicherheiten, die unter „Risikofaktoren“ dargestellt sind.
SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Hansen Kent A

(Last) (First) (Middle)
10 S. RIVERSIDE PLAZA
SUITE 1520

(Street)
CHICAGO IL 60606

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
KINGSWAY FINANCIAL SERVICES INC [ KFS ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
CFO & EVP
3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 07/01/2025 P 111(1) A $14.02 135,248(2) D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Explanation of Responses:
1. The shares of Common Stock were acquired pursuant to the Kingsway America Inc. Employee Share Purchase Plan, as amended and restated effective May 29, 2014 (the "ESPP"). Pursuant to the ESPP, eligible employees may contribute an amount up to 5% of adjusted salary for each regular payroll period and, to the extent such employee has been employed by Kingsway America Inc. and its subsidiaries for 12 months, the company will make a matching contribution equal to 100% of such employee's contribution. The employee contributions and company contributions are used to purchase, as soon as administratively practicable after the date of such contributions, shares of Kingsway Financial Services Inc. The shares are acquired by the administrator of the ESPP on the open market through the services of a duly registered stockbroker.
2. Includes 8,370 shares of restricted stock granted on December 15, 2022, 14,204 shares of restricted stock granted on March 26, 2024, and 20,728 shares of restricted stock granted on December 4, 2024.
/s/ Debra Rouse, attorney-in-fact for Kent A. Hansen 07/01/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What is Bitcoin Depot's (BTM) new shelf registration size?

The company may issue up to $100 million in Class A common stock, preferred stock, warrants and/or units.

How many Bitcoin Depot kiosks are currently deployed?

As of March 31 2025, Bitcoin Depot operated 8,483 Bitcoin ATMs across North America, plus BDCheckout in 10,926 locations.

Will the $100 million offering be immediately dilutive to BTM shareholders?

Dilution depends on the type, timing and pricing of securities issued; specific terms will be detailed in future prospectus supplements.

What were Bitcoin Depot's revenues for Q1 2025?

Revenue for the three months ended March 31 2025 was $164.2 million, up from $138.5 million in Q1 2024.

What is the exercise price and expiry of existing BTM warrants?

There are 43,848,750 warrants outstanding, each exercisable for one Class A share at $11.50, expiring on June 30 2033.

Where is Bitcoin Depot's common stock listed and what was the recent price?

Class A common stock trades on the Nasdaq Capital Market under the symbol BTM; it closed at $5.63 on June 19 2025.
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