Bitcoin ATM Giant Bitcoin Depot Faces Revenue Dip Despite Crypto Market Surge

Despite Bitcoin surpassing $100,000 last year, Bitcoin Depot, a leading bitcoin ATM provider, reported a decline in revenue—from $150 million in Q4 2022 to $137 million in Q4 2024. The drop, according to the company, stemmed mainly from regulatory changes in California, which reduced transaction volume.

Bitcoin Depot’s business model has historically been disconnected from bitcoin price trends. CEO Brandon Mintz noted that even during the 2022 market crash, user transactions grew. The company’s services cater to unbanked users, cash-preferred customers, elderly individuals, and those who find cash-to-bitcoin transactions more convenient.

Since its Nasdaq debut via SPAC in 2023, Bitcoin Depot’s stock has plunged 85%, with its current market cap at $82 million. However, the company dismissed the idea that the launch of U.S. spot bitcoin ETFs in January 2024 impacted its business. A spokesperson emphasized that their transaction volume remains unaffected by ETF-related market shifts, as their customer base is largely not involved in mainstream investment vehicles.

Bitcoin Depot exclusively sells bitcoin through its ATMs. Mintz explained that the firm previously supported other cryptocurrencies but pivoted to bitcoin-only after regulatory concerns arose, particularly from the SEC’s actions against crypto firms. The simplified offering aligns with the company’s goal to remain beginner-friendly.

The ATMs, which cost $5,000 to $7,000 each, take about a year to become profitable. Since its inception in 2016, Bitcoin Depot has processed nearly $3 billion in transactions. While primarily active in North America, Mintz hinted at potential international expansion due to domestic market saturation.