Bitcoin Depot's shares surged by 20% to $2.04 following a 19% increase in Q1 revenue, reaching $164.2 million. The Atlanta-based Bitcoin ATM operator reported a profit of $12.2 million, a significant improvement from a $4.2 million loss the previous year. The rise was attributed to the deployment of more kiosks and larger transaction sizes. Bitcoin Depot also saw a substantial increase in Bitcoin holdings, now valued at $7.8 million, up from $600,000. The company is aiming to expand into New York, potentially adding 3,000 kiosks in the state. Despite a recent decline in stock price, Bitcoin Depot remains optimistic about future growth. The company is actively engaging with regulators to secure a license for operations in New York by 2025. Additionally, Bitcoin Depot is enhancing security measures to combat fraud, with plans to implement daily transaction limits and refund policies for fraudulent activities. Read more AI-generated news on: https://app.chaingpt.org/news

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