Profit of Bitcoin Depot increases by 183% thanks to Bitcoin price recovery

Bitcoin Depot, the operator of the largest #ATM cryptocurrency machines in North America, has just announced a surge in Q2 profits by 183% compared to the same period last year, reaching 12.3 million USD. A large part of this growth comes from the increase in the value of the Bitcoin the company holds.

Impressive business results and expansion strategy

As of June 30, the company held 100 $BTC , worth 11.5 million USD, up 666% year-over-year. Revenue also increased by 6%, reaching 172 million USD, thanks to the deployment of additional kiosk machines and a larger average transaction size of customers.

Although the stock price of #BitcoinDepot fell slightly on the announcement day, it has still risen by 155% year-to-date. The company is also actively expanding, not only by deploying more kiosk machines but also through mergers and acquisitions to strengthen its market position.

Responding to challenges and reaching out internationally

Bitcoin Depot is adjusting its strategy to cope with new regulations, such as the trading limit law in California. At the same time, the company is also expanding into international markets, with plans to deploy 200 kiosk machines in Australia, a potential market for Bitcoin acceptance.

These positive results show that companies related to cryptocurrency are well leveraging the market recovery and continue to seek growth opportunities. #anhbacong