Bitcoin Depot – the operator of the largest Bitcoin ATM network in North America – just announced its financial results for the first quarter of 2025 with many positive signals, helping the stock to rise sharply after a long decline. But is this a sustainable revival or just a 'jump during a dying moment'?
Unexpected profit after a period of losses
After the first quarter of 2025, #BitcoinDepot reported a profit of 12.2 million USD, a complete turnaround from a loss of 4.2 million USD in the same period last year. Revenue increased by 19% compared to last year, reaching 164.2 million USD, thanks to the deployment of more ATMs and a higher average transaction scale.
Bitcoin Depot's system currently includes over 8,400 kiosks spread across 48 states in the U.S., allowing users to quickly convert cash to Bitcoin. The total transaction volume through this network from 2016 to now has reached approximately 3 billion USD.
Strategy to hold Bitcoin and expand the market
The company currently holds 7.8 million USD in Bitcoin, a significant increase from 600,000 USD in the previous quarter, due to a change in accounting methods based on market prices. Additionally, CEO Brandon Mintz stated that the company is negotiating to obtain a license to operate in New York, which is considered a 'potential market with a capacity of up to 3,000 kiosks.'
Stocks are recovering but still have not escaped the bottom zone
Stock prices rose 22% to 2.04 USD after the financial report was released, but still fell 79% from the listing price on Nasdaq in July 2023. The company currently has a market capitalization of approximately 44 million USD.
In the previous quarter, the company experienced a drop in revenue due to the impact of a new California law limiting daily transactions, showing sensitivity to the legal framework.
Bitcoin ATMs face regulatory tightening due to concerns about scamming the elderly
The development of the network #ATMBitcoin is also facing opposition from some U.S. lawmakers. Senator Dick Durbin has introduced a bill requiring:
Maximum transaction limit of 2,000 USD/day for new users
100% refund for fraudulent transactions within 30 days
According to reports, Americans over 60 lost 107 million USD through Bitcoin ATMs in 2024, often due to individuals impersonating technicians or government officials.
Bitcoin Depot asserts that it has established a strict control system, with 19 dedicated compliance personnel, along with a robust KYC and anti-money laundering system.
Perspective from the crypto market
Despite legal pressures, Bitcoin Depot still has supporters in the U.S. government, such as Congressman Lance Gooden, who proposed installing Bitcoin ATMs in federal buildings to promote cryptocurrency education.
In the context of Bitcoin prices fluctuating around 103,000 USD, with a low of 78,800 USD in the first quarter, Bitcoin ATM activity continues to depend on price volatility and mainstream user acceptance.
Connect with the crypto community and Binance users
The developments of Bitcoin Depot show that the crypto market is still full of opportunities for models connecting traditional finance with blockchain, but also poses significant risks if lacking oversight. For Binance users or centralized platforms, this is the time to weigh the convenience of decentralized services like Bitcoin ATMs against the safety of a well-validated ecosystem.
Risk warning: The cryptocurrency market is always highly volatile and poses many risks. Investing in crypto may not be suitable for everyone. Please research thoroughly and only invest money you can afford to lose.