Catenaa, Tuesday, November 19, 2024 – Bitcoin Depot, an Atlanta-based cryptocurrency ATM operator, reported third-quarter revenue of $135.3 million for 2024, marking a 25% decline compared to $179.5 million in the same quarter last year, according to a filing with the US Securities and Exchange Commission.
Despite the revenue dip, the company highlighted its achievements in growing its ATM network. Bitcoin Depot closed the quarter with 8,300 active machines, surpassing its goals, said CEO Brandon Mintz.
The company operates in over 16,700 locations across the United States, Canada, and Australia.
Bitcoin Depot’s Class A Common Stock, trading under the ticker “BTM” on NASDAQ, was valued at $1.99 as of November 15, giving the company a market cap of $118.2 million.
Mintz emphasized the company’s focus on optimizing existing machines to enhance profitability while expanding access to Bitcoin.
Bitcoin Depot continues to lead as a prominent player in the cryptocurrency ATM market, balancing operational growth with challenges in revenue.
