Bitcoin Depot (BTM)
Market Price (4/18/2026): $5.22 | Market Cap: $54.9 MilSector: Financials | Industry: Diversified Capital Markets
Bitcoin Depot (BTM)
Market Price (4/18/2026): $5.22Market Cap: $54.9 MilSector: FinancialsIndustry: Diversified Capital Markets
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.0%, Dividend Yield is 18%, FCF Yield is 51% Megatrend and thematic driversMegatrends include Crypto & Blockchain, and Fintech & Digital Payments. Themes include Cryptocurrency Exchanges, and Digital Payments. | Weak multi-year price returns2Y Excs Rtn is -91%, 3Y Excs Rtn is -167% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.0%, Rev Chg QQuarterly Revenue Change % is -15% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 77% High stock price volatilityVol 12M is 119% Key risksBTM key risks include [1] regulatory headwinds threatening transaction volumes and revenue through mandates like transaction and fee caps, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.0%, Dividend Yield is 18%, FCF Yield is 51% |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain, and Fintech & Digital Payments. Themes include Cryptocurrency Exchanges, and Digital Payments. |
| Weak multi-year price returns2Y Excs Rtn is -91%, 3Y Excs Rtn is -167% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.0%, Rev Chg QQuarterly Revenue Change % is -15% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 77% |
| High stock price volatilityVol 12M is 119% |
| Key risksBTM key risks include [1] regulatory headwinds threatening transaction volumes and revenue through mandates like transaction and fee caps, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Bitcoin Depot (BTM) stock has lost about 40% since 12/31/2025 because of the following key factors:
1. Challenging 2026 Revenue Outlook and Q4 2025 Earnings Miss.
Bitcoin Depot projected a significant year-over-year revenue decline of 30% to 40% for its core Bitcoin ATM business in fiscal year 2026, attributing this to a dynamic regulatory environment and enhanced compliance standards. This negative outlook followed a wider-than-expected loss in Q4 2025, where the company reported a loss of $0.81 per share, compared to an anticipated loss of $0.47 per share.
2. Increased Regulatory Scrutiny and Industry Contraction.
The cryptocurrency ATM industry is facing heightened regulatory pressure, exemplified by Indiana's statewide ban on cryptocurrency ATMs in March 2026, which led to the deactivation of over 800 machines. Bitcoin Depot implemented a new compliance policy in February 2026, requiring ID verification for every transaction across its U.S. kiosk network to strengthen Know Your Customer (KYC) protocols and reduce fraud risk. This shift to enhanced compliance and regulatory uncertainty is contributing to a contraction in the overall crypto ATM market, with a net reduction of 597 machines globally in Q1 2026, including a 1.82% decline in the U.S. between January 1 and April 1, 2026.
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1. Challenging 2026 Revenue Outlook and Q4 2025 Earnings Miss.
Bitcoin Depot projected a significant year-over-year revenue decline of 30% to 40% for its core Bitcoin ATM business in fiscal year 2026, attributing this to a dynamic regulatory environment and enhanced compliance standards. This negative outlook followed a wider-than-expected loss in Q4 2025, where the company reported a loss of $0.81 per share, compared to an anticipated loss of $0.47 per share.
2. Increased Regulatory Scrutiny and Industry Contraction.
The cryptocurrency ATM industry is facing heightened regulatory pressure, exemplified by Indiana's statewide ban on cryptocurrency ATMs in March 2026, which led to the deactivation of over 800 machines. Bitcoin Depot implemented a new compliance policy in February 2026, requiring ID verification for every transaction across its U.S. kiosk network to strengthen Know Your Customer (KYC) protocols and reduce fraud risk. This shift to enhanced compliance and regulatory uncertainty is contributing to a contraction in the overall crypto ATM market, with a net reduction of 597 machines globally in Q1 2026, including a 1.82% decline in the U.S. between January 1 and April 1, 2026.
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Stock Movement Drivers
Fundamental Drivers
The -42.2% change in BTM stock from 12/31/2025 to 4/18/2026 was primarily driven by a -35.1% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 4182026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.03 | 5.22 | -42.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 636 | 615 | -3.3% |
| P/S Multiple | 0.1 | 0.1 | -35.1% |
| Shares Outstanding (Mil) | 10 | 11 | -7.9% |
| Cumulative Contribution | -42.2% |
Market Drivers
12/31/2025 to 4/18/2026| Return | Correlation | |
|---|---|---|
| BTM | -41.3% | |
| Market (SPY) | -5.4% | 25.8% |
| Sector (XLF) | -4.3% | 39.1% |
Fundamental Drivers
The -77.8% change in BTM stock from 9/30/2025 to 4/18/2026 was primarily driven by a -56.9% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 4182026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.52 | 5.22 | -77.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 608 | 615 | 1.1% |
| P/S Multiple | 0.2 | 0.1 | -56.9% |
| Shares Outstanding (Mil) | 5 | 11 | -49.0% |
| Cumulative Contribution | -77.8% |
Market Drivers
9/30/2025 to 4/18/2026| Return | Correlation | |
|---|---|---|
| BTM | -77.5% | |
| Market (SPY) | -2.9% | 30.8% |
| Sector (XLF) | -2.3% | 34.5% |
Fundamental Drivers
The -50.6% change in BTM stock from 3/31/2025 to 4/18/2026 was primarily driven by a -71.7% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 3312025 | 4182026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.57 | 5.22 | -50.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 574 | 615 | 7.2% |
| P/S Multiple | 0.1 | 0.1 | 63.0% |
| Shares Outstanding (Mil) | 3 | 11 | -71.7% |
| Cumulative Contribution | -50.6% |
Market Drivers
3/31/2025 to 4/18/2026| Return | Correlation | |
|---|---|---|
| BTM | -49.9% | |
| Market (SPY) | 16.3% | 16.5% |
| Sector (XLF) | 6.3% | 21.4% |
Fundamental Drivers
The -92.8% change in BTM stock from 3/31/2023 to 4/18/2026 was primarily driven by a -83.2% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 3312023 | 4182026 | Change |
|---|---|---|---|
| Stock Price ($) | 72.45 | 5.22 | -92.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 615 | 0.0% |
| P/S Multiple | � | 0.1 | 0.0% |
| Shares Outstanding (Mil) | 2 | 11 | -83.2% |
| Cumulative Contribution | 0.0% |
Market Drivers
3/31/2023 to 4/18/2026| Return | Correlation | |
|---|---|---|
| BTM | -92.7% | |
| Market (SPY) | 63.3% | 15.9% |
| Sector (XLF) | 70.3% | 18.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BTM Return | - | 2% | -68% | -50% | -20% | -44% | -93% |
| Peers Return | 21% | -79% | 366% | 31% | 36% | 8% | 134% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 3% | 87% |
Monthly Win Rates [3] | |||||||
| BTM Win Rate | - | 67% | 50% | 33% | 25% | 25% | |
| Peers Win Rate | 38% | 37% | 63% | 45% | 62% | 45% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| BTM Max Drawdown | - | -0% | -80% | -56% | -37% | -78% | |
| Peers Max Drawdown | -31% | -81% | -2% | -38% | -32% | -26% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: COIN, HOOD, MARA, RIOT, CLSK.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/17/2026 (YTD)
How Low Can It Go
| Event | BTM | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -80.2% | -25.4% |
| % Gain to Breakeven | 405.9% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
Compare to COIN, HOOD, MARA, RIOT, CLSK
In The Past
Bitcoin Depot's stock fell -80.2% during the 2022 Inflation Shock from a high on 5/24/2023. A -80.2% loss requires a 405.9% gain to breakeven.
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About Bitcoin Depot (BTM)
Bitcoin Depot is an INC 5000 company and the fastest-growing multi-cryptocurrency ATM Network offering users the ability to buy and sell.
AI Analysis | Feedback
```htmlHere are 1-3 brief analogies for Bitcoin Depot (BTM):
- Coinstar for cryptocurrency
- Like traditional bank ATMs, but for buying and selling cryptocurrency
- Western Union for digital currency transactions
AI Analysis | Feedback
Bitcoin Depot (BTM) provides the following major services:
- Cryptocurrency ATM Services: Offers users the ability to buy and sell multiple cryptocurrencies through its network of cryptocurrency ATMs.
AI Analysis | Feedback
Bitcoin Depot (BTM) operates a multi-cryptocurrency ATM network, primarily serving individual users rather than other businesses. The company facilitates the buying and selling of cryptocurrency directly to consumers. Based on the nature of its business, the major customer categories include:
- New or Occasional Cryptocurrency Users: Individuals who are new to the cryptocurrency market or only engage in transactions infrequently. These users often find the ATM interface more straightforward and accessible compared to complex online exchanges.
- Cash-Reliant or Privacy-Conscious Users: Customers who prefer or need to use physical cash for their transactions, potentially due to a lack of traditional banking services (unbanked/underbanked) or a desire for greater privacy in their financial activities.
- Convenience and Speed-Focused Users: Individuals who prioritize immediate access to cryptocurrency or quick cash-outs. These users are often willing to pay a premium for the instant nature of ATM transactions, avoiding the waiting times associated with bank transfers or online exchange processing.
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Scott Buchanan, Chief Executive Officer Mr. Buchanan has served as Chief Executive Officer of Bitcoin Depot since January 2026. He previously held the roles of President from August 2025 to December 2025, Chief Operating Officer from March 2022 to November 2025, and Chief Financial Officer from August 2020 to January 2023 at Bitcoin Depot. Before joining Bitcoin Depot, Mr. Buchanan worked in various finance-related roles at Acuity Brands (NYSE: AYI) starting in December 2015. David Gray, Chief Financial Officer Mr. Gray was appointed Chief Financial Officer of Bitcoin Depot in March 2025. He joined Bitcoin Depot from Aviat Networks, where he served as CFO and contributed to the company's growth from $275 million to nearly $500 million in revenue through strategic acquisitions and financial transformation initiatives. Mr. Gray also held CFO and senior finance leadership positions at Superior Essex, Eaton Corporation, and Newell Brands. Brandon Mintz, Executive Chairman Mr. Mintz founded Bitcoin Depot in 2016 and served as its Chief Executive Officer from its inception until December 2025, transitioning to Executive Chairman in January 2026. Prior to founding Bitcoin Depot, he founded and served as Chief Executive Officer of Premier Technologies, LLC, beginning in November 2013. Elizabeth Simer, Chief Operating Officer Ms. Simer was appointed Chief Operating Officer of Bitcoin Depot, effective January 1, 2026. Before joining Bitcoin Depot, she served as Chief Operating Officer at Slickdeals. Previously, Ms. Simer was the Chief Strategy Officer and General Manager at OppFi, where she was responsible for launching and growing consumer lending products. She also held product, marketing, and strategy roles at prominent fintech companies, including Intuit, Square, and Discover Financial Services.AI Analysis | Feedback
For the public company Bitcoin Depot (symbol: BTM), the key risks to the business are:
- Regulatory and Legal Risks: Bitcoin Depot faces significant exposure to evolving state and federal cryptocurrency regulations, including money-transmission licensing, consumer-protection rules, and Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements. New legislation, such as transaction limits and markup caps in various states, has directly impacted the company's operational environment and, in some cases, led to substantial revenue declines. For instance, a $1,000 daily transaction limit in California reportedly resulted in a 70% decrease in sales during the first ten days of 2024 compared to the previous year. Furthermore, the company has faced lawsuits and investigations from state attorneys general, alleging failures to prevent and even facilitation of fraudulent use of its ATMs. In response, Bitcoin Depot is implementing more stringent compliance policies, including mandatory ID verification for every transaction, which while enhancing security, could also affect transaction volumes.
- Demand Cyclicality and Cryptocurrency Price Volatility: Bitcoin Depot's transaction volumes and revenue are closely tied to the broader retail interest in cryptocurrency, which is highly cyclical and influenced by the volatile prices of cryptocurrencies like Bitcoin. While the company primarily earns revenue through transaction fees and the margin on crypto inventory, periods without significant market rallies can lead to muted sales growth.
- Competition and Business Model Longevity: Despite being a leading Bitcoin ATM operator in North America, Bitcoin Depot operates in a fragmented and competitive industry. The company faces competition from other BTM operators and broader fintech platforms, including major cryptocurrency exchanges. The long-term viability of its business model, which heavily relies on physical cash-to-crypto ATMs, is also a risk, particularly as cash usage may decline over time and more convenient or lower-cost online alternatives become prevalent. Bitcoin ATMs typically charge high fees, with median fees for buying and selling Bitcoin reported at 16% and 15% respectively, which could drive users to cheaper options.
AI Analysis | Feedback
The clear emerging threats for Bitcoin Depot (BTM), an operator of multi-cryptocurrency ATMs, stem primarily from the accelerating maturation and mainstream adoption of alternative, more convenient, and often lower-cost methods for buying and selling cryptocurrency:
-
Dominance and Evolution of Online/Mobile Cryptocurrency Exchanges: Bitcoin Depot's business model relies on users utilizing physical ATMs for crypto transactions. However, online cryptocurrency exchanges (e.g., Coinbase, Kraken, Binance) are continuously improving their user experience, security, and accessibility through highly functional mobile apps and web platforms. These platforms typically offer lower transaction fees, higher liquidity, and the convenience of executing transactions from anywhere, at any time, via bank transfers, debit cards, or credit cards. As these digital alternatives become even more seamless and trustworthy, the necessity and appeal of traveling to a physical ATM, often incurring higher fees, diminishes significantly. This parallels Netflix's disruption of Blockbuster, where a more convenient digital delivery model rendered physical storefronts increasingly obsolete.
-
Integration of Cryptocurrency Services into Mainstream Financial Platforms: A growing number of mainstream financial technology (fintech) applications (e.g., PayPal, Cash App, Revolut, Robinhood) and even some traditional banking institutions are integrating direct cryptocurrency buying, selling, and holding capabilities. This trend allows users to manage their crypto assets alongside their traditional finances within platforms they already use and trust, directly bypassing the need for specialized crypto ATM networks. This development mirrors Uber's impact on traditional taxicab businesses; the core service (accessing a valuable asset or service) is increasingly being absorbed into existing, ubiquitous digital platforms, making dedicated, specialized services less competitive.
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Addressable Markets for Bitcoin Depot (BTM)
Bitcoin Depot (NASDAQ: BTM) operates primarily within the cryptocurrency ATM market, providing users the ability to buy and sell various cryptocurrencies, predominantly Bitcoin, through its extensive network of physical kiosks and its BDCheckout product. This service caters to individuals who prefer cash-based transactions to access the digital financial system.
The primary addressable market for Bitcoin Depot is the **Cryptocurrency ATM market**.
Global Cryptocurrency ATM Market
The global cryptocurrency ATM market size was valued at approximately USD 182.1 million in 2023 and USD 189.64 million in 2024. This market is projected for substantial growth, with various reports forecasting significant expansion:
- It is poised to grow from USD 308.16 million in 2025 to USD 14,983.2 million by 2033, demonstrating a compound annual growth rate (CAGR) of 62.5% during the forecast period (2026–2033).
- Other projections indicate the market will reach USD 18,127.56 million by 2034, growing at a CAGR of 54.80% from USD 356.72 million in 2025.
- Further estimates suggest the market could reach USD 5.45 billion by 2030, with a CAGR of 63.4% from 2024 to 2030.
- Another report forecasts the market to reach USD 2.65 billion by 2032, growing from USD 219.17 million in 2025.
North American / U.S. Cryptocurrency ATM Market
North America is a dominant region in the global crypto ATM market, holding a significant share, estimated at around 45% in 2021 and 45.8% in 2023.
Specifically for the U.S. market:
- The U.S. crypto ATM market was valued at USD 73.5 million in 2024 and is expected to reach USD 2,429.7 million by 2032, advancing at a CAGR of 55% during 2025–2032.
- Another estimate indicates the U.S. crypto ATM market generated USD 72.0 million in revenue in 2023 and is expected to reach USD 1,907.7 million by 2030, growing at a CAGR of 59.7% from 2024 to 2030.
- A different valuation reported the U.S. crypto ATM market size at USD 267.4 million in 2025, with an expectation to reach USD 7,679.6 million by 2034, exhibiting a CAGR of 45.22% from 2026-2034.
- North America as a whole held a crypto ATM market share valued at USD 316.49 million in 2025 and USD 486.06 million in 2026.
Broader Cryptocurrency Exchange Platform Market (Contextual)
While Bitcoin Depot's core business focuses on physical access points, its services contribute to the broader market for buying and selling cryptocurrencies. The global cryptocurrency exchange platform market, where users can buy, sell, and trade cryptocurrencies online, provides a wider context for crypto adoption and transaction volume.
- The global cryptocurrency exchange platform market size was estimated at USD 45,896.1 million in 2023 and is projected to reach USD 264,318.3 million by 2030, growing at a CAGR of 28.4% from 2024 to 2030.
- Another source projects this market to reach USD 347.50 billion by 2030, with a CAGR of 30.08% from 2021 to 2030.
- North America is a leading region in this market, holding approximately 45% of the global market share.
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Here are 3-5 expected drivers of future revenue growth for Bitcoin Depot (BTM) over the next 2-3 years:
- Continued Kiosk Network Expansion and Optimization: Bitcoin Depot has consistently emphasized the expansion and strategic redeployment of its Bitcoin ATM (BTM) kiosk network as a key driver of revenue growth. As of Q3 2025, the company reported approximately 9,300 active machines, with plans for continued growth. This ongoing deployment and optimization of kiosk locations aim to increase accessibility and transaction volumes.
- Growth in Transaction Volume and Median Transaction Sizes: The company has observed and expects to continue benefiting from higher transaction volumes and increased median transaction sizes at its kiosks. In Q3 2025, the median transaction size was up 40% year-over-year to $350, contributing to revenue growth. This indicates strong consumer demand and a potential for sustained increase in the value of transactions processed through their network.
- Strategic Acquisitions: Bitcoin Depot has actively pursued acquisitions to expand its market share and geographic footprint. Recent examples include the acquisition of Pelicoin in mid-2025 to strengthen its presence in the Gulf South region, and the acquisition of regional Bitcoin ATM operator Instant Coin Bank in January 2026. Such strategic moves consolidate their position in a fragmented market and directly contribute to their operational scale and revenue base.
- Expansion of Fintech Product and Service Offerings: Beyond its core BTM operations, Bitcoin Depot is diversifying its product portfolio. This includes BDCheckout, launched in 2022, which allows customers to convert cash to Bitcoin at thousands of retail locations, reducing capital expenditure needs while expanding the client base. More recently, in March 2026, Bitcoin Depot launched ReadyBucks, a business advance platform, and acquired Kutt, a social betting platform, further broadening its fintech offerings and potential revenue streams.
- Increasing Cryptocurrency Adoption and Favorable Regulatory Environment: Analysts suggest that surging U.S. cryptocurrency adoption and increasing regulatory clarity are significant tailwinds for the crypto ATM market. As the market for digital assets matures and becomes more mainstream, Bitcoin Depot, as a leading operator, is well-positioned to capitalize on the growing demand for convenient cash-to-crypto conversion services.
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Share Repurchases
- Bitcoin Depot's Board of Directors authorized a share repurchase program of up to $10 million of its Class A common stock, commencing in September 2023 and continuing through June 30, 2024.
- The company anticipated funding these repurchases with cash on hand and cash generated from operations.
- The $10 million share buyback authorization expired on March 31, 2025.
Share Issuance
- In Q3 2025, Bitcoin Depot's shares issued amounted to $8.9 million.
- A one-for-seven (1:7) reverse stock split was announced in February 2026, becoming effective on February 23, 2026.
- The 5-year high for shares issued was $316.2 million in Q1 2022.
Outbound Investments
- In June 2025, Bitcoin Depot acquired the assets of Pelicoin, LLC, to enhance its presence in the Gulf South region of the United States.
- In January 2026, the company acquired Instant Coin Bank, a regional BTM operator with locations in Texas and Oklahoma.
- Bitcoin Depot expanded its bitcoin treasury holdings, acquiring an additional 6 Bitcoins for $0.6 million and earlier purchasing 83 Bitcoins for approximately $7.8 million, now holding over 100 Bitcoins in its treasury.
Capital Expenditures
- Capital expenditures were reported at $10.8 million, significantly absorbing operating cash flow.
- For the 12 months prior to November 2025, capital expenditures were -$5.72 million.
- The company's primary focus for future capital deployment includes expanding its kiosk network.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Bitcoin Depot Earnings Notes | 12/16/2025 | |
| Bitcoin Depot Stock 10-Day Losing Spree: Stock Falls -46% | 11/26/2025 | |
| Bitcoin Depot Stock Plummets -48% With 11-Day Losing Streak | 11/26/2025 | |
| Bitcoin Depot Stock Slides -45% With A 9-Day Losing Spree | 11/22/2025 | |
| null | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 14.94 |
| Mkt Cap | 5.2 |
| Rev LTM | 846 |
| Op Inc LTM | -63 |
| FCF LTM | -508 |
| FCF 3Y Avg | -400 |
| CFO LTM | -234 |
| CFO 3Y Avg | -116 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 44.9% |
| Rev Chg 3Y Avg | 44.2% |
| Rev Chg Q | 0.8% |
| QoQ Delta Rev Chg LTM | 0.1% |
| Op Inc Chg LTM | -19.2% |
| Op Inc Chg 3Y Avg | -9.4% |
| Op Mgn LTM | -7.3% |
| Op Mgn 3Y Avg | -11.2% |
| QoQ Delta Op Mgn LTM | -4.7% |
| CFO/Rev LTM | -29.2% |
| CFO/Rev 3Y Avg | -21.5% |
| FCF/Rev LTM | -64.2% |
| FCF/Rev 3Y Avg | -58.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 5.2 |
| P/S | 6.2 |
| P/Op Inc | -1.9 |
| P/EBIT | -0.3 |
| P/E | -6.0 |
| P/CFO | -1.8 |
| Total Yield | -2.7% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -8.3% |
| D/E | 0.3 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 23.7% |
| 3M Rtn | -12.8% |
| 6M Rtn | -38.9% |
| 12M Rtn | 38.1% |
| 3Y Rtn | 107.6% |
| 1M Excs Rtn | 16.8% |
| 3M Excs Rtn | -12.8% |
| 6M Excs Rtn | -50.5% |
| 12M Excs Rtn | 8.5% |
| 3Y Excs Rtn | 50.8% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Bitcoin ATM (BTM) revenue | 571 | 538 | 244 | ||
| Other Revenue | 2 | ||||
| Single Segment | 689 | 647 | |||
| BD Checkout | 0 | ||||
| Company Website | 0 | ||||
| Hardware Revenue | 1 | 0 | |||
| Over-the-counter (OTC) | 7 | ||||
| Software Services | 2 | 0 | |||
| Over-the-counter (OTC) and other revenue | 1 | ||||
| Total | 574 | 689 | 647 | 549 | 245 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single Segment | 1 | ||||
| Total | 1 |
Price Behavior
Price Behavior
| Market Price | $5.30 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 04/19/2022 | |
| Distance from 52W High | -88.3% | |
| 50 Days | 200 Days | |
| DMA Price | $4.32 | $16.83 |
| DMA Trend | down | down |
| Distance from DMA | 22.6% | -68.5% |
| 3M | 1YR | |
| Volatility | 161.6% | 119.8% |
| Downside Capture | 1.11 | 1.48 |
| Upside Capture | -92.28 | 141.68 |
| Correlation (SPY) | 18.6% | 21.3% |
BTM Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.06 | 2.39 | 1.89 | 2.34 | 0.90 | 1.04 |
| Up Beta | -7.53 | -2.66 | -2.70 | -1.01 | -0.41 | -0.01 |
| Down Beta | 2.74 | 1.58 | 3.02 | 3.86 | 0.96 | 1.08 |
| Up Capture | 166% | 20% | -94% | -57% | 142% | 50% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 8 | 16 | 24 | 48 | 102 | 319 |
| Down Capture | 472% | 419% | 344% | 269% | 169% | 113% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 14 | 26 | 36 | 72 | 138 | 382 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BTM | |
|---|---|---|---|---|
| BTM | -42.3% | 119.2% | 0.06 | - |
| Sector ETF (XLF) | 12.1% | 15.3% | 0.55 | 25.6% |
| Equity (SPY) | 21.1% | 12.9% | 1.32 | 24.6% |
| Gold (GLD) | 50.9% | 27.5% | 1.49 | 3.1% |
| Commodities (DBC) | 25.2% | 16.2% | 1.40 | 16.3% |
| Real Estate (VNQ) | 17.5% | 13.7% | 0.93 | 21.9% |
| Bitcoin (BTCUSD) | -7.8% | 42.6% | -0.08 | 38.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BTM | |
|---|---|---|---|---|
| BTM | -40.4% | 95.3% | -0.33 | - |
| Sector ETF (XLF) | 10.0% | 18.7% | 0.42 | 15.2% |
| Equity (SPY) | 10.8% | 17.1% | 0.49 | 12.8% |
| Gold (GLD) | 22.6% | 17.8% | 1.04 | 0.0% |
| Commodities (DBC) | 11.6% | 18.8% | 0.51 | 2.1% |
| Real Estate (VNQ) | 4.4% | 18.8% | 0.14 | 9.6% |
| Bitcoin (BTCUSD) | 5.2% | 56.5% | 0.31 | 25.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BTM | |
|---|---|---|---|---|
| BTM | -22.8% | 95.3% | -0.33 | - |
| Sector ETF (XLF) | 13.4% | 22.2% | 0.55 | 15.2% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 12.8% |
| Gold (GLD) | 14.3% | 15.9% | 0.75 | 0.0% |
| Commodities (DBC) | 8.5% | 17.6% | 0.40 | 2.1% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.24 | 9.6% |
| Bitcoin (BTCUSD) | 68.4% | 66.9% | 1.07 | 25.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/16/2026 | -8.0% | -28.8% | -15.8% |
| 11/13/2025 | -17.5% | -33.5% | -47.4% |
| 8/12/2025 | -12.4% | -16.2% | -21.4% |
| 3/18/2025 | 1.4% | 6.5% | -5.8% |
| 11/13/2024 | -1.2% | -18.7% | -23.5% |
| 8/13/2024 | -4.8% | 6.1% | -4.2% |
| 3/25/2024 | -17.2% | -36.2% | -29.1% |
| 11/13/2023 | -7.1% | -19.7% | 4.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 2 | 3 | 2 |
| # Negative | 7 | 6 | 7 |
| Median Positive | 9.9% | 6.5% | 4.6% |
| Median Negative | -8.0% | -24.2% | -21.4% |
| Max Positive | 18.3% | 27.1% | 4.9% |
| Max Negative | -17.5% | -36.2% | -47.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 03/18/2026 | 10-K |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/24/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/15/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 04/15/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 09/01/2023 | 424B3 |
| 03/31/2023 | 06/20/2023 | DEFM14A |
| 06/30/2022 | 10/05/2022 | PREM14A |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 3/16/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue Growth | -40.0% | -35.0% | -30.0% | ||||
Prior: Q3 2025 Earnings Reported 11/13/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue | 112.00 Mil | 113.50 Mil | 115.00 Mil | ||||
| Q4 2025 Adjusted EBITDA | 1.00 Mil | 3.00 Mil | 4.00 Mil | ||||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Buchanan, Christopher Scott | President | Direct | Sell | 12032025 | 1.42 | 7,000 | 9,940 | 879,372 | Form |
| 2 | Buchanan, Christopher Scott | COO and President | Direct | Sell | 11052025 | 2.70 | 7,000 | 18,900 | 340,945 | Form |
| 3 | Mintz, Brandon Taylor | Chief Executive Officer | BD Investment Holdings II LLC | Sell | 11052025 | 2.57 | 92,210 | Form | ||
| 4 | Mintz, Brandon Taylor | Chief Executive Officer | BD Investment Holdings II LLC | Sell | 11052025 | 2.49 | 88,559 | Form | ||
| 5 | Mintz, Brandon Taylor | Chief Executive Officer | BD Investment Holdings II LLC | Sell | 11052025 | 2.70 | 168,967 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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