Here are 1-3 brief analogies for Bitcoin Depot (BTM):

• Like a traditional bank ATM, but for buying and selling Bitcoin with cash.
• Similar to a CoinStar machine, but for converting cash into Bitcoin.

• Bitcoin ATMs: Provides a physical network of kiosks where customers can convert cash into Bitcoin and vice-versa.
• BDCheckout: Enables customers to purchase Bitcoin at participating retail checkout registers using cash.
• Mobile App: A companion application that facilitates transaction processes, manages user accounts, and locates nearby service points for their Bitcoin exchange services.

Bitcoin Depot (BTM) primarily serves individual customers through its extensive network of Bitcoin ATMs. While the company engages in business-to-business relationships by partnering with retail locations to host its kiosks, the fundamental revenue stream from transaction fees is generated directly from individuals buying and selling cryptocurrency.

Based on its business model, the company serves the following categories of individual customers:

• The Unbanked, Underbanked, and Cash-Preferred Individuals: This segment includes customers who may lack traditional banking access, choose to manage their finances primarily with cash, or seek enhanced privacy in their financial transactions. Bitcoin Depot's ATMs provide an essential and accessible on-ramp and off-ramp for these individuals to engage with the cryptocurrency market using physical cash.
• Convenience-Seeking and Time-Sensitive Users: These customers prioritize the speed and ease of converting cash to cryptocurrency (and vice-versa) over potentially lower fees offered by more complex online exchanges. They often require immediate access to crypto without the delays typically associated with bank transfers, online verification processes, or navigating intricate trading platforms.
• New or Less Tech-Savvy Cryptocurrency Entrants: This category encompasses individuals who are new to the world of digital assets and may find traditional online cryptocurrency exchanges complex or intimidating. Bitcoin ATMs offer a simpler, more approachable, and often physically intuitive way to make their initial cryptocurrency purchase or sale using cash.

Brandon Mintz, Chief Executive Officer and Chairman of the Board of Directors

Brandon Mintz founded Bitcoin Depot in June 2016. Prior to founding Bitcoin Depot, he founded and served as Chief Executive Officer of Premier Technologies, LLC, also known as Cash To Crypto, starting in November 2013. He began his entrepreneurial ventures before college by buying and reselling boats and jet skis. Mintz holds a B.B.A. in Marketing from the University of Georgia.

David Gray, Chief Financial Officer

David Gray was appointed Chief Financial Officer effective March 24, 2025. He joined Bitcoin Depot from Aviat Networks, where he served as CFO and contributed to the company's revenue growth from $275 million to nearly $500 million through strategic acquisitions and financial transformation initiatives. Previously, Gray held CFO and senior finance leadership roles at Superior Essex, Eaton Corporation, and Newell Brands. He holds a B.S. in Accounting from Penn State University and is a Certified Management Accountant (CMA) and a Certified Public Accountant (CPA).

Scott Buchanan, President & Chief Operating Officer

Scott Buchanan has served as President of Bitcoin Depot since August 2025 and as Chief Operating Officer since March 2022. He also previously held the position of Chief Financial Officer from August 2020 to January 2023. Before joining Bitcoin Depot, Buchanan worked at Acuity Brands (NYSE: AYI) in various finance-related roles starting in December 2015. He holds a B.S. in Accounting from North Carolina State University and a Masters of Science in Accountancy from Wake Forest School of Business, and is a certified public accountant.

Chris Ryan, Chief Legal Officer

Before joining Bitcoin Depot, Chris Ryan served as Deputy General Counsel at MoneyGram International, where he led global legal teams focusing on cryptocurrency initiatives, regulatory strategy, and commercial partnerships across North America, Latin America, Europe, and Africa. With over a decade of experience, he has negotiated high-profile fintech deals, advised on blockchain product strategies, and developed compliance frameworks for digital assets and payments. Ryan has also collaborated with policymakers on evolving cryptocurrency regulations. He holds a J.D. from the Florida Coastal School of Law.

Philip Brown, Chief Compliance Officer

Before joining Bitcoin Depot, Philip Brown was Banxa's director of compliance and chief compliance officer for North America, where he played a key role in building and operationalizing its global compliance framework and navigating virtual asset regulations. He also gained extensive experience in traditional financial services compliance, particularly regarding fiduciary obligations and risk management, as chief compliance officer at Alliance Trust.

Key Risks to Bitcoin Depot (BTM)

1. Regulatory Headwinds and Uncertainty: Bitcoin Depot operates in a highly regulated and evolving environment, facing significant risks from current and future cryptocurrency regulations. Stricter Know Your Customer (KYC) and Anti-Money Laundering (AML) mandates, transaction caps, and outright bans on Bitcoin ATMs in certain jurisdictions directly threaten transaction volumes and revenue. For example, recent legislation in several U.S. states has imposed daily transaction limits and caps on markup fees, significantly impacting the company's operational environment and revenue streams.

2. Cryptocurrency Price Volatility: The demand for Bitcoin Depot's services is closely tied to the broader cryptocurrency market. Prolonged downturns or significant volatility in cryptocurrency prices can lead to reduced consumer interest in buying crypto with cash, thereby decreasing BTM usage and impacting the company's fee revenues.

3. Competition and Limited Growth Prospects of the Business Model: Despite being a market leader in North America, Bitcoin Depot's business model, which relies on cash-to-crypto ATM transactions, faces inherent limitations and increasing competition. The long-term growth prospects for physical Bitcoin ATMs are questionable as digital and cashless transaction methods become more prevalent. Emerging competitors in the cryptocurrency ATM space could further challenge Bitcoin Depot's market share, and the company's revenue growth has shown signs of slowing.

The accelerating shift towards digital-first, app-based cryptocurrency exchanges and integrated financial platforms (e.g., Coinbase, Binance, PayPal, Cash App, Robinhood Crypto) that offer increasingly user-friendly, lower-fee, and more convenient methods for buying and selling cryptocurrencies directly via bank accounts or debit cards. This trend threatens to diminish the unique value proposition of physical Bitcoin ATMs, which primarily cater to cash users, the unbanked, or those seeking immediate physical access, by providing a superior and more scalable alternative for the vast majority of potential crypto users.

The addressable market for Bitcoin Depot's main products and services, primarily Bitcoin ATMs (BTMs) and the BDCheckout program, is the U.S. Crypto ATM Market. These services facilitate the conversion of cash into Bitcoin and other cryptocurrencies.

Estimates for the size of the U.S. Crypto ATM Market vary, but all sources indicate substantial growth:

• In 2024, the U.S. crypto ATM market was valued between USD 73.5 million and USD 100.50 million.
• The market is projected to reach approximately USD 113.2 million to USD 286.72 million in 2025.
• Looking further ahead, the U.S. crypto ATM market is forecast to grow significantly, with projections including:
  • USD 1,907.7 million by 2030, growing at a CAGR of 59.7% from 2024 to 2030.
  • USD 2,429.7 million by 2032, with a CAGR of 55% from 2025–2032.
  • USD 3,346.47 million by 2032, expanding at a CAGR of 55% from 2025 to 2032.
  • USD 7,679.6 million by 2034, exhibiting a CAGR of 45.22% from 2026-2034.

The region for these market sizes is the United States, which is recognized as a dominant market in the global crypto ATM industry.

Here are 3-5 expected drivers of future revenue growth for Bitcoin Depot (BTM) over the next 2-3 years:

1. Expansion of Bitcoin ATM (BTM) Network: Bitcoin Depot is actively expanding its physical footprint by deploying more Bitcoin ATMs. This includes strategic partnerships with large retail chains like GPM Investments, with an initial rollout of 188 BTMs and plans for further expansion within their network, as well as with the Independent Grocers Alliance (IGA) to place kiosks in neighborhood grocery stores across the U.S.. The company has also secured investments for the deployment of new BTM kiosks as part of its profit-share program, which has already added over 350 locations. Bitcoin Depot surpassed its goal of deploying over 8,000 Bitcoin ATMs ahead of schedule in July 2024 and operates approximately 8,800 kiosk locations as of November 2025. CEO Brandon Mintz consistently highlights BTM network expansion as a key factor in sequential revenue growth and improved profitability.
2. Growth of BDCheckout Program: The BDCheckout service allows customers to purchase cryptocurrency at thousands of name-brand retail locations, expanding Bitcoin Depot's reach beyond its traditional BTM kiosks. This program has been extended to new states and is a key growth driver, with over 7,700 retail locations across 30 states utilizing the service as of August 2025.
3. Favorable Cryptocurrency Market Environment and Increased Consumer Adoption: A positive cryptocurrency market environment, characterized by rising Bitcoin prices, regulatory clarity, growing institutional demand, and increased adoption, is expected to drive higher transaction volumes for Bitcoin Depot. CEO Brandon Mintz has expressed optimism for 2025, citing a favorable cryptocurrency market. Analysts anticipate heightened revenue streams driven by increased consumer interest and transaction volumes, especially as Bitcoin prices approach new highs. The company's growth reflects the ongoing consumer adoption of cryptocurrency, leading to kiosk performance exceeding expectations.
4. Operational Efficiency and Kiosk Profitability Optimization: Bitcoin Depot is focused on enhancing operational efficiencies and optimizing existing machines for greater profitability. This strategy includes relocating underperforming BTMs to more promising locations and optimizing markup for maximum profitability. The company's efforts in cost management and operational optimization have led to significant improvements in adjusted gross profit and EBITDA, positioning it for future growth.

Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

• Bitcoin Depot authorized a share repurchase program on September 22, 2023, to buy back up to $10 million of its Class A common stock.
• This program was initially authorized to continue through June 30, 2024, but a subsequent report indicated it expired on March 31, 2025.
• The company intended to fund these repurchases using cash on hand and cash generated from operations.

Share Issuance

• On October 7, 2025, Bitcoin Depot announced a registered direct offering of 4,285,716 shares of its Class A common stock at $3.50 per share, anticipating gross proceeds of approximately $15 million.
• The net proceeds from the October 2025 offering are intended for general corporate purposes.
• In connection with the business combination on June 30, 2023, Bitcoin Depot issued 4,300,000 shares of Series A Preferred Stock in a private placement.

Inbound Investments

• On March 26, 2024, Bitcoin Depot Operating LLC secured an additional Tranche B Term Loan of $15,700,000.
• This loan has a maturity date of June 23, 2026, and an interest rate of 17.0% per annum.

Outbound Investments

• Bitcoin Depot acquired the assets of Pelicoin, LLC to enhance its presence in the Gulf South region of the United States.
• On October 2, 2025, the company acquired the assets of National Bitcoin ATM (Westcliff Technologies), adding over 500 kiosks and increasing its U.S. market share to approximately 30%.
• Bitcoin Depot expanded its bitcoin treasury, including a purchase of 6 additional Bitcoins for $0.6 million, bringing its total to 100.35 Bitcoins, following an earlier acquisition of 83 Bitcoins for about $7.8 million.

Capital Expenditures

• Capital expenditures for the trailing twelve months ending June 30, 2025, were -$8.46 million, and for fiscal year 2024, they were -$10.75 million.
• The company recorded capital expenditures of -$0.02 million in fiscal year 2023 and -$1.11 million in fiscal year 2022.
• Bitcoin Depot aims to increase its BDCheckout retail transaction volume to reduce future capital expenditures.