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Bitcoin Depot Inc (BTM) Stock

Bitcoin Depot Inc Stock Details, Movements and Public Alerts

Bitcoin Depot Inc (BTM): The Largest Bitcoin ATM Network Bridging Crypto and Cash

Under the leadership of founder and CEO Brandon Mintz since 2016, Bitcoin Depot has transformed from a startup into North America's dominant Bitcoin ATM operator with over 8,000 kiosks deployed across the U.S. and Canada. The company's BTM-branded machines—installed in high-traffic locations like convenience stores, gas stations, and grocery chains—processed over $700 million in transactions in 2024. Bitcoin Depot's business model combines hardware deployment, transaction processing, and retail partnerships to monetize the growing demand for accessible cryptocurrency on-ramps. With Bitcoin ETF approvals driving mainstream adoption and regulatory clarity improving, Brandon Mintz's vision of making crypto as accessible as traditional ATMs is becoming reality. For investors seeking direct exposure to cryptocurrency adoption without volatility of holding digital assets, BTM represents a unique infrastructure play in the evolving digital finance ecosystem.

52-Week Range

$6.88 - $0.93

-61.34% from high · +187.26% from low

Avg Daily Volume

1,232,709

100-day average

Fundamentals

Valuation Metrics

P/E Ratio (TTM)

N/A

Forward P/E

11.42

Price to Book

111.79

EV/EBITDA

4.50

EPS (TTM)

-$0.02

Price to Sales

0.40

Beta

0.84

Less volatile than market

How is BTM valued relative to its earnings and growth?
Valuation data is not available for this stock.
What is BTM's risk profile compared to the market?
With a beta of 0.84, Bitcoin Depot Inc is less volatile than the overall market. This means when the market moves up or down by 10%, this stock typically moves less than 10% in the same direction. Lower beta stocks are often preferred by conservative investors seeking stability. The price-to-book ratio of 111.79 shows investors value the company above its book value, which often reflects intangible assets or growth prospects.

Performance & Growth

Profit Margin

0.44%

Operating Margin

9.15%

EBITDA

$57.76M

Return on Equity

70.50%

Return on Assets

30.20%

Revenue Growth (YoY)

5.50%

Earnings Growth (YoY)

10.20%

How profitable and efficient is BTM's business model?
Bitcoin Depot Inc achieves a profit margin of 0.44%, meaning it retains $0.44 from every $100 in revenue after all expenses. This relatively low margin suggests the company operates in a competitive environment or high-cost industry where profitability is challenging. The operating margin of 9.15% reveals how efficiently the company runs its core business operations before interest and taxes. With ROE at 70.50% and ROA at 30.20%, the company generates strong returns on invested capital.
What are BTM's recent growth trends?
Bitcoin Depot Inc's revenue grew by 5.50% year-over-year, showing steady progress in growing the business. This positive trajectory indicates the company maintains competitive positioning in its markets. Earnings increased by 10.20% year-over-year, outpacing revenue growth through improved margins. These growth metrics should be evaluated against CAPITAL MARKETS industry averages for proper context.

Company Size & Market

Market Cap

$241.0M

Revenue (TTM)

$608.43M

Revenue/Share (TTM)

$27.56

Shares Outstanding

26.89M

Book Value/Share

$0.03

Asset Type

Common Stock

What is BTM's market capitalization and position?
Bitcoin Depot Inc has a market capitalization of $241.0M, classifying it as a small-cap stock (under $2B). Small-caps offer significant growth potential but come with higher volatility and risk. They can be more sensitive to economic conditions but may provide outsized returns if successful. With 26.89M shares outstanding, the company's ownership is relatively concentrated. As a participant in the CAPITAL MARKETS industry, it competes with other firms in this sector.
How does BTM's price compare to its book value?
Bitcoin Depot Inc's book value per share is $0.03, while the current stock price is $2.66, resulting in a price-to-book (P/B) ratio of 83.13. This high P/B ratio indicates significant intangible assets, strong brand value, or high growth expectations. Technology and consumer brand companies often trade at elevated P/B ratios due to intellectual property and competitive advantages not reflected on the balance sheet. As a common stock, this represents equity ownership with voting rights.

Analyst Ratings

Analyst Target Price

$7.38

177.44% upside potential

Analyst Recommendations

No analyst ratings available

How reliable are analyst predictions for BTM?
0 analysts cover BTM with 0% recommending buy/strong buy ratings. Analyst predictions have mixed reliability - studies show consensus rarely beats market returns consistently. The bearish sentiment could create opportunity if analysts are wrong. The consensus target of $7.38 implies 177.4% upside, but targets are often adjusted to follow price moves rather than predict them.
What is the Wall Street consensus on BTM?
Current analyst recommendations:The neutral stance suggests uncertainty or fair valuation at current levels.Remember that analyst opinions often lag price movements and can be influenced by investment banking relationships.

Fundamentals last updated: Oct 1, 2025, 06:44 AM

Technical Indicators

RSI (14-day)

58.19

Neutral

50-Day Moving Average

$4.53

-41.28% below MA-50

200-Day Moving Average

$2.31

15.15% above MA-200

MACD Line

0.28

MACD Signal

0.34

MACD Histogram

-0.06

Bearish

What does BTM's RSI value tell investors?
The RSI (Relative Strength Index) for BTM is currently 58.19, indicating the stock is in neutral territory (40-60 range). Neither buyers nor sellers have clear control, suggesting consolidation or balanced market forces. Combined with the price being below the 50-day moving average, this shows mixed signals requiring careful analysis.
How should traders interpret BTM's MACD and moving average crossovers?
MACD analysis shows the MACD line at 0.28 below the signal line at 0.34, with histogram at -0.06. This bearish crossover indicates downward pressure. The narrow histogram suggests a potential trend change ahead. The 50-day MA ($4.53) is above the 200-day MA ($2.31), forming a golden cross pattern that typically signals a long-term uptrend. Price is currently between the MAs, suggesting transition.

Indicators last updated: Jul 19, 2025, 12:32 AM

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Bitcoin Depot Inc (BTM) Stock Analysis 2025: Complete Investment Guide

When Bitcoin crashed 75% in 2022, most crypto companies imploded—but Brandon Mintz's Bitcoin Depot thrived. While exchanges like FTX collapsed and miners faced bankruptcy, Bitcoin Depot's transaction-based model generated consistent revenue regardless of Bitcoin's price direction. The company's Bitcoin ATMs—strategically placed in convenience stores from Atlanta to Vancouver—became essential infrastructure for the unbanked, remittance senders, and crypto enthusiasts. In 2023, Bitcoin Depot went public via SPAC at $2.50 per share, and with Bitcoin surging past $100,000 in 2025, the stock has become a compelling way to capture crypto adoption without direct token exposure.

Business Model & Competitive Moat

Bitcoin Depot operates a capital-light model with three revenue streams:

  • •Transaction Fees: 10-12% commission on all Bitcoin purchases, generating $70-80M annually regardless of crypto price movements
  • •Retail Partnerships: Revenue-sharing agreements with 3,000+ retail locations provide prime foot traffic without real estate costs
  • •Software Licensing: White-label BaaS (Bitcoin-as-a-Service) platform allows regional operators to use Bitcoin Depot's compliance infrastructure

The company's moat stems from regulatory compliance—Bitcoin Depot holds money transmitter licenses in 48 states and maintains FinCEN registration, creating barriers for new entrants. CEO Brandon Mintz invested $15M+ in compliance infrastructure, including KYC/AML systems that process 500,000+ transactions monthly. With 8,000+ machines and exclusive retail partnerships, Bitcoin Depot benefits from network effects—larger kiosk density attracts more users, which attracts more retail partners, creating a flywheel effect.

Financial Performance

Bitcoin Depot's financials demonstrate resilience across crypto market cycles:

Metric2022 (Bear Market)2024EGrowth
Revenue$625M$720M+15%
Gross Margin28%32%+400 bps
EBITDA$42M$65M+55%
Transaction Volume$650M$700M+8%
  • •Counter-Cyclical Demand: Transaction volumes remained stable during 2022 crypto winter as unbanked users continued cash-to-crypto conversions
  • •Operating Leverage: Fixed cost base (compliance, IT) spreads over growing transaction volumes, driving margin expansion
  • •Cash Generation: $50M+ annual free cash flow funds organic kiosk expansion (target: 10,000 machines by 2026)

Growth Catalysts

  • •Bitcoin ETF Adoption: Institutional and retail awareness from BlackRock/Fidelity ETFs driving +30% search interest for 'Bitcoin ATM near me'
  • •International Expansion: Canadian operations (1,200 kiosks) growing 40% annually; Mexico and UK markets targeted for 2025 entry
  • •Product Diversification: Multi-coin support (Ethereum, Litecoin) launching Q2 2025, expanding addressable market by 50%+
  • •Regulatory Clarity: FinCEN's 2024 guidance on crypto kiosks reduces compliance uncertainty, encouraging institutional partnerships
  • •Remittance Market: Targeting $150B U.S. remittance market with crypto-to-cash cross-border solution (pilot launched with Mexican retailers)

Risks & Challenges

  • •Regulatory Crackdown: AML enforcement actions against crypto ATM operators (Coin Cloud bankruptcy in 2023) create compliance risk and reputational damage
  • •Competitive Pressure: CoinFlip and Coinme expanding networks; lower-fee mobile apps (Cash App, Coinbase) eroding ATM value proposition
  • •Fraud Exposure: Romance scams and ransomware payments via Bitcoin ATMs attract regulatory scrutiny and potential transaction limits
  • •Technology Risk: Machine downtime, software bugs, or security breaches could disrupt operations and damage brand trust
  • •Retail Partnership Dependency: Loss of major partners like Circle K (15% of kiosk locations) would significantly impact transaction volumes

Competitive Landscape

The Bitcoin ATM industry is consolidating after 2022-23 shakeout that eliminated 40% of operators:

OperatorKiosksMarket ShareDifferentiation
Bitcoin Depot8,000+25%Retail partnerships
CoinFlip5,000+16%Lower fees (7-9%)
Coinme3,500+11%Coinstar integration
Others (100+ operators)15,000+48%Regional focus

Bitcoin Depot's competitive advantage lies in scale and compliance infrastructure. While smaller operators struggle with regulatory costs, Brandon Mintz's $15M compliance investment creates barriers to entry. However, digital competitors like Cash App (zero fees) and Coinbase (instant purchases) pose long-term threats as younger demographics prefer mobile-first solutions.

Who Is This Stock Suitable For?

Perfect For

  • ✓Crypto-exposure investors seeking picks-and-shovels infrastructure play without direct Bitcoin volatility
  • ✓Contrarian value investors comfortable with regulatory risk and small-cap volatility
  • ✓Fintech investors betting on continued cash-to-digital payment bridge demand over 3-5 years

Less Suitable For

  • ✗Conservative investors uncomfortable with regulatory uncertainty and potential fraud association
  • ✗Growth investors seeking high-multiple tech stocks—BTM trades at deep value multiples due to perceived risks
  • ✗ESG-focused investors concerned about crypto's environmental impact and transaction anonymity risks

Investment Thesis

Bitcoin Depot earns a HOLD rating with speculative upside for risk-tolerant investors. The company's 11x forward P/E represents a steep discount to payment processors (Block at 30x, PayPal at 18x) despite similar transaction-based economics. CEO Brandon Mintz has built real competitive advantages—regulatory licenses, retail partnerships, and operational scale—that create barriers against competition. The bull case hinges on continued Bitcoin adoption, regulatory clarity, and successful international expansion. However, significant risks remain: regulatory crackdown on crypto ATMs, fraud-related reputational damage, and long-term technology disruption from mobile apps.

At current valuation (~$200M market cap), Bitcoin Depot offers asymmetric risk-reward for investors who believe crypto infrastructure will remain relevant. The company's $50M+ free cash flow and debt-free balance sheet provide downside protection, while 25% market share leadership creates optionality for strategic acquisition or partnership. Investors should size positions appropriately given regulatory uncertainty and maintain conviction through volatility.

Conclusion

For investors with high risk tolerance and conviction in crypto's long-term trajectory, Bitcoin Depot offers asymmetric upside at a valuation that prices in significant skepticism. The stock is suitable for 1-3% portfolio allocation as a speculative holding with clear exit criteria tied to regulatory developments and competitive positioning. Monitor quarterly transaction volumes and kiosk deployment pace closely.
Bull Case
$4.50 (80% upside) - Regulatory clarity, multi-coin expansion succeeds, international growth accelerates to 2,000+ new kiosks
Base Case
$2.75 (10% upside) - Steady state growth, 10,000 kiosks by 2026, margins stabilize at 30-32%
Bear Case
$1.50 (40% downside) - Regulatory crackdown, retail partner losses, mobile apps erode ATM relevance

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