Bitcoin (BTC) may appear above a $ 100,000 mark last year, but not all Bitcoin-centric businesses benefit from price action.
The Bitcoin Depot (BTM), a firm who specializes in selling Bitcoin ATMs, has seen income loss from $ 150 million in the four -quarter quarter of 2022 to $ 137 million in the four -quarter of 2024.
The lower volume of the transaction is mainly due to regulatory changes in the state of California, the firm told CoinDesk. In addition, the Cash Flow of the Bitcoin Depot is a history that is not determined by Bitcoin’s price action, has argued with Brandon Mintz, the company’s president and CEO.
“Even though we saw that crash in 2022, transaction volumes were still growing,” he said.
The bitcoin depot’s stock dropped nearly 85% because it started trading with Nasdaq after its integration with a special purpose of getting the company (SPAC) in 2023. The company market capitalization stands for $ 30 million.
The firm removed the idea that the area of funds exchanged by the Bitcoin exchange, launched in the US in January 2024, could stop some of the company’s flows. “Historically, our business is not directly tied to the price of Bitcoin or investment vehicles such as ETFs,” a speaker said in an email statement. “We have not seen evidence that ETFs are affecting our transaction volumes.”
The Bitcoin Depot, Mintz said, tends to serve unspecified Americans, as well as people who prefer to transact cash, older people who are not used to using online payment options, and crypto people finding cash for Bitcoin more comfortable. “This is a niche customer segment that we focus on,” Mintz said.
The Bitcoin Depot bought the ATM’s kiosk from another company, but provides machine bitcoin software. Prices for new machines usually range from $ 5,000 to $ 7,000, and it will take about a year to break the company even at the expense of a machine once it is installed.
Bitcoin ATMs only sell. “We used to offer other cryptocurrencies, but when we went public the SEC was chasing many companies for selling other types of cryptos that the SEC claimed was potential security, so we decided to just go to Bitcoin and avoid that risk,” Mintz said. “We believe this is a smart choice, because we attract people who are not very sophisticated businessmen-it is a very starting product.”
The Bitcoin Depot has seen nearly $ 3 billion in transaction volume since the start of 2016, the company’s recent presentation of the company Shut up. While the company is mostly dedicated to North America, Mintz floats the idea of expanding worldwide, citing market saturation.
