North America's largest Bitcoin ATM operator can't hold on any longer! Bitcoin Depot files for bankruptcy and shuts down operations

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Just as Wall Street is heavily embracing cryptocurrency and the market is welcoming a wave of institutional capital, the "Bitcoin ATMs" once seen on every street corner across North America are ushering in the dusk of a bursting bubble. Nasdaq-listed Bitcoin Depot officially filed for bankruptcy protection in court on Monday and will fully cease operations. Headquartered in Atlanta, USA, Bitcoin Depot filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court for the Southern District of Texas on Monday, and announced a complete halt to operations, shutting down all ATM machines. Going forward, it will sell assets and gradually liquidate its business under court supervision. Bitcoin Depot was listed on Nasdaq in 2023 and was once the largest cryptocurrency ATM operator in North America. At its peak last year, the company operated more than 9,276 Bitcoin ATMs across the United States, Canada, and Australia, allowing users to purchase Bitcoin directly with cash at locations such as supermarkets and convenience stores. Preliminary financial reports for the first quarter of this year show that Bitcoin Depot's revenue was "cut in half" compared to the same period last year, plunging 49%; it swung from a profit of US$12.2 million to a loss of US$9.5 million; gross profit over the same period plummeted by 85%, leaving only US$4.5 million, indicating that the core business has almost lost its profitability. In response to the collapse in performance, Bitcoin Depot pointed the finger directly at a deteriorating regulatory environment. CEO Alex Holmes stated in a release that U.S. states have continued to strengthen regulation of cryptocurrency ATMs in recent years, not only raising compliance requirements but also imposing stricter transaction limits. Some states have even completely banned the operation of cryptocurrency ATMs, and combined with successive lawsuits and regulatory enforcement, the existing business model is clearly "no longer sustainable." Alex Holmes added: "These developments have dealt a fatal blow to the company's business and financial condition. Under these circumstances, our existing business model can no longer hold up." Bitcoin Depot is currently facing lawsuits filed by the attorneys general of Massachusetts and Iowa, accusing the company of turning a blind eye to financial crimes and facilitating fraud. According to statistics, reported losses from cryptocurrency ATM-related scams worldwide last year hit a record high of US$389 million, a sharp 58% increase from 2024. Regarding the subsequent bankruptcy proceedings, Bitcoin Depot's Canadian entity will also be included within the bankruptcy jurisdiction of the U.S. court for liquidation; other overseas entities will be gradually dissolved in accordance with local laws.

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