Atlanta-based crypto ATM operator Bitcoin Depot has become the latest company to add BTC to its treasury, purchasing $5 worth of BTC to its crypto holdings. According to an official press release dated February 3, 2025, the firm announced that its treasury held 71.5 Bitcoins, valued at over $7 million based on prices at the time of writing.
Hoping to Benefit from BTC’s Appreciation
Commenting on the latest addition to their treasury, Brandon Mintz, the CEO of the publicly traded Bitcoin Depot, reiterated their belief in the flagship cryptocurrency as a significant digital asset and store of value, adding that the decision would enable shareholders to benefit from and anticipated price appreciation for the asset. Mintz stated:
“We have always believed in providing everyone with easy access to Bitcoin, and this move reaffirms our confidence in Bitcoin’s potential for growth. The recent accounting standards update also allows our shareholders to benefit from future BTC appreciation.”
Bitcoin Depot has over 8,000 Kiosks across the USA and Canada
According to CoinATMradar data, the crypto ATM operator runs the most significant number of ATMs across the United States, Canada, and Puerto Rico, with over 8213 kiosks. The company launched in 2016 and went live on the New York Stock Exchange in July 2023, becoming the first US-based crypto ATM operator to go public.
Bitcoin ATMs are electronic kiosks similar to your standard ATM that allow customers to make financial transactions. However, they are designed for digital assets rather than fiat currency. According to the latest data, at least 31,000 such machines and tellers should be spread throughout the USA, with Bitcoin Depot having the lion’s share. Also referred to as BTMs, the kiosks facilitate the buying and selling of Bitcoin and are operated and owned by different third-party companies.
Users Need an Account to Operate the BTMs
Customers interested in using BTMs similar to the ones operated by Bitcoin Depot will insert cash or a debit card to exchange their government-issued cash for BTC. While anyone could easily access Bitcoin, users intending to patronize BTMs must open an account with a Bitcoin ATM operator. Bitcoin, being a virtual currency that utilizes blockchain technology, isn’t directly connected to a user’s bank account.
Many Companies Mimicking MicroStrategy
The decision by Bitcoin Depot to purchase more BTC holdings was motivated by MicroStrategy’s bet on Bitcoin, which has fuelled a rally in the company’s shares and attracted many other companies to follow suit. While MicroStrategy’s core sphere is software, Michael Saylor’s decision to pile up on BTC holdings has seen many institutions mimic the act, believing that the asset’s value will keep growing in 2025 and beyond. Commenting on this ever-increasing development, cryptocurrency exchange Bitget CEO Gracy Chen stated:
“Speculative transactions, previously inherent in the crypto market, are becoming a thing of the past, and the ever-growing interest of institutions in creating reserves based on bitcoin confirms this.”
Conclusion
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Bitcoin Depot has joined a growing number of United States-based companies that are adding digital assets to their portfolio, mimicking Michael Saylor’s MicroStrategy. While mixing crypto assets into a company’s balance sheet could be a tricky affair, shareholders stand to benefit in the future if Bitcoin’s fortunes grow further and it finally joins the mainstream as an alternative hedge against inflation.
Frequently Asked Questions (FAQs)
What is Bitcoin Depot?
The firm operates Bitcoin ATMs across the US and Canada, with over 8,000 kiosks facilitating BTC adoption. It also offers checkouts through an iOS or Android mobile app.
What Services does the firm offer?
The company enables the buying and selling BTC and online shopping for users interested in spending Bitcoin holdings.
Does the company comply with government regulations?
The firm is a money services business registered with FinCEN in the US and FINTRAC in Canada.
Can I send money to someone through a Bitcoin ATM?
Bitcoin Depot ATMs facilitate the personal use of digital assets. You need to transfer your crypto to your digital wallet before you can send it to anyone else using the firm’s app, which is compatible with iOS and Android systems.
References
Globe News Wire
Business Insider
Key Terms
Crypto ATM: Also known as a Bitcoin ATM, a crypto ATM is a machine that enables a user to buy, sell, and transfer cryptocurrency.
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