Bitcoin Depot Reports 183% Profit Surge in Q2
Bitcoin Depot, a major crypto kiosk operator, announced a Q2 profit of $12.3 million, a 183% increase year-over-year. This growth was fueled by a rise in Bitcoin holdings' value and the expansion of its ATM network.
The company's Bitcoin reserves increased in value by $2.3 million in Q2, with 100 BTC holdings valued at $11.5 million as of June 30. Revenue grew 6% to $172 million, driven by new kiosk deployments and higher average transaction values.
Bitcoin Depot operates over 8,800 kiosks, with 3,300 installed in the past year and 1,700 more ready for deployment. The company raised $12 million in Q2 to fund further Bitcoin acquisitions, debt reduction, or M&A.
Strategic adjustments to regulatory changes, including in California, and international expansion, with 200 kiosks deployed in Australia, are key to their market consolidation efforts.