Bitcoin Depot Shares Pop as ATM Operator Posts 19% Q1 Revenue Increase

Bitcoin depot sections are on Thursday after $ 20% to $ 2.04 up by after Bitcoin ATM The operator reported about profit in the first quarter of $ 12.2 million compared to a loss of $ 4.2 million a year earlier.

Revenue for a company headquartered in Atlanta, which manages over 8,400 kiosk in North America that allow users to convert to cash Bitcoinincreased by 19% compared to the year to $ 164.2 million, according to a submission with a security for securities. The company said the jump was encouraged by an increased arrangement of kiosk over a quarterly period and a higher medium transaction size.

As part of his Tummer Strategy, Bitcoin Depot held Bitcoin worth $ 7.8 million, which is $ 600,000 in the previous quarter. The jump reflected a shift on Accounting fair value. Last year, the company started buying Bitcoin with a part of its financial reserves, and at the same time wore a “insignificant quantity Ethereum. “

Although Bitcoin depot has kiosks in 48 US countries, the company is trying to get a license to work at Empire State this year, said CEO of Brandon Mintz at the invitation of earnings. The population of the state could support up to 3,000 kiosk over time and presentation of shareholders specified.

“New York State remains one of the largest unused markets for Bitcoin ECMS,” he said. “We are undergoing conversations with regulators and remains optimistic about getting a license to work in the 2025 State”

A company that promises users can “get bitcoin for a minute” software for their machines that are purchased from another company. Since its establishment in 2016, the company says it has facilitated the amount of transactions worth about $ 3 billion, through machines located at gas stations, practicality stores and other brick and mortar settings.

Since the company’s shares are listed on Nasdaq in July 2023, Bitcoin Depot stock price fell 79%, according to Yahoo finance. Based on current prices, the company has a market capitalization of $ 44 million.

The effectiveness of the Bitcoin Depot in the first quarter is a return power over the previous quarter, in which the company recorded revenue drop over one year. At that time, the company cited the negative impact of a law passed in California, which imposes daily transaction limitations.

Bitcoin has recently changed about $ 103,000, which is 0.4% reduced in the past 24 hours, said the data provider Co ringecko. In the first quarter, the price of property fell $ 78,800.

Most American Senate Whip Dick Durbin (D-Il) is among the legislatives they have invited To make the Bitcoin ATM operators “suppress fraud against older Americans,” stating the recent FBI statistics. In February he discovered a account This would impose $ 2,000 daily transactions with new customers and required complete feedback for transactions reported as false within 30 days.

Year 2024. Americans over 60 years of age reported $ 107 million losses at Bitcoin ATM, according to the recent annual place report. Criminals often represent workers in technical support or government employees, the FBI established.

Bitcoin depot says it has 19 staff for compliance, except for “robust transactions monitoring systems”, as well as knowledge programs and your customer and anti-ni-novi monitoring.

And the ATMs have their supporters. Earlier this month, Rev. Lance Gooden (R-TX), proposed Putting them in federal buildings across the USA written by UA letter that “installations can serve as an educational resource for those who are not familiar with cryptocurrencies.”

Edited by James Rubin