Crypto ATM operator Bitcoin Depot reports Q3 revenue of $135.3 million

Quick Take

  • The firm noted $135.3 million in revenue for the third quarter of 2024, down 25% from the $179.5 million brought in 2023’s third quarter.

Bitcoin Depot, an Atlanta-based crypto ATM manufacturer, released financial results for 2024's third fiscal quarter.

The firm noted $135.3 million in revenue for the quarter, a 25% decrease compared to the $179.5 million brought in the third financial quarter of 2023, according to a Nov. 14 filing with the U.S. Securities and Exchange Commission. The company also reported holding over $1.31 million in cryptocurrencies.

“During the third quarter, we made significant strides in expanding our Bitcoin ATM network while working to optimize existing machines for greater profitability,” said Brandon Mintz, CEO and Founder of Bitcoin Depot, in a Nov. 13 statement. “We ended the quarter with 8,300 machines, surpassing our goals and reflecting our team's execution and vision to enhance Bitcoin’s accessibility."

Bitcoin Depot went public at an $885 million valuation in August 2022. The firm's Class A Common Stock, with the ticker BTM, trades on NASDAQ and is valued at $1.99 as of 4:22 p.m. ET (21:22 UTC) on Nov. 15. It currently has a market cap of around $118.2 million.

Bitcoin Depot maintains around 16,700 locations across the United States, Canada and Australia, according to the firm's website.


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MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.

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