Bitcoin Depot (BTM) Cost of Revenue (2022 - 2025)
Bitcoin Depot (BTM) posted Cost of Revenue of $484.5 million for Q4 2025, up 266.04% sequentially from $132.4 million in Q3 2025, and up 3.78% YoY from $466.9 million in Q4 2024.
Bitcoin Depot (BTM) Cost of Revenue (2022 - 2025) Analysis & Trends
Bitcoin Depot (BTM) has 4 years of Cost of Revenue data on file, last reported at $484.5 million in Q4 2025.
- Quarterly Cost of Revenue rose 3.78% year-over-year to $484.5 million in Q4 2025, while the trailing twelve-month figure through Dec 2025 was $887.3 million (up 21.53% YoY) and the FY2025 annual result came in at $501.6 million, up 4.0% from the prior year.
- Cost of Revenue advanced to $484.5 million in Q4 2025 per BTM's latest filing, from $132.4 million in the prior quarter.
- The five-year high for Cost of Revenue was $484.5 million in Q4 2025, with the low at $3.7 million in Q4 2022.
- Average Cost of Revenue over 4 years is $158.3 million, with a median of $136.7 million recorded in 2024.
- Year-over-year, Cost of Revenue soared 3334.9% in 2023 and tumbled 96.53% in 2024.
- Bitcoin Depot's Cost of Revenue stood at $3.7 million in 2022, then soared by 3334.9% to $126.9 million in 2023, then surged by 268.03% to $466.9 million in 2024, then rose by 3.78% to $484.5 million in 2025.
- Business Quant data shows BTM's Cost of Revenue at $484.5 million in Q4 2025, $132.4 million in Q3 2025, and $139.4 million in Q2 2025.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Morgan Stanley | 330.70 Bn | 197.17 Bn | - | - |
| 2 | Goldman Sachs | 309.79 Bn | -627.76 Bn | - | - |
| 3 | Schwab Charles | 167.21 Bn | 122.24 Bn | - | - |
| 4 | Futu Holdings | 111.36 Bn | 109.19 Bn | 733.58 Mn | 65.09 Mn |
| 5 | Robinhood Markets | 97.69 Bn | 93.05 Bn | 960.00 Mn | 107.00 Mn |
| 6 | LPL Financial Holdings | 23.49 Bn | 22.47 Bn | - | - |
| 7 | Tradeweb Markets | 21.59 Bn | 20.34 Bn | - | - |
| 8 | Circle Internet | 15.14 Bn | 13.62 Bn | 35.01 Mn | 6.62 Mn |
| 9 | Iren | 14.46 Bn | 12.24 Bn | 144.76 Mn | 39,000.00 |
| 10 | Bitcoin Depot | - | - | -368.45 Mn | 484.49 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | 484.49 Mn |
| Dec 31, 2025 | 484.49 Mn |
| Sep 30, 2025 | 132.36 Mn |
| Sep 30, 2025 | 132.36 Mn |
| Jun 30, 2025 | 139.38 Mn |
| Jun 30, 2025 | 139.38 Mn |
| Mar 31, 2025 | 131.09 Mn |
| Mar 31, 2025 | 131.09 Mn |
| Dec 31, 2024 | 466.86 Mn |
| Dec 31, 2024 | 466.86 Mn |
| Sep 30, 2024 | 5.29 Mn |
| Sep 30, 2024 | 5.29 Mn |
| Jun 30, 2024 | 136.71 Mn |
| Jun 30, 2024 | 136.71 Mn |
| Mar 31, 2024 | 121.29 Mn |
| Mar 31, 2024 | 121.29 Mn |
| Dec 31, 2023 | 126.85 Mn |
| Dec 31, 2023 | 126.85 Mn |
| Sep 30, 2023 | 152.55 Mn |
| Sep 30, 2023 | 152.55 Mn |