Bitcoin Depot (BTM) Gross Margin (2022 - 2025)
Bitcoin Depot (BTM) posted Gross Margin of 317.53% for Q4 2025, down 1812.65% sequentially from 18.54% in Q3 2025, and down 7633.0% YoY from 4.22% in Q4 2024.
Bitcoin Depot (BTM) Gross Margin (2022 - 2025) Analysis & Trends
Bitcoin Depot (BTM) has 4 years of Gross Margin data on file, last reported at 317.53% in Q4 2025.
- Quarterly Gross Margin fell 7633.0% year-over-year to 317.53% in Q4 2025, while the trailing twelve-month figure through Dec 2025 was 44.31% (down 1705.0% YoY) and the FY2025 annual result came in at 18.43%, up 249.0% from the prior year.
- Gross Margin fell to 317.53% in Q4 2025 per BTM's latest filing, from 18.54% in the prior quarter.
- The five-year high for Gross Margin was 97.53% in Q4 2022, with the low at 317.53% in Q4 2025.
- Average Gross Margin over 4 years is 7.56%, with a median of 15.31% recorded in 2023.
- The widest YoY moves for Gross Margin: up 8108 bps in 2024, down 25573 bps in 2024.
- Bitcoin Depot's Gross Margin stood at 97.53% in 2022, then sank by 85 bps to 14.52% in 2023, then slumped by 1761 bps to 241.2% in 2024, then tumbled by 32 bps to 317.53% in 2025.
- Business Quant data shows BTM's Gross Margin at 317.53% in Q4 2025, 18.54% in Q3 2025, and 19.01% in Q2 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (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 | 206.12% |
| 5 | Robinhood Markets | 97.69 Bn | 93.05 Bn | 960.00 Mn | 89.97% |
| 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 | 84.10% |
| 9 | Iren | 14.46 Bn | 12.24 Bn | 144.76 Mn | 99.97% |
| 10 | Bitcoin Depot | - | - | -368.45 Mn | -317.53% |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | -317.53% |
| Sep 30, 2025 | 18.54% |
| Jun 30, 2025 | 19.01% |
| Mar 31, 2025 | 20.18% |
| Dec 31, 2024 | -241.20% |
| Sep 30, 2024 | 96.09% |
| Jun 30, 2024 | 16.16% |
| Mar 31, 2024 | 12.45% |
| Dec 31, 2023 | 14.52% |
| Sep 30, 2023 | 15.01% |
| Jun 30, 2023 | 15.31% |
| Mar 31, 2023 | 97.18% |
| Dec 31, 2022 | 97.53% |
| Sep 30, 2022 | 12.20% |
| Jun 30, 2022 | 11.11% |