Bitcoin Depot (BTMCQ) Gross Margin (2022 - 2025)
Bitcoin Depot's (BTMCQ) quarterly Gross Margin came in at 14.92% in Q4 2025, down 365.0% year-over-year from 5.63% in Q4 2024, and down 19.54% quarter-over-quarter from 18.54% in Q3 2025.
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Bitcoin Depot (BTMCQ) Gross Margin (2022 - 2025) Analysis & Trends
Bitcoin Depot has disclosed Gross Margin across 4 years of filings, most recently posting 14.92% for Q4 2025.
- In Q4 2025, Gross Margin fell 365.0% year-over-year to 14.92%; the TTM figure through Dec 2025 stood at 18.43% (up 249.0% YoY), while the FY2025 annual figure was 18.43%, up 249.0% from the prior year.
- Gross Margin came in at 14.92% for Q4 2025 at Bitcoin Depot, down from 18.54% in the prior quarter.
- In the past five years, Gross Margin ranged from a high of 20.18% in Q1 2025 to a low of 11.11% in Q2 2022.
- Average Gross Margin over 4 years is 15.4%, with a median of 15.01% recorded in 2023.
- The largest YoY upside for Gross Margin was 772 bps in 2025 against a maximum downside of 365 bps in 2025.
- Over 4 years, Gross Margin stood at 12.74% in 2022, then climbed by 14 bps to 14.52% in 2023, then climbed by 28 bps to 18.57% in 2024, then retreated by 20 bps to 14.92% in 2025.
- Per Business Quant data, the three most recent Gross Margin figures were 14.92% in Q4 2025, 18.54% in Q3 2025, and 19.01% in Q2 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Circle Internet | 21.42 Bn | 19.69 Bn | 288.85 Mn | 41.19% |
| 2 | Galaxy Digital | 9.65 Bn | 8.99 Bn | 8.38 Bn | 97.89% |
| 3 | Gemini Space Station | 747.56 Mn | 558.94 Mn | - | - |
| 4 | CEA Industries | 316.43 Mn | 309.34 Mn | 1.96 Mn | 27.41% |
| 5 | Solana | 220.13 Mn | 216.48 Mn | 2.45 Mn | 96.95% |
| 6 | Empery Digital | 88.27 Mn | 88.27 Mn | -68,184.00 | -85.21% |
| 7 | Amber International Holding | 52.85 Mn | 19.43 Mn | 11.06 Mn | 79.48% |
| 8 | Metalpha Technology Holding | 47.58 Mn | 43.65 Mn | - | - |
| 9 | Fold Holdings | 31.36 Mn | 2.96 Mn | 5.36 Mn | 88.04% |
| 10 | Bitcoin Depot | 317,293.93 | -65.31 Mn | 17.31 Mn | 14.92% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Dec 31, 2025 | 14.92% |
| Sep 30, 2025 | 18.54% |
| Jun 30, 2025 | 19.01% |
| Mar 31, 2025 | 20.18% |
| Dec 31, 2024 | 18.57% |
| Sep 30, 2024 | 16.57% |
| 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 | 13.63% |
| Dec 31, 2022 | 12.74% |
| Sep 30, 2022 | 12.20% |
| Jun 30, 2022 | 11.11% |