Bitcoin Depot (BTMCQ) Operating Expenses (2022 - 2025)

Bitcoin Depot (BTMCQ) posted Operating Expenses of $21.4 million for Q4 2025, up 16.8% sequentially from $18.3 million in Q3 2025, and up 42.99% YoY from $15.0 million in Q4 2024.

Bitcoin Depot (BTMCQ) Operating Expenses (2022 - 2025) Analysis & Trends

Bitcoin Depot has reported Operating Expenses for 4 years, with the latest figure at $21.4 million in Q4 2025.

  • Quarterly Operating Expenses rose 42.99% year-over-year to $21.4 million in Q4 2025, while the trailing twelve-month figure through Dec 2025 was $72.1 million (up 7.22% YoY) and the FY2025 annual result came in at $72.1 million, up 7.22% from the prior year.
  • Operating Expenses improved to $21.4 million in Q4 2025 per BTMCQ's latest filing, from $18.3 million in the prior quarter.
  • Over five years, Operating Expenses peaked at $21.4 million in Q4 2025 and troughed at $162637.0 in Q1 2022.
  • A 4-year average of $15.8 million and a median of $16.7 million in 2024 frame the typical range for Operating Expenses.
  • The sharpest annual moves came in 2023 and 2024: Operating Expenses jumped 8281.86% in 2023, then retreated 15.63% in 2024.
  • Over 4 years, Operating Expenses stood at $14.8 million in 2022, then climbed by 20.1% to $17.8 million in 2023, then declined by 15.63% to $15.0 million in 2024, then surged by 42.99% to $21.4 million in 2025.
  • According to Business Quant data, Operating Expenses over the past three periods registered $21.4 million, $18.3 million, and $17.0 million for Q4 2025, Q3 2025, and Q2 2025 respectively.

Peer Comparison

# Company Market Cap Enterprise Value Gross Profit (Qtr) Opex (Qtr)
1 Morgan Stanley 338.83 Bn 205.30 Bn - 13.90 Bn
2 Goldman Sachs 316.34 Bn -660.01 Bn - 11.67 Bn
3 Schwab Charles 220.55 Bn 135.80 Bn - 3.29 Bn
4 Futu Holdings 121.48 Bn 105.59 Bn 733.58 Mn -200.78 Mn
5 Robinhood Markets 84.07 Bn 66.74 Bn 1.20 Bn 734.00 Mn
6 Iren 68.17 Bn 65.95 Bn 104.86 Mn 81.75 Mn
7 ATIF Holdings 45.42 Bn 45.42 Bn - -
8 Interactive Brokers 39.54 Bn -3.28 Bn - 381.00 Mn
9 LPL Financial Holdings 28.27 Bn 25.57 Bn - 4.67 Bn
10 Bitcoin Depot 142,950.68 -65.49 Mn 496.20 Mn 21.43 Mn

Historic Data

Download Data
DateValue
Dec 31, 2025 21.43 Mn
Sep 30, 2025 18.34 Mn
Jun 30, 2025 16.98 Mn
Mar 31, 2025 15.34 Mn
Dec 31, 2024 14.98 Mn
Sep 30, 2024 16.94 Mn
Jun 30, 2024 18.75 Mn
Mar 31, 2024 16.55 Mn
Dec 31, 2023 17.76 Mn
Sep 30, 2023 19.50 Mn
Jun 30, 2023 19.67 Mn
Mar 31, 2023 13.63 Mn
Dec 31, 2022 14.79 Mn
Sep 30, 2022 16.46 Mn
Jun 30, 2022 12.04 Mn
Mar 31, 2022 162,637.00