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| Date | Value |
|---|---|
| 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 |