Bitcoin Depot (BTMCQ) Operating Margin (2022 - 2025)
Bitcoin Depot's (BTMCQ) quarterly Operating Margin came in at 3.55% in Q4 2025, down 1117.0% year-over-year from 0.35% in Q4 2024, and down 148.91% quarter-over-quarter from 7.25% in Q3 2025.
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Bitcoin Depot (BTMCQ) Operating Margin (2022 - 2025) Analysis & Trends
Bitcoin Depot has disclosed Operating Margin across 4 years of filings, most recently posting 3.55% for Q4 2025.
- In Q4 2025, Operating Margin fell 1117.0% year-over-year to 3.55%; the TTM figure through Dec 2025 stood at 6.7% (up 248.0% YoY), while the FY2025 annual figure was 6.7%, up 248.0% from the prior year.
- Operating Margin came in at 3.55% for Q4 2025 at Bitcoin Depot, down from 7.25% in the prior quarter.
- In the past five years, Operating Margin ranged from a high of 10.84% in Q1 2025 to a low of 3.55% in Q4 2025.
- Average Operating Margin over 4 years is 4.5%, with a median of 4.14% recorded in 2023.
- The largest YoY upside for Operating Margin was 1033 bps in 2025 against a maximum downside of 1117 bps in 2025.
- Over 4 years, Operating Margin stood at 2.86% in 2022, then slipped by 11 bps to 2.56% in 2023, then soared by 198 bps to 7.62% in 2024, then tumbled by 147 bps to 3.55% in 2025.
- Per Business Quant data, the three most recent Operating Margin figures were 3.55% in Q4 2025, 7.25% in Q3 2025, and 9.15% in Q2 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Circle Internet | 21.42 Bn | 19.69 Bn | 288.85 Mn | 4.90% |
| 2 | Galaxy Digital | 9.65 Bn | 8.99 Bn | 8.38 Bn | -5.41% |
| 3 | Gemini Space Station | 747.56 Mn | 558.94 Mn | - | -169.19% |
| 4 | CEA Industries | 316.43 Mn | 309.34 Mn | 1.96 Mn | -296.32% |
| 5 | Solana | 220.13 Mn | 216.48 Mn | 2.45 Mn | -1,293.47% |
| 6 | Empery Digital | 88.27 Mn | 88.27 Mn | -68,184.00 | -52,572.97% |
| 7 | Amber International Holding | 52.85 Mn | 19.43 Mn | 11.06 Mn | 7.43% |
| 8 | Metalpha Technology Holding | 47.58 Mn | 43.65 Mn | - | - |
| 9 | Fold Holdings | 31.36 Mn | 2.96 Mn | 5.36 Mn | -139.53% |
| 10 | Bitcoin Depot | 317,293.93 | -65.31 Mn | 17.31 Mn | -3.55% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Dec 31, 2025 | -3.55% |
| Sep 30, 2025 | 7.25% |
| Jun 30, 2025 | 9.15% |
| Mar 31, 2025 | 10.84% |
| Dec 31, 2024 | 7.62% |
| Sep 30, 2024 | 4.05% |
| Jun 30, 2024 | 4.66% |
| Mar 31, 2024 | 0.50% |
| Dec 31, 2023 | 2.56% |
| Sep 30, 2023 | 4.14% |
| Jun 30, 2023 | 5.35% |
| Mar 31, 2023 | 5.30% |
| Dec 31, 2022 | 2.86% |
| Sep 30, 2022 | 2.78% |
| Jun 30, 2022 | 3.94% |