Bitcoin Depot (BTMWW) Operating Expenses (2022 - 2025)
Bitcoin Depot recorded quarterly Operating Expenses of $21.4 million in Q4 2025, up 16.8% quarter-over-quarter from $18.3 million in Q3 2025, and up 42.99% year-over-year from $15.0 million in Q4 2024.
Bitcoin Depot's Operating Expenses history runs 4 years deep, the most recent figure standing at $21.4 million for Q4 2025.
- In Q4 2025, Operating Expenses rose 42.99% year-over-year to $21.4 million; the TTM figure through Dec 2025 stood at $72.1 million (up 7.22% YoY), while the FY2025 annual figure was $72.1 million, up 7.22% from the prior year.
- Operating Expenses came in at $21.4 million for Q4 2025 at Bitcoin Depot, up from $18.3 million in the prior quarter.
- In the past five years, Operating Expenses ranged from a high of $21.4 million in Q4 2025 to a low of $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.
- Across the five-year window, Operating Expenses soared 8281.86% in 2023 and fell 15.63% in 2024, its largest moves.
- Bitcoin Depot's Operating Expenses stood at $14.8 million in 2022, then advanced by 20.1% to $17.8 million in 2023, then dropped by 15.63% to $15.0 million in 2024, then jumped 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 | 330.71 Bn | 197.18 Bn | - | 13.47 Bn |
| 2 | Goldman Sachs | 318.59 Bn | -618.96 Bn | - | 10.43 Bn |
| 3 | Schwab Charles | 154.74 Bn | 109.76 Bn | - | 3.29 Bn |
| 4 | Robinhood Markets | 81.79 Bn | 77.15 Bn | 960.00 Mn | 656.00 Mn |
| 5 | Interactive Brokers | 39.54 Bn | 50.13 Bn | - | 381.00 Mn |
| 6 | Circle Internet | 25.60 Bn | 24.08 Bn | 35.01 Mn | 242.35 Mn |
| 7 | LPL Financial Holdings | 22.12 Bn | 21.10 Bn | - | 4.45 Bn |
| 8 | Iren | 21.58 Bn | 19.37 Bn | 144.76 Mn | 81.75 Mn |
| 9 | Tradeweb Markets | 21.29 Bn | 20.04 Bn | - | 330.51 Mn |
| 10 | Bitcoin Depot | - | - | -368.45 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 |