Athena Bitcoin Global operates a network of Bitcoin automated teller machines (ATMs) and related services that enable customers to buy and sell Bitcoin using fiat currency. The company focuses on making Bitcoin accessible through its ATM network, over‑the‑counter desk, white‑label solutions, payment processing tools, and an affiliate program. It operates primarily in the United States and select countries in Latin America, with its ATMs located in thirty‑three U. S. states, Puerto Rico, Mexico, Colombia, Argentina and El Salvador. As of December 2025, the company maintained 2,953 branded ATMs in addition to the white‑label fleet managed for the Government of El Salvador.

Athena Bitcoin Global generates revenue primarily from fees charged on Bitcoin transactions conducted through its ATMs, which include a markup over the prevailing exchange rate that historically ranged between 13% and 28% and averaged 24% in 2025. Additional revenue streams consist of service fees for its over‑the‑counter desk (Athena Plus), monthly fees for operating white‑label ATMs on behalf of the Government of El Salvador, transaction‑based fees from its Athena Pay payment‑processing app, and revenue‑share or subscription fees from its Bitcoin ATM affiliate program. The company also earns income from the sale of Bitcoin to institutional traders via its Athena Plus desk and from ancillary services such as cash‑in‑transport logistics. Its customers are individual retail consumers, traders, businesses, and government entities that seek to convert cash to Bitcoin or vice versa, with typical transaction sizes ranging from a few dollars to several thousand dollars.

Athena Bitcoin Global holds a notable position in the Bitcoin ATM industry, operating approximately 2,953 machines as of December 2025, which represents roughly ten percent of the global Bitcoin ATM market. Its main competitors include publicly traded firms such as Bitcoin Depot Inc. and private operators like Coinflip, Byte Federal, and Coinstar’s Bitcoin kiosk network. The company differentiates itself through its long‑standing brand presence dating to the early Bitcoin ATM era, a proprietary site‑selection process that optimizes placement for transaction volume, and an operational model that emphasizes rapid cash‑in‑cash‑out cycles and tight risk management. These advantages enable it to achieve transaction volumes at or above industry averages despite a relatively modest fleet size compared with some rivals. Furthermore, its focus on regulatory compliance, partnerships with custodians such as BitGo, and a diversified service suite strengthen its competitive footprint in a rapidly evolving market.

Athena Bitcoin Global serves a broad base of individual consumers who purchase or sell small amounts of Bitcoin, typically ranging from a few dollars to several thousand dollars per transaction. Its ATM users include customers of convenience stores, gas stations, supermarkets, and retail locations where the machines are hosted, providing a familiar and accessible point of entry to cryptocurrency. In addition, the company provides white‑label ATM services to the Government of El Salvador, and its over‑the‑counter desk caters to institutional traders and high‑net‑worth individuals seeking larger Bitcoin trades. The firm also supports a network of independent operators through its affiliate program, extending its reach to entrepreneurs who leverage its software, compliance, and marketing resources. No specific customer names beyond the government arrangement are disclosed in the filing.