Bitcoin Depot Inc. (NASDAQ: BTM)

Bitcoin Depot owns and operates the largest network of Bitcoin ATMs in North America enabling customers to buy and sell Bitcoin. The company also provides the BDCheckout product allowing users to purchase Bitcoin at retail checkout counters and maintains a mobile app for transactions and wallet management. Bitcoin Depot powers access to the digital financial system for cash users by converting physical currency into cryptocurrency through its kiosks and digital platforms.

Bitcoin Depot generates revenue primarily from fees charged on Bitcoin transactions conducted through its Bitcoin ATMs and BDCheckout product. The company earns transaction-based revenue when users insert cash to purchase Bitcoin at kiosks or load cash at retail locations via BDCheckout to buy Bitcoin. Additional revenue streams include software licensing and transaction processing fees from its BitAccess platform which provides operational capabilities to third-party Bitcoin ATM operators. The company also derives income from the sale of Bitcoin through its liquidity provision activities though its core model relies on facilitating user transactions rather than holding Bitcoin as inventory.

The company operates through the following segments: Bitcoin ATM Operations and BDCheckout Services.

• Bitcoin ATM Operations involves the ownership deployment and maintenance of approximately 9700 kiosks across the United States Canada Australia and Hong Kong where users can buy Bitcoin using cash through a self-service kiosk interface.

• BDCheckout Services enables users to load cash into their accounts at the checkout counter of approximately 16300 retail locations and then use those funds to purchase Bitcoin through the Bitcoin Depot mobile app without needing to visit a physical kiosk.

Bitcoin Depot maintains a leading position in the cash-to-Bitcoin ATM market with approximately 23% market share in the United States and a strong presence in Canada as of December 31 2025. The company differentiates itself through its extensive retail network strategic placement in high-traffic locations robust compliance procedures including Know Your Customer and Anti-Money Laundering protocols and a streamlined user experience that allows transactions in under two minutes for new users. Its competitive advantages are further supported by prudent Bitcoin management practices that limit exposure to price volatility by maintaining low hot wallet balances and replenishing through leading liquidity providers.

Bitcoin Depot serves individuals who prefer to use cash to access cryptocurrency including those without bank accounts or who find online exchanges inconvenient. The company's retail partners include major chains such as Circle K where it has been the exclusive Bitcoin ATM provider in the United States and Canada pharmacies grocery chains convenience stores gas stations and shopping malls across North America and Australia. Through BDCheckout the company extends its reach to approximately 16300 additional retail locations enabling broader access to its Bitcoin purchasing services.