Bitcoin Depot, in its latest annual report filed on April 15th, revealed that their earnings aren’t influenced by Bitcoin’s price fluctuations, regardless of the unpredictable nature of the cryptocurrency market.
In the year 2023, Bitcoin Depot generated an impressive revenue of $689 million. The previous year, 2022, saw a slightly lower revenue of $647 million. Regardless of fluctuations in Bitcoin’s market value, Bitcoin Depot’s income remains robust and consistent. This stability is primarily due to the essential nature of their services. Clients utilize Bitcoin Depot ATMs for various purposes such as money transfers, international remittances, and online payments. Unlike stock exchanges or speculation, these transactions are not contingent on Bitcoin price volatility.
To reduce the potential risks caused by Bitcoin’s price fluctuations, Bitcoin Depot maintains a relatively small holding of approximately $0.8 million that cannot increase further at any given time.
By the end of 2023, Bitcoin Depot’s working capital, which is funded in advance, will consist of two parts: Bitcoin Hot Wallets set aside for processing customer orders, and cash from Bitcoin ATM kiosks. Around 21% of the company’s monthly income came from these sources.
In 2016, Bitcoin Depot established a robust global network allowing users to convert Bitcoin into cash or vice versa at Bitcoin ATMs using debit cards. According to Bitcoin Depot’s CEO, Brandon Mintz, an increase in transactions is anticipated following Bitcoin’s upcoming halving event, scheduled for this week.
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2024-04-16 14:28