Bitcoin Depot Goes All-In: $5 Million More BTC for the Treasury! 🤑🚀

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Attention, earthlings! The US-based cryptocurrency ATM operator, Bitcoin Depot, has just added a whopping $5 million worth of Bitcoin to its treasury. That’s right, they’re doubling down on their commitment to the leading digital asset.

According to a recent announcement, this acquisition brings their total treasury holdings to 71.5 BTC, valued at over $7 million at the time of writing. CEO Brandon Mintz commented, “This reflects our long-standing belief in Bitcoin as a significant financial asset and a store of value.”

Founded in 2016, Bitcoin Depot is the largest cryptocurrency ATM operator, with 8,213 kiosks installed across the US, Canada, and Puerto Rico. The company went public in July 2023 under the ticker BTM, becoming the first US company in the crypto ATM industry to do so.

Since introducing its Bitcoin treasury strategy in June 2024, Bitcoin has surged by over 63%. However, the latest Bitcoin purchase has yet to translate into upward momentum for Bitcoin Depot shareholders, with BTM down 2.5% on the day at the time of writing.

Joining the ranks of US-based publicly traded firms adopting a Bitcoin treasury strategy, Bitcoin Depot follows in the footsteps of MicroStrategy, the American business intelligence firm that pioneered the approach in 2020. Other companies that have recently added or expanded their BTC holdings include KULR Technology Group, Selmer Scientific, Acurx, and Riot Platforms.

Outside the US, firms like Singapore-based Genius Group and Japan’s Metaplanet have also embraced Bitcoin as a strategic asset. So, buckle up, folks! The Bitcoin train shows no signs of slowing down.

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2025-02-04 13:31