Bitcoin Depot Announces Growth

The company has partnered with Jacksons and GetGo.

August 23, 2023

In July, Bitcoin Depot became a publicly traded company and company executives rang NASDAQ’s opening bell.

According to Bitcoin Depot, “Crypto ATMs have been on the rise over the last decade and have grown significantly in popularity among convenience stores over the last two years.” The company has about 6,440 kiosk locations. Based on preliminary unaudited results, Bitcoin Depot announced that it expects consolidated revenue for the quarter ended June 30, 2023, to range between $196 million and $198 million, a 17% to 18% improvement compared to $168 million in the second quarter of 2022.

In April, Jacksons Food Stores announced Bitcoin Depot was assuming a contract with the retailer. The agreement allows the crypto ATM company to install 80 Bitcoin ATMs (BTMs) throughout the c-store’s network, according to a company press release.

"This partnership with Jacksons Food Stores, one of the larger convenience store chains in the U.S., further exemplifies Bitcoin Depot’s leading market position and its ability to partner with key retailers in the convenience store industry that are looking for a reliable partner,” Brandon Mintz, CEO and founder of Bitcoin Depot, said at the time.

In March, the BTM company partnered with GetGo Café+Market, with 270 locations across the Midwest and Mid-Atlantic regions, to install 125 devices in stores.

“Crypto ATMs require a very small footprint in terms of square footage and offer huge benefits. They attract paying customers, increasing potential revenue for any type of business willing to host them,” said Scott Buchanon, COO of Bitcoin Depot.

In March, NACS Daily reported that overall the number of ATMs is shrinking. The number of machines in the U.S. peaked in 2019 at 470,000 but has since fallen to 451,500, according to research firm Euromonitor International.

To learn more about cryptocurrency, read “Do You Crypto?” from the October 2022 issue of NACS Magazine.