Bitcoin Depot
Bitcoin Depot operated the largest Bitcoin ATM network in North America, enabling cash-to-crypto purchases at approximately 9,000+ kiosks hosted at convenience stores, gas stations, and grocery retailers; the company filed Chapter 11 bankruptcy in May 2026.
- Company typePublic
- Founded2016
- HeadquartersAtlanta, United States
- Headcount101–250
- GTM typeB2C
- OfferingServices
What Bitcoin Depot does
Bitcoin Depot, founded in 2016 by Brandon Mintz in Atlanta, Georgia, operated the world's largest network of Bitcoin Teller Machines (BTMs), peaking at approximately 9,000-9,700 kiosks across the United States, Canada, and Australia, with a November 2025 entry into Hong Kong. The company enabled consumers to convert cash into cryptocurrency (primarily Bitcoin, with additional support for Ethereum, Solana, XRP, USDT, ADA, DOGE, and USDC) through self-service kiosks hosted at convenience stores, gas stations, travel centers, grocery stores, and tobacco retailers, with purchases delivered directly to customer-designated self-custodial wallets rather than held by the company. Its technology stack combined a 4G-connected kiosk hardware fleet, embedded KYC/AML identity verification (with mandatory per-transaction ID collection rolled out in February 2026), the Bitaccess BTM software platform (majority stake acquired 2022), and the BDCheckout mobile app, with online card-based purchases powered through a third-party partnership with Banxa.
Bitcoin Depot monetized its BTM network primarily through a flat $3.00 service fee plus a variable market markup per transaction (with some industry reporting citing markups up to 50%), supplemented by online transaction processing fees via the Banxa integration, host-location revenue share arrangements with retail partners (Circle K, Pilot Flying J, KwikTrip, Royal Farms, Travel Centers of America, IGA, Wild Bill's Tobacco), and emerging revenue streams from the ReadyBucks small-business revenue-based funding platform and the Kutt P2P social betting platform. The company completed its Nasdaq IPO in July 2023 under ticker BTM, grew FY2025 revenue 7.0% to $614.9 million, and reached approximately 30% U.S. BTM market share through acquisitions of Pelicoin, National Bitcoin ATM, and Instant Coin Bank.
Despite a dominant physical distribution footprint, the operating model proved structurally unsustainable under mounting state-level regulatory pressure. Connecticut suspended Bitcoin Depot's money-transmission license in March 2026 over fees exceeding the 15% state cap, and attorneys general in Massachusetts, Iowa, Maine, Nevada, and Missouri filed enforcement actions alleging the company knowingly facilitated scams that cost U.S. consumers $389 million in 2025. Q1 2026 revenue collapsed approximately 50% year-over-year to $80.7M, the company posted a $9.5M net loss, the CEO and Executive Chairman resigned in March 2026, and on May 18, 2026, Bitcoin Depot filed voluntary Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas, taking the entire BTM network offline and initiating an orderly wind-down and asset sale.
Bitcoin Depot firmographics
Firmographics- Name
- Bitcoin Depot
- Legal name
- Bitcoin Depot Operating, LLC
- Website
- https://bitcoindepot.com
- Company type
- Public
- Founded year
- 2016
- Operating status
- Closed
- Headcount range
- 101–250 employees
- Short description
- Bitcoin Depot operated the largest Bitcoin ATM network in North America, enabling cash-to-crypto purchases at approximately 9,000+ kiosks hosted at convenience stores, gas stations, and grocery retailers; the company filed Chapter 11 bankruptcy in May 2026.
- Ownership category
- akta.pro rank
Bitcoin Depot industry classification
Industry- Product category
- Cryptocurrency ATM Services
- NAICS
- Depository Credit Intermediation (5221)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- POS, QR & In-Person Acceptance Infrastructure (Crypto) (FSADAIAI)
- akta.pro secondary industries
- On/Off-Ramp Providers (Fiat↔Crypto) & Cash-In/Cash-Out Networks (FSADAIAE), Invoice, Billing & Subscription Payments (Crypto) (FSADAIAG)
Keywords
Where Bitcoin Depot is headquartered
LocationHeadquarters
- HQ city
- Atlanta
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Bitcoin Depot business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Operations, Marketing or Sales, Technology or R&D, Personnel, Infrastructure, Others
Revenue model
- BTM transaction service fees and markups: Primary revenue stream. Bitcoin Depot charges a flat $3.00 service fee plus a spread markup over the market price of the digital currency on each kiosk purchase. Markup can be significantly higher than alternative fiat-to-crypto options; some industry reporting cites fees up to 50% per transaction.
- Online crypto purchase processing fees (via Banxa): Online buying of Bitcoin, Ethereum, Solana, XRP, USDT, ADA, DOGE, USDC via debit/credit card, Apple Pay, and Google Pay through partnership with Banxa. Min $20, daily limit $15,000, weekly limit $60,000; up to $100,000 per user per month.
- ReadyBucks small business working capital: Revenue-based funding product providing $500–$2,000 advances to small businesses, gig workers, and independent contractors across nine states.
- Kutt P2P social betting platform: Diversification revenue stream from acquired peer-to-peer social betting platform where users wager on sports, entertainment, and user-generated events; continues to operate under the Kutt brand.
- Host location revenue share / BTM placement fees: Bitcoin Depot pays host retail locations a monthly share as part of its channel program; the company also drives foot traffic and runs co-marketing campaigns.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | BTM purchase: flat $3.00 service fee plus variable market markup displayed at kiosk |
| Transaction based/ take rate | Pay-as-you-go | Online purchase via Banxa: credit/debit card, Apple Pay, Google Pay |
| Other | Pay-as-you-go | ReadyBucks small business advance |
Go-to-market motion3 records
Distribution channels7 records
Marketing channels8 records
Bitcoin Depot product offering
Product offeringCore offering
Bitcoin Depot operates the largest cryptocurrency ATM (BTM) network in North America, with approximately 9,000+ self-service kiosks hosted at convenience stores, gas stations, travel centers, grocery stores, and tobacco shops. Customers can buy Bitcoin and other cryptocurrencies with cash, receiving the digital assets directly into their own self-custodial wallets. The company also offers online crypto purchases through a Banxa-powered portal, BDCheckout in-store wallet funding at retail checkout counters, and ReadyBucks small-business revenue-based funding.
Differentiator
Problem solved
Functional benefit
Brands
- BDCheckout: Retail checkout-counter service allowing customers to fund their Bitcoin wallet at participating retailers by scanning their phone at the register.
- ReadyBucks
Products and services
- Bitcoin ATM (BTM) Kiosks
- Buy Online (Banxa-Powered Crypto Purchases)
- BDCheckout (In-Store Wallet Funding)
- ReadyBucks Small-Business Advance Platform
- Bitcoin Depot Mobile App
- Kutt P2P Social Betting Platform
Quantifiable outcome
- Cash-to-Bitcoin transaction in minutes versus up to 24 hours for domestic bank transfers.
- +3 more outcomes
Companies that use Bitcoin Depot
Customer profileNamed customers8 records
Segments6 records
Ideal customer profiles4 records
Bitcoin Depot technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration13 records
Feature5 records
Bitcoin Depot partnerships and signals
Strategic signalScale indicators12 records
Recent moves8 records
Expansion highlights6 records
Bitcoin Depot competitors and assessment
Company assessmentOthers
- Banxa: Banxa is the third-party payment processor powering Bitcoin Depot's 'Buy Online' card-based crypto purchases; a key infrastructure partner whose fiat-to-crypto rails overlap with Bitcoin Depot's online channel capabilities.
Broad incumbents
- Coinbase: Coinbase is the largest U.S. cryptocurrency exchange and offers cash-to-crypto purchase via debit card and bank transfer; an adjacent competitor whose regulated exchange product overlaps with Bitcoin Depot's online (Banxa-powered) purchase channel.
Direct peers
- Pelicoin: Pelicoin was a regional crypto ATM operator in the Gulf South acquired by Bitcoin Depot in June 2025, previously competing in the same BTM segment with similar convenience-store placement strategy.
- Coinme: Coinme operates Bitcoin ATMs in U.S. retail locations including select Coinstar kiosks, offering cash-to-Bitcoin services directly comparable to Bitcoin Depot's core offering.
- Coinsource: Coinsource operates one of the largest regulated Bitcoin ATM networks in the U.S., competing with Bitcoin Depot for retail host locations and offering similar cash-to-Bitcoin kiosk services with KYC/AML compliance.
- CoinHub: CoinHub is a Bitcoin ATM operator placing kiosks in U.S. retail locations, competing directly with Bitcoin Depot on cash-to-crypto transaction volume and convenience-store host relationships.
- RockItCoin: RockItCoin operates a U.S. Bitcoin ATM network through retail hosts including convenience stores and gas stations, directly comparable to Bitcoin Depot's kiosk model and customer segments.
- Athena Bitcoin: Athena Bitcoin is a Chicago-based Bitcoin ATM operator with a multi-thousand-kiosk U.S. footprint, offering the same cash-to-crypto BTM experience as Bitcoin Depot and competing for the same retail-host partnerships.
- CoinFlip: CoinFlip is one of the largest U.S. Bitcoin ATM operators with thousands of kiosks across the country, directly competing with Bitcoin Depot on cash-to-crypto conversion at retail locations. Closest head-to-head competitor in the BTM channel.
- National Bitcoin ATM: National Bitcoin ATM was a 27-state BTM operator acquired by Bitcoin Depot in October 2025, directly overlapping in product, customer, and host-retailer model prior to integration.
Market position
Strengths3 records
Weaknesses4 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Bitcoin Depot social profiles
Digital presenceBitcoin Depot financial estimates
Financial estimateRevenue estimate
Valuation estimate
Bitcoin Depot leadership team
Management profileNumber of profiles
Profiles4 records
Bitcoin Depot subsidiaries and ownership
Company hierarchySubsidiaries2 records
Bitcoin Depot funding detail
Funding detailFunding overview
Funding rounds3 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Bitcoin Depot M&A and investment
M&A and investmentM&A5 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Bitcoin Depot
What does Bitcoin Depot do?
Bitcoin Depot operates the largest cryptocurrency ATM (BTM) network in North America, with approximately 9,000+ self-service kiosks hosted at convenience stores, gas stations, travel centers, grocery stores, and tobacco shops. Customers can buy Bitcoin and other cryptocurrencies with cash, receiving the digital assets directly into their own self-custodial wallets. The company also offers online crypto purchases through a Banxa-powered portal, BDCheckout in-store wallet funding at retail checkout counters, and ReadyBucks small-business revenue-based funding.
Is Bitcoin Depot a public or private company?
Bitcoin Depot is a public company. It is classified as public and is currently closed.
When was Bitcoin Depot founded?
Bitcoin Depot was founded in 2016. It employs 101 to 250 people.
Where is Bitcoin Depot based?
Bitcoin Depot is headquartered in Atlanta, United States, in the North America region.
How does Bitcoin Depot make money?
Five revenue lines are on record. BTM transaction service fees and markups are the primary driver. The others are online crypto purchase processing fees (via Banxa), readyBucks small business working capital, kutt P2P social betting platform and host location revenue share / BTM placement fees.
Who are Bitcoin Depot's main competitors?
Banxa is listed as an others. Coinbase is listed as a broad incumbent. Direct peers are Pelicoin, Coinme, Coinsource, CoinHub, RockItCoin, Athena Bitcoin, CoinFlip and National Bitcoin ATM.
Does Bitcoin Depot have an API?
No public API is recorded for Bitcoin Depot.
What industry is Bitcoin Depot in?
Bitcoin Depot's product category is Cryptocurrency ATM Services. Its primary akta.pro industry code is FSADAIAI, POS, QR & In-Person Acceptance Infrastructure (Crypto), with a secondary code of FSADAIAE, On/Off-Ramp Providers (Fiat↔Crypto) & Cash-In/Cash-Out Networks. Its NAICS code is 5221 and its SIC code is 6200.