Bitcoin Depot Inc. reported revenue of $614.9 million for the year ended December 31, 2025, an increase of 7.2% compared to $573.7 million in 2024. The company attributed this growth to an increase in the number of operational Bitcoin ATMs and a rise in the median transaction size. Net income for the year was $4.7 million, a decrease from $7.8 million in the previous year. Adjusted EBITDA, a non-GAAP measure, increased to $56.4 million from $39.7 million in 2024. The gross profit margin also saw an increase, reaching 18.4% compared to 15.9% in the prior year.
The company's operational developments included maintaining approximately 9,700 Bitcoin ATMs across 48 U.S. states, 10 Canadian provinces, 6 Australian states, and Hong Kong as of December 31, 2025. Bitcoin Depot also reported that its BDCheckout product was available at approximately 16,300 retail locations. The company highlighted that during the quarter ended December 31, 2025, it averaged approximately 16,602 new users. However, Circle K, a major retail partner, provided notice that it would not renew its contract with Bitcoin Depot.
Strategic initiatives during 2025 included acquisitions of Pelicoin and National Bitcoin ATM, adding over 500 kiosks across 27 states. The company also launched operations in Hong Kong, marking its entry into the Asian market. In early 2026, Bitcoin Depot completed the acquisition of Instant Coin Bank, further consolidating its presence in Texas and Oklahoma. Additionally, the company acquired Kutt, Inc., a peer-to-peer social betting platform, to diversify its product offerings. A leadership transition also occurred, with Scott Buchanan appointed as CEO and founder Brandon Mintz moving to the role of Executive Chairman.
Bitcoin Depot acknowledged that recent regulatory efforts aimed at the industry have imposed, and will continue to impose, significant restrictions on its business. The company expects revenue for the core business in 2026 to be down in the range of 30% to 40%. Increased compliance costs, transaction limitations, and enhanced verification requirements may reduce transaction volumes and deter potential customers. Furthermore, these regulatory efforts, combined with the costs of adapting compliance infrastructure, are expected to result in sustained pressure on the company's financial performance.
About Bitcoin Depot Inc.
Bitcoin Depot Inc. operates the largest network of Bitcoin teller machines (BTMs) in North America, enabling customers to buy and sell Bitcoin using cash at over 8,500 kiosks in retail locations such as convenience stores, gas stations, pharmacies, and malls. The company also offers BDCheckout, a cash-to-Bitcoin service at checkout counters. Its platform emphasizes ease of use, robust compliance, and broad retail partnerships, serving primarily cash-preferred consumers seeking accessible cryptocurrency transactions.
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