Bitcoin Depot Reports 5.5% Revenue Growth to $172.1 Million in Q2 2025

Bitcoin Depot Inc. reported a notable increase in financial performance for the second quarter of 2025, with revenues reaching $172.1 million, a 5.5% increase from $163.1 million in the same period last year. For the first half of 2025, the company generated $336.3 million in revenue, up 11.5% from $301.6 million in the first half of 2024. The increase in revenue was attributed to a rise in the number of kiosks in operation and a higher median transaction size. The company also reported a significant improvement in net income, which rose to $12.3 million for the quarter, compared to $4.4 million in the prior year, and $24.5 million for the first half, up from just $122,000 in the same period last year.

In terms of operational metrics, Bitcoin Depot expanded its network to approximately 8,978 kiosks across North America, Puerto Rico, and Australia, marking a significant increase from previous quarters. The company also reported a returning user transaction count of 5.6 for the quarter, indicating strong customer engagement. The median transaction size at kiosks increased to $300, reflecting a growing trend in user spending. Additionally, the company maintained a cash balance of $48.0 million as of June 30, 2025, compared to $29.5 million at the end of 2024, indicating improved liquidity.

Strategically, Bitcoin Depot underwent an Up-C restructuring on May 30, 2025, which involved the termination of a Tax Receivable Agreement and a cash payment of $8.4 million to former stockholders of BT Assets. This restructuring is expected to streamline operations and enhance financial flexibility. The company also reported a significant increase in its cryptocurrency holdings, with Bitcoin valued at approximately $10.7 million as of June 30, 2025, compared to $0.6 million at the end of 2024, as part of its treasury strategy.

Despite the positive financial results, Bitcoin Depot faces ongoing regulatory challenges, particularly as thirteen states have enacted legislation to regulate virtual currency kiosks. The company is actively monitoring these developments and adapting its operations to comply with evolving regulations. Looking ahead, Bitcoin Depot anticipates that its existing cash reserves, combined with cash generated from operations, will be sufficient to support its business needs for at least the next twelve months. However, the company acknowledges that future capital requirements may necessitate additional financing, which could impact its operational strategies and growth plans.