Bitcoin Depot acquires Pelicoin to expand Gulf South presence

ATLANTA - Bitcoin Depot (NASDAQ:BTM), a U.S.-based Bitcoin ATM operator with annual revenue of $599.39 million, announced Wednesday it has acquired the assets of Pelicoin, LLC, a crypto ATM operator headquartered in New Orleans. According to InvestingPro data, the company has shown remarkable momentum with a 35.63% return in the past week.

The acquisition adds kiosk locations across Louisiana, Mississippi, Tennessee, Alabama, and Texas, strengthening Bitcoin Depot’s presence in the Gulf South region. The expansion comes as Bitcoin Depot maintains a healthy financial position, with InvestingPro analysis indicating a GOOD overall financial health score.

"Pelicoin is a strategic addition to our footprint in a region where we see real opportunity," said Brandon Mintz, CEO and founder of Bitcoin Depot. "Pelicoin’s locations give us a stronger presence in the Gulf South, and we can immediately apply our scale and experience to operate their machines more efficiently."

The company plans to fully integrate Pelicoin’s ATM network into its platform in the coming weeks, with all locations transitioning to Bitcoin Depot branding. Customers will experience no service disruptions during this transition.

Will Haynie, Founder and CEO of Pelicoin, stated: "What started as a small regional effort became a trusted brand throughout the Gulf South. Bitcoin Depot is one of the most respected names in the industry, and their ability to execute on this transaction quickly made them the obvious choice for us."

Bitcoin Depot operates over 8,500 kiosk locations across North America as of June 2025, according to the company’s press release statement. The financial terms of the transaction were not disclosed.

The acquisition is part of Bitcoin Depot’s strategy to consolidate what it describes as a fragmented market and extend its position in providing cash-to-crypto access nationwide.

In other recent news, Bitcoin Depot has reported a 19% increase in revenue for the first quarter of 2025, amounting to $164.2 million, surpassing previous estimates. The company also achieved a record net income of $12.2 million, marking a significant turnaround from a $4.2 million loss in the previous year. This robust financial performance led to analysts from H.C. Wainwright and Northland raising their price targets for Bitcoin Depot to $5.00, with both firms maintaining a positive outlook on the stock. The company has also completed a corporate restructuring to simplify its organizational structure, which is expected to yield financial benefits, including a reduction in cash tax rates and professional service costs.

Bitcoin Depot’s strategic expansion efforts have resulted in the deployment of 8,614 Bitcoin ATMs, with plans to launch operations in two new countries within 2025. The company has around 2,000 additional kiosks ready for deployment, which is anticipated to drive future growth without significant capital investment. The firm’s strong operating cash flows and low capital expenditure requirements may lead to the initiation of a dividend in 2025, potentially attracting a broader investor base. Bitcoin Depot’s CEO, Brandon Mintz, emphasized the success of the company’s kiosk growth and optimization plan, which has contributed to the impressive financial results.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.