Bitcoin Depot to raise $15 million in registered direct offering

ATLANTA - Bitcoin Depot Inc. (NASDAQ:BTM), a U.S.-based Bitcoin ATM operator, announced Tuesday it has entered into definitive agreements to sell 4,285,716 shares of its Class A common stock at $3.50 per share in a registered direct offering. The company’s stock, which has seen a remarkable 285% surge over the past six months according to InvestingPro data, currently trades at $4.39.

The company expects to raise approximately $15 million in gross proceeds before deducting placement agent fees and other offering expenses. The offering is anticipated to close on or about October 8, subject to customary closing conditions. With a current market capitalization of $479.7 million and a moderate debt level, InvestingPro analysis indicates the company maintains a healthy financial position with a strong current ratio of 1.41.

H.C. Wainwright & Co. is serving as the exclusive placement agent for the offering. Bitcoin Depot intends to use the net proceeds for general corporate purposes, according to the press release.

The shares are being offered through a shelf registration statement filed with the Securities and Exchange Commission on June 20, 2025, which was declared effective on July 1, 2025.

Bitcoin Depot operates over 9,000 kiosk locations across North America as of August 2025, allowing users to convert cash into Bitcoin. The company’s services are available at kiosks in 47 states and through its BDCheckout product at retail locations in 31 states.

The announcement comes as part of the company’s ongoing financial activities. Bitcoin Depot, founded in 2016, claims to have the largest market share in the Bitcoin ATM sector in North America.

The offering is being made only by means of a prospectus, including a prospectus supplement, forming part of the effective registration statement filed with the SEC.

In other recent news, Bitcoin Depot announced preliminary financial results for the third quarter, projecting a revenue increase of 18% to approximately $160 million, compared to $135.3 million in the same period last year. The company also expects a 50% rise in adjusted EBITDA from the $9.2 million reported in the third quarter of 2024. Additionally, Bitcoin Depot has acquired the assets of Westcliff Technologies, operating as National Bitcoin ATM, adding over 500 kiosks across 27 states, thereby increasing its market share to about 30%. The company has also implemented new compliance standards requiring identification verification for all transactions at its over 9,000 kiosk locations. In leadership changes, Scott Buchanan has been appointed as president while retaining his roles as chief operating officer and board director. Bitcoin Depot disclosed that it had previously omitted details about executive trading plans in its quarterly report, revealing CEO Brandon Mintz’s adoption of a Rule 10b5-1 trading plan. This plan allows for the sale of up to 8 million shares of the company’s Class A Common Stock, set to expire by May 31, 2026, or upon the sale of all shares.

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