ATLANTA—Brandon Taylor Mintz, the Chief Executive Officer of Bitcoin Depot Inc. (NASDAQ:BTM), executed a significant stock sale, according to a recent SEC filing. On November 11, Mintz sold 125,000 shares of Class A common stock, generating approximately $376,487. The shares were sold at a weighted average price of $3.0119, with transactions occurring within a price range of $3.01 to $3.06.
Following the sale, Mintz retains direct ownership of 254,248 shares. Additionally, BT Assets, Inc., a company where Mintz is the sole member, holds 41,193,024 shares of Class V common stock. These shares can be exchanged for Class A shares on a one-for-one basis at the discretion of BT Assets.
The sale was conducted as part of a pre-established Rule 10b5-1 trading plan, which Mintz set up in November 2023.
In other recent news, Bitcoin Depot has been making significant strides in its operations. The company recently exceeded its 2024 target of installing 8,000 Bitcoin ATMs five months ahead of schedule, contributing to robust Q2 performance. This success prompted H.C. Wainwright to reaffirm a Buy rating, despite adjusting the price target to $3.50.
In addition to its financial achievements, Bitcoin Depot announced a change in its independent registered public accounting firm, transitioning from KPMG LLP to Wolf & Company, P.C. This decision was made despite no disagreements with Wolf & Company regarding accounting principles or practices, financial statement disclosure, or auditing scope or procedure.
The company has also been actively expanding its presence, securing agreements to place Bitcoin ATMs in 66 Fareway grocery stores and 57 Nouria Energy convenience store locations. Internationally, Bitcoin Depot has installed over 100 kiosks in Puerto Rico and is preparing for a launch in Australia.
Bitcoin Depot recently entered a material definitive agreement with Lucky Unicorn LLC and appointed Teri G. Fontenot to its Board of Directors and Audit Committee Chair. The company has also decided to invest part of its cash reserves into Bitcoin and sold an additional 200 Bitcoin ATM kiosks to investment firm Sopris Capital.
InvestingPro Insights
Bitcoin Depot Inc. (NASDAQ:BTM) has been experiencing some financial headwinds, as reflected in the recent InvestingPro data. The company's revenue growth has been negative, with a -8.17% decline in the last twelve months as of Q2 2024, and a more pronounced -17.42% drop in quarterly revenue for the same period. This context adds significance to CEO Brandon Taylor Mintz's recent stock sale.
Despite these challenges, BTM's stock has shown remarkable short-term performance, with a 45.88% return over the past week and a 63.16% return over the last month. This recent surge might have influenced the timing of Mintz's stock sale, potentially capitalizing on the upward momentum.
InvestingPro Tips highlight that BTM's price is currently at 67.03% of its 52-week high, suggesting there may be room for further growth if market conditions improve. Additionally, the company's market capitalization stands at $148.38 million, which, when considered alongside its revenue of $629.5 million for the last twelve months, indicates a relatively low price-to-sales ratio.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for Bitcoin Depot Inc., providing a deeper dive into the company's financial health and market position. These insights could be particularly valuable given the volatility often associated with cryptocurrency-related stocks.
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