Bitcoin depot chief compliance officer sells $1,790 in stock

ATLANTA—Mark James Smalley, Chief Compliance Officer of Bitcoin Depot Inc. (NASDAQ:BTM), recently sold 1,000 shares of the company's Class A common stock. The shares were sold at a weighted average price of $1.79 per share, amounting to a total transaction value of $1,790. The transaction comes as BTM's stock has shown significant momentum, gaining over 12% in the past week, though still trading well below its 52-week high of $3.70.

This sale was conducted as part of a pre-established Rule 10b5-1 trading plan, which Smalley entered on May 17, 2024. The shares sold were part of previously vested restricted stock units (RSUs) granted under the Bitcoin Depot Inc. 2023 Omnibus Incentive Plan. Following this transaction, Smalley directly owns 78,627 shares of Bitcoin Depot. According to InvestingPro analysis, the company currently appears undervalued, with several additional insights available to subscribers.

This move comes amid the company's ongoing efforts to expand its presence in the cryptocurrency services sector. Bitcoin Depot, headquartered in Atlanta, is known for providing users with convenient access to cryptocurrency through its network of kiosks. The company generates annual revenue of $585 million, though InvestingPro data indicates analysts anticipate a sales decline in the current year.

In other recent news, Bitcoin Depot Inc. has seen several noteworthy developments. The company reported strong Q3 results, surpassing earnings and revenue expectations. This led H.C. Wainwright to raise Bitcoin Depot's stock target from $3.50 to $4.00, while maintaining a buy rating.

In executive changes, Glen Leibowitz resigned as CFO, and the board appointed Scott Buchanan, the current COO, as the Acting CFO. Buchanan's annual base salary will be increased to $558,000 in this role.

The company also announced plans to introduce a cash dividend for common shareholders in 2025, a potential first for a publicly traded cryptocurrency company. This move is based on recent profitability improvements and cash flow.

Bitcoin Depot also transitioned from KPMG LLP to Wolf & Company, P.C. as its independent registered public accounting firm. Other recent developments include surpassing its 2024 target of installing 8,000 Bitcoin ATMs ahead of schedule and entering a material definitive agreement with Lucky Unicorn LLC.

Lastly, the company announced the appointment of Teri G. Fontenot to its Board of Directors and Audit Committee Chair. These are all recent developments within Bitcoin Depot Inc.

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