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Christopher Scott Buchanan, the Chief Operating Officer of Bitcoin Depot Inc. (NASDAQ:BTM), sold 5,000 shares of Class A common stock on January 2, 2025. The shares were sold at a weighted average price of $1.64 each, amounting to a total transaction value of $8,200. Following this sale, Buchanan retains ownership of 226,276 shares in the company. The transaction comes as BTM, currently valued at approximately $30 million, trades significantly below its 52-week high of $3.52. According to InvestingPro analysis, the stock appears undervalued at current levels. The sale was executed under a Rule 10b5-1 trading plan, which Buchanan established on August 16, 2023. InvestingPro data reveals the stock has experienced high price volatility, with a -39% return over the past year. InvestingPro subscribers have access to 8 additional key insights about BTM's financial health and market performance.
In other recent news, Bitcoin Depot Inc. has seen a flurry of activity. The company reported strong Q3 results, with earnings and revenue surpassing expectations, leading H.C. Wainwright to raise the stock target from $3.50 to $4.00 while maintaining a buy rating. The company's kiosk fleet showed significant expansion, exceeding 8,300 units by the quarter's end. Bitcoin Depot also announced plans to introduce a cash dividend for common shareholders in 2025, a potential first for a publicly traded cryptocurrency company.
Additionally, Bitcoin Depot has experienced changes within its executive team and board of directors. Glen Leibowitz resigned as CFO, with Scott Buchanan, the current COO and board member, stepping in as acting CFO. Board member Tim Vanderham also indicated his intention to resign in 2025, and the company plans to appoint a new Audit Committee member from its existing directors.
Furthermore, the company entered a material definitive agreement with Lucky Unicorn LLC and appointed Teri G. Fontenot to its Board of Directors and Audit Committee Chair. Bitcoin Depot also transitioned from KPMG LLP to Wolf & Company, P.C. as its independent registered public accounting firm. These are recent developments in the company's operations and governance.
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