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Bitcoin Depot Inc. (NASDAQ:BTM), a $394 million market cap company that has seen its stock surge over 200% in the past six months, announced that its board of directors appointed Scott Buchanan as president, effective August 28, 2025. Buchanan will continue to serve as the company’s chief operating officer and as a director on the board.
According to the company’s statement in a recent SEC filing, Buchanan has been chief operating officer and a board director since March 2022. He previously served as acting chief financial officer and principal financial officer from November 2024 to March 2025, and as chief financial officer from August 2020 to January 2023. From June 2019 to August 2020, Buchanan was vice president of finance and human resources at Bitcoin Depot, which now generates annual revenue of $608 million and maintains a fair financial health rating according to InvestingPro. Before joining the company, he held finance leadership roles at Acuity Brands (NYSE:AYI) beginning in December 2015.
The company stated there are no arrangements or understandings between Buchanan and any other person in connection with his appointment as president. The filing also notes that Buchanan does not have any family relationships with the company’s directors or executive officers and is not a party to any transactions requiring disclosure under SEC regulations.
Bitcoin Depot confirmed that Buchanan’s existing compensation, award, or benefit arrangements were not modified in connection with his appointment as president.
This information is based on a press release statement contained in the company’s filing with the Securities and Exchange Commission. Bitcoin Depot’s Class A common stock and warrants trade on the Nasdaq Stock Market under the symbols BTM and BTMWW, respectively. Analysts maintain a Strong Buy consensus on the stock, with InvestingPro offering 13 additional key insights and a comprehensive analysis report for subscribers.
In other recent news, Bitcoin Depot Inc. reported a 6% increase in revenue for the second quarter of 2025, bringing in $172.1 million. The company also saw a substantial rise in net income, which increased by 183% to $12.3 million. In addition to these financial results, Bitcoin Depot disclosed that it previously omitted required disclosures about executive trading plans in its quarterly report for the period ending June 30, 2025. The CEO, Brandon Mintz, had adopted a Rule 10b5-1 trading plan allowing the sale of up to 8 million shares, which is set to expire by May 31, 2026, or upon the sale of all shares. The company also announced the appointment of Alex Holmes, former CEO of MoneyGram International, to its board of directors and audit committee. Holmes fills a vacancy left by the resignation of Tim Vanderham and will serve until the next annual stockholders’ meeting. Meanwhile, H.C. Wainwright raised its price target for Bitcoin Depot to $6.50, maintaining a Buy rating, although it slightly reduced its 2025 revenue estimate to $630.0 million.
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