Bitcoin Depot, the operator of cryptocurrency ATMs, has filed for bankruptcy in Texas. The company plans to cease operations entirely and liquidate its assets.
CEO Alex Holmes attributed the decision to increased regulatory pressure. He noted that states have tightened compliance requirements, imposed transaction limits, and in some areas, completely banned the operation of cryptocurrency ATMs.
The Bitcoin Depot network has already been shut down. The liquidation will affect operations in the U.S. and other countries, including Canada.
The company's troubles escalated in March after its license was revoked in Connecticut. At that time, Bitcoin Depot also underwent a leadership change, and revenue forecasts dropped by 40%. In April, the operator's systems were hacked, resulting in a theft of $3.7 million.
According to preliminary reports, Bitcoin Depot's revenue for the first quarter fell by nearly half. The net loss amounted to $9.5 million, compared to a profit of $12.2 million the previous year. The primary reason for the financial difficulties was cited as the inability to operate under the new restrictions.
Founded in 2016, Bitcoin Depot once boasted a network of over 9,000 devices, making it the largest operator of cryptocurrency ATMs in North America. Over the past six months, the company's shares on Nasdaq have plummeted by 94.06%.
Source: Google Finance.In November 2025, the operator of Bitcoin ATMs, Crypto Dispensers, announced the sale of its business for $100 million due to criminal prosecution of its CEO.