ATLANTA - Bitcoin Depot Inc. (NASDAQ: BTM), a prominent Bitcoin ATM operator in the United States, has announced a partnership with Sopris Capital to install 50 new Bitcoin ATM (BTM) kiosks across Canada. The deployment is part of Bitcoin Depot's franchise program, which was initiated in 2023 to extend its North American presence.
Bitcoin Depot will oversee the operation of these kiosks for Sopris Capital, a seasoned investment firm with two decades of experience. The program aims to leverage Bitcoin Depot's operational expertise and integrate with BitAccess software, which offers features such as remote management, security, and compliance tools.
Since its inception, the franchise program has facilitated the addition of over 100 BTM kiosk locations. Bitcoin Depot's CEO, Brandon Mintz, expressed enthusiasm about the partnership, emphasizing the company's goal to have the largest fleet of Bitcoin ATMs ever installed by the end of the year.
The company's services are designed to provide a seamless transition from cash to Bitcoin, allowing users to engage with the digital financial system for various transactions such as payments, remittances, online purchases, and investments. Bitcoin Depot currently boasts a significant market share in North America, with roughly 6,400 kiosk locations as of September 30, 2023.
The information for this report is based on a press release statement from Bitcoin Depot Inc.
InvestingPro Insights
As Bitcoin Depot Inc. (NASDAQ: BTM) expands its footprint in North America with new Bitcoin ATM installations, investors and stakeholders are closely monitoring the company's financial health and stock performance. According to InvestingPro data, Bitcoin Depot has a market capitalization of $142.81 million, which reflects the current valuation of the company in the market.
Despite the ambitious growth plans, the company's stock has experienced high volatility, as indicated by an InvestingPro Tip, which could be a point of consideration for investors with a lower risk tolerance. Additionally, another InvestingPro Tip points out that Bitcoin Depot has been struggling with weak gross profit margins, with the last twelve months as of Q3 2023 showing a margin of 13.68%.
The company's revenue has seen a modest growth of 6.32% over the last twelve months as of Q3 2023, reaching $690.22 million. However, the price of the stock has decreased significantly over the past year, with a 1-year price total return of -75.71%, which could signal a potential buying opportunity for value investors, especially considering the InvestingPro Fair Value estimate of $3.64 USD, above the previous close price of $2.4 USD.
For those interested in a deeper analysis, InvestingPro offers additional insights and tips on Bitcoin Depot. By using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which includes access to comprehensive metrics and expert recommendations. There are 9 more InvestingPro Tips available, which could further guide investment decisions regarding Bitcoin Depot.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.