Bitcoin Depot Inc., a provider of Bitcoin ATM networks, plans significant expansion in 2024, purchasing 900 new ATMs and partnering with numerous retail locations. Meanwhile, BTCS Inc., a blockchain technology company, reports a profit turnaround in 2023 after a loss in 2022, attributing the improvement to accounting standard changes.
Bitcoin Depot and BTCS Target Growth Amidst Cryptocurrency Market Dynamics
Less than a year after its initial public offering, Bitcoin Depot Inc., a provider of Bitcoin automated teller machines (ATMs), has outlined plans for significant expansion in 2024. The company's growth initiatives include the acquisition of 900 ATMs for deployment in the first quarter of the year and the sale of 50 new ATMs to Sopris Capital for its franchise program.
As of December 31, Bitcoin Depot had installed kiosks in 6,339 retail locations across North America, including recent partnerships with FastLane, Gas Express, High's, Majors Management, Stinker Stores, GetGo Café + Market, and Jacksons Food Store. A notable agreement with an undisclosed convenience store chain will result in the installation of Bitcoin Depot kiosks in an additional 63 locations.
In addition to its ATM network, Bitcoin Depot offers its BDCheckout product at 2,754 retail locations as of March 2023. BDCheckout allows customers using the Bitcoin Depot app to purchase cryptocurrency at partner stores.
Bitcoin Depot, whose shares are traded on the Nasdaq Stock Market, became a publicly traded company in June 2022 through a merger with GSR II Meteora Acquisition Corp., a special-purpose acquisition company.
The company's expansion plans were announced alongside its financial results for the fourth quarter and full year 2023. Revenue for the quarter ended December 31 was $148.4 million, a 1% decrease from the same period in 2022. Full-year revenue grew by 7% to $689 million. Bitcoin Depot reported a net loss of $1.5 million in the fourth quarter, compared to a loss of $500,000 in the fourth quarter of 2022. For the full year 2023, the company recorded net income of $1.6 million, down from $3.5 million in 2022.
In a separate development, BTCS Inc., a Silver Spring, Maryland-based provider of blockchain technology, reported revenue of $1.3 million in 2023, a 20% decline year-over-year. However, the company swung to a net income of $7.8 million, reversing a loss of $15.9 million in 2022. BTCS attributed the improvement to "financial reporting changes resulting from the adoption of new accounting standards."
