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1. Company Snapshot

1.a. Company Description

Bitcoin Depot Inc.owns and operates a network of cryptocurrency kiosks in North America.It provides users to buy and sell bitcoin, litecoin, and ethereum cryptocurrencies; and engages in the sale of cryptocurrency to consumers at a network of retail locations through its BDCheckout product offering and through its website over the counter trade.


The company was founded in 2016 and is headquartered in Atlanta, Georgia.Bitcoin Depot Inc.is a subsidiary of BT Assets, Inc.

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1.b. Last Insights on BTM

Bitcoin Depot's recent performance faced headwinds due to regulatory uncertainty, despite stellar Q3 results. The company's Q3 revenue grew 20% YoY to $162.5 million, with a 40% increase in gross profit. However, management highlighted regulatory challenges, including KYC mandates and transaction caps. The company also announced a leadership transition, with Scott Buchanan taking over as CEO. Furthermore, Bitcoin Depot's expansion into Hong Kong marks its first Asian market entry. A $15 million registered direct offering of Class A common stock was also announced.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Bitcoin Depot: Stellar Q3, But Soft Near-Term Outlook Dampens Momentum

Nov -21

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Bitcoin Depot Appoints Scott Buchanan as Chief Executive Officer; Founder Brandon Mintz to Continue to Serve as Executive Chairman

Nov -21

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Bitcoin Depot Partners with Wild Bill's Tobacco for Multi-Store Pilot, Eyeing Wider Midwest Expansion

Nov -19

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Bitcoin Depot (NASDAQ:BTM) vs. PRA Group (NASDAQ:PRAA) Head to Head Comparison

Nov -19

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Bitcoin Depot Inc. (BTM) Q3 2025 Earnings Call Transcript

Nov -13

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Bitcoin Depot Inc. (BTM) Q3 Earnings and Revenues Top Estimates

Nov -13

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Bitcoin Depot Reports Third Quarter 2025 Financial Results

Nov -13

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Bitcoin Depot Expands into Hong Kong, Marking First Asia Expansion

Nov -12

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.00%)

6. Segments

BTM Kiosks

Expected Growth: 3%

BTM Kiosks' 3x growth driven by increasing adoption of cryptocurrencies, expansion into new markets, and strategic partnerships. Growing demand for convenient and secure Bitcoin transactions, coupled with Bitcoin Depot's strong brand recognition and user-friendly interface, contribute to the segment's rapid expansion.

BD Checkout

Expected Growth: 2%

BD Checkout's 2x growth is driven by increasing adoption of cryptocurrency, expansion of Bitcoin Depot's ATM network, and strategic partnerships. Growing demand for convenient and secure crypto transactions, coupled with rising mainstream acceptance, fuels BD Checkout's growth. Additionally, the company's focus on user experience and competitive pricing strategies contribute to its rapid expansion.

Company Website

Expected Growth: 4%

Bitcoin Depot Inc.'s website growth is driven by increasing adoption of cryptocurrency, rising demand for convenient Bitcoin access, and strategic partnerships expanding its ATM network. Additionally, the company's user-friendly interface and competitive fees attract more customers, contributing to its rapid growth.

Software Services

Expected Growth: 5%

Bitcoin Depot Inc.'s Software Services segment growth is driven by increasing adoption of cryptocurrency, rising demand for digital payment solutions, strategic partnerships, and expansion into new markets. Additionally, the company's focus on innovation, security, and user experience has contributed to its growth, with a 5-fold increase in revenue.

Hardware

Expected Growth: 1%

Bitcoin Depot Inc.'s hardware segment growth is driven by increasing adoption of cryptocurrency, rising demand for convenient and secure Bitcoin ATMs, and strategic partnerships expanding its network. Additionally, the company's focus on user experience, competitive pricing, and innovative products contribute to its growth momentum.

7. Detailed Products

Bitcoin ATMs

Bitcoin Depot provides a network of Bitcoin ATMs that allow users to buy and sell cryptocurrencies using cash.

Bitcoin Kiosks

Bitcoin Depot offers Bitcoin Kiosks that enable users to buy and sell cryptocurrencies using a user-friendly interface.

Crypto Payment Processing

Bitcoin Depot provides a payment processing solution for merchants to accept cryptocurrency payments.

Digital Wallet Services

Bitcoin Depot offers digital wallet services that enable users to store, send, and receive cryptocurrencies.

Cryptocurrency Trading

Bitcoin Depot provides a platform for users to buy, sell, and trade cryptocurrencies.

8. Bitcoin Depot Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bitcoin Depot Inc. operates in a niche market with limited substitutes, reducing the threat of substitutes.

Bargaining Power Of Customers

Customers have some bargaining power due to the availability of alternative Bitcoin ATMs, but Bitcoin Depot Inc.'s strong brand and wide network mitigate this power.

Bargaining Power Of Suppliers

Bitcoin Depot Inc. has a diversified supplier base, reducing the bargaining power of individual suppliers.

Threat Of New Entrants

The Bitcoin ATM market is relatively new and growing, attracting new entrants, increasing the threat of new entrants.

Intensity Of Rivalry

The Bitcoin ATM market is moderately competitive, with several players vying for market share, but Bitcoin Depot Inc.'s strong brand and network help to differentiate it from competitors.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 201.90%
Debt Cost 3.95%
Equity Weight -101.90%
Equity Cost 2.11%
WACC 5.81%
Leverage -198.13%

11. Quality Control: Bitcoin Depot Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Siebert Financial

A-Score: 5.0/10

Value: 7.0

Growth: 6.9

Quality: 7.2

Yield: 0.0

Momentum: 7.0

Volatility: 2.0

1-Year Total Return ->

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A-Mark Precious Metals

A-Score: 4.7/10

Value: 6.2

Growth: 5.1

Quality: 3.7

Yield: 8.0

Momentum: 0.5

Volatility: 4.7

1-Year Total Return ->

Stock-Card
TeraWulf

A-Score: 4.7/10

Value: 6.0

Growth: 4.3

Quality: 3.5

Yield: 5.0

Momentum: 9.0

Volatility: 0.3

1-Year Total Return ->

Stock-Card
Perella Weinberg

A-Score: 4.7/10

Value: 5.3

Growth: 2.8

Quality: 6.6

Yield: 4.0

Momentum: 4.5

Volatility: 4.7

1-Year Total Return ->

Stock-Card
Greenidge Generation Holdings

A-Score: 3.9/10

Value: 9.8

Growth: 4.0

Quality: 5.9

Yield: 0.0

Momentum: 3.5

Volatility: 0.3

1-Year Total Return ->

Stock-Card
Bitcoin Depot

A-Score: 3.9/10

Value: 6.3

Growth: 2.1

Quality: 3.9

Yield: 0.0

Momentum: 10.0

Volatility: 1.0

1-Year Total Return ->

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.33$

Current Price

1.33$

Potential

-0.00%

Expected Cash-Flows