Bitcoin Depot has increased its Bitcoin holdings by acquiring an additional $5 million worth, bringing its total to 71.5 BTC, valued at over $7 million at current market prices.
This move highlights the company’s continued commitment to investing in the leading digital asset.
CEO Brandon Mintz highlighted that this latest purchase reflects the company’s “long-standing belief in Bitcoin as a vital financial asset and store of value.” He further noted that this move will benefit shareholders from future price appreciation.
Founded in 2016, the U.S. cryptocurrency ATM operator has grown into the largest cryptocurrency ATM operator, with 8,213 kiosks installed across the U.S., Canada, and Puerto Rico, as reported by CoinATMradar. This expansion set the stage for the company’s historic debut on the Nasdaq in July 2023 under the ticker BTM, making it the first cryptocurrency ATM company in the U.S. to go public.
Building on this momentum, Bitcoin Depot launched its Bitcoin treasury strategy in June 2024, allocating a portion of its cash reserves to the digital asset. Since then, Bitcoin’s price has surged by over 63%, demonstrating the strategy’s potential.
Despite this positive market trend, the company’s recent Bitcoin purchase has not yet been reflected in its stock performance, with BTM down 2.5% on the writing day.
Bitcoin Depot has joined an expanding group of U.S.-based publicly traded companies adopting a Bitcoin treasury strategy, following MicroStrategy’s lead in integrating Bitcoin as a key corporate reserve asset. Continuing its aggressive Bitcoin acquisition strategy, MicroStrategy has purchased an additional 2,138 BTC for $209 million at an average price of $97,837 per Bitcoin. This marks the company’s eighth consecutive weekly acquisition, increasing its total holdings to 446,400 BTC, acquired at an average price of $62,428 per Bitcoin for a total expenditure of $27.9 billion. The company also reported an impressive Bitcoin yield of 47.8% quarter-to-date and 74.1% year-to-date.
Bitcoin Depot, a leading cryptocurrency ATM operator based in the United States, has bolstered its Bitcoin holdings, reaffirming its commitment to the top digital asset.
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