Bitcoin Depot price target raised to $4.20 from $2.30 at B. Riley

B. Riley analyst Hal Goetsch raised the firm’s price target on Bitcoin Depot (BTM) to $4.20 from $2.30 and keeps a Neutral rating on the shares. Regulatory changes are seen as constructive for long-term industry credibility, and Bitcoin Depot’s scale, compliance infrastructure, and market leadership should help navigate them better than smaller competitors, the analyst tells investors in a research note. However, near-term revenue pressure is significant, with kiosk counts expected to remain flat or decline in 2026, and new initiatives like Kutt P2P and ReadyBucks unlikely to materially offset core ATM revenue headwinds, the firm says.