Bitcoin Depot (BTM) AI Stock Analysis

• Market Cap: $94.44M
• Dividend Yield: N/A
• Average Volume (3M): 854.50K
• Price to Earnings (P/E): 11.3
• Beta (1Y): 0.98
• Revenue Growth: 8.60%
• EPS Growth: N/A
• Country: US
• Employees: 126
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): 0.08
• Shares Outstanding: 35,360,672
• 10 Day Avg. Volume: 645,187
• 30 Day Avg. Volume: 854,502
• PEG Ratio: 0.04
• Price to Book (P/B): -1.43
• Price to Sales (P/S): 0.06
• P/FCF Ratio: 2.86
• Enterprise Value/Market Cap: 2.55
• Enterprise Value/Revenue: 0.38
• Enterprise Value/Gross Profit: 1.98
• Enterprise Value/Ebitda: 3.67
• 1Y Price Target: $3.93
• Price Target Upside: 188.97% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 0.09
• Revenue Forecast (FY): $666.90M

• Rating: 55 Neutral
• Price Target: $1.50 ▲(10.29% Upside)

The score is held back primarily by high balance-sheet leverage and clearly bearish technicals (price below key moving averages with negative MACD). Offsetting factors include strong cash flow and a solid Q3 earnings performance with expansion progress, while valuation appears reasonable but lacks dividend support.

Positive Factors

Revenue Growth

The significant revenue growth indicates strong market demand and effective business strategies, supporting long-term financial health and expansion.

International Expansion

International expansion enhances market presence and diversifies revenue streams, positioning the company for sustained growth in the global market.

Leadership Transition

Leadership changes aim to support strategic growth and operational scaling, potentially enhancing management effectiveness and strategic execution.

Negative Factors

Regulatory Challenges

Regulatory challenges can limit operational flexibility and revenue potential, posing risks to growth and profitability in affected regions.

High Leverage

High leverage increases financial risk, potentially constraining cash flow and limiting investment in growth opportunities.

Arbitration Ruling

The arbitration ruling could lead to significant financial liabilities, impacting cash reserves and financial stability if the contest is unsuccessful.

Bitcoin Depot Business Overview & Revenue Model

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.

How the Company Makes Money

Bitcoin Depot generates revenue primarily through transaction fees charged on each cryptocurrency purchase and sale made at its Bitcoin ATMs. When customers buy Bitcoin, they pay a premium over the market price, which includes the transaction fee. Additionally, the company earns revenue from selling Bitcoin to customers at a markup, which is factored into the price of the cryptocurrency. Key revenue streams also include partnerships with retail locations where the BTMs are installed, as these partnerships often involve revenue-sharing agreements. Furthermore, Bitcoin Depot may benefit from increased transaction volumes during market surges, as heightened interest in cryptocurrency often leads to more transactions at their ATMs.

Bitcoin Depot Financial Statement Overview

Summary

Bitcoin Depot shows mixed financial performance. While revenue and cash flow are improving, high leverage and low equity pose risks. Profitability is moderate, with potential for operational improvements.

Income Statement

Bitcoin Depot's income statement shows a mixed performance. The TTM gross profit margin of 19.1% and net profit margin of 2.4% indicate moderate profitability. Revenue growth is positive at 4.5% TTM, recovering from a decline in the previous year. However, the EBIT and EBITDA margins are relatively low, suggesting room for operational efficiency improvements.

Balance Sheet

The balance sheet reveals significant leverage with a high debt-to-equity ratio of 3.43 TTM, indicating potential financial risk. The return on equity is negative, reflecting challenges in generating returns for shareholders. The equity ratio is low, suggesting a reliance on debt financing.

Cash Flow

Cash flow analysis shows strong free cash flow growth of 28.7% TTM, indicating improved cash generation. The operating cash flow to net income ratio is healthy at 0.91, and the free cash flow to net income ratio is nearly 1, demonstrating efficient cash conversion.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	635.64M	573.70M	688.97M	646.83M	548.98M	245.13M
Gross Profit	121.40M	91.44M	101.03M	72.30M	56.03M	31.09M
EBITDA	65.64M	34.22M	26.23M	35.04M	26.79M	17.38M
Net Income	9.16M	-11.69M	-26.10M	3.98M	5.94M	14.41M
Balance Sheet
Total Assets	125.28M	80.10M	77.38M	93.40M	108.33M	53.06M
Cash, Cash Equivalents and Short-Term Investments	59.27M	30.98M	30.47M	38.08M	38.03M	41.15M
Total Debt	72.15M	63.51M	31.33M	62.62M	69.31M	29.38M
Total Liabilities	104.26M	96.59M	68.00M	83.96M	89.35M	33.76M
Stockholders Equity	18.53M	-23.63M	-15.81M	7.21M	17.54M	19.30M
Cash Flow
Free Cash Flow	37.46M	11.79M	41.08M	30.14M	15.35M	16.90M
Operating Cash Flow	38.32M	22.54M	41.10M	31.25M	23.28M	18.28M
Investing Cash Flow	-14.10M	-11.37M	-22.00K	-3.11M	-19.32M	-1.38M
Financing Cash Flow	2.95M	-11.58M	-48.86M	-28.54M	-7.02M	17.66M

Bitcoin Depot Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 1.36
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BTM, the sentiment is Neutral. The current price of 1.36 is above the 20-day moving average (MA) of 1.35, below the 50-day MA of 1.77, and below the 200-day MA of 3.15, indicating a neutral trend. The MACD of -0.12 indicates Negative momentum. The RSI at 43.11 is Neutral, neither overbought nor oversold. The STOCH value of 58.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for BTM.

Bitcoin Depot Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
FUFU	66 Neutral	$495.84M	7.93	38.27%	―	29.96%	66.09%
BTBT	64 Neutral	$712.08M	5.64	22.44%	―	9.52%	496.04%
BTM	55 Neutral	$94.44M	11.31	1375.23%	―	8.60%	―
GREE	46 Neutral	$25.91M	-7.36	―	―	-3.52%	83.39%
LGHL	40 Underperform	$506.70K	>-0.01	-164.77%	―	-200.22%	76.90%
ARBK	40 Underperform	$7.76M	-0.02	―	―	-13.86%	-32.19%

Bitcoin Depot Corporate Events

Bitcoin Depot amends credit agreement, prepays term loans

On December 19, 2025, Bitcoin Depot subsidiaries entered into a second amendment to their existing credit agreement with Silverview Credit Partners and other lenders, under which the borrowing entity made a $7 million prepayment to reduce the outstanding principal of both Tranche A and Tranche B term loans by $3.5 million each, thereby revising the remaining amortization schedule. The amendment also raised the monetary judgment threshold that could trigger an event of default to $3.5 million and carved out an event-of-default exception for certain existing matters, changes that together adjust the company’s leverage profile and slightly ease its default risk parameters under the lending arrangement.

The most recent analyst rating on (BTM) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Bitcoin Depot stock, see the BTM Stock Forecast page.

Bitcoin Depot shareholders show strong support at annual meeting

At its 2025 Annual Meeting of Stockholders held on December 12, 2025, Bitcoin Depot Inc. reported a high participation rate, with 93.44% of its 413.8 million eligible common shares voting. Shareholders unanimously backed the company’s slate of seven directors, with no votes cast against any nominee, and also ratified Wolf & Company, P.C. as independent registered public accounting firm for the fiscal year ending December 31, 2025, signaling strong investor support for the firm’s current leadership and governance structure.

The most recent analyst rating on (BTM) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Bitcoin Depot stock, see the BTM Stock Forecast page.

Bitcoin Depot to Contest Arbitration Tribunal Ruling

On November 24, 2025, Bitcoin Depot announced that an arbitration tribunal ruled in favor of Cash Cloud, awarding them $18.47 million in a dispute over alleged breaches of a 2020 agreement with BitAccess. The company plans to contest the ruling and believes the Canadian tribunal’s decision may impact a related U.S. Bankruptcy Court case with similar allegations and damages.

The most recent analyst rating on (BTM) stock is a Buy with a $6.00 price target. To see the full list of analyst forecasts on Bitcoin Depot stock, see the BTM Stock Forecast page.

Bitcoin Depot Announces Leadership Changes for 2026

On November 21, 2025, Bitcoin Depot announced significant leadership changes effective January 1, 2026. Founder Brandon Mintz will transition from CEO to Executive Chairman, focusing on strategic growth, while Scott Buchanan, the current President and COO, will assume the role of CEO. Elizabeth Simer has been appointed as the new COO. These changes aim to support Bitcoin Depot’s long-term strategy, operational scaling, and M&A objectives, positioning the company to capitalize on strategic opportunities and maintain its leadership in the Bitcoin ATM market.

The most recent analyst rating on (BTM) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Bitcoin Depot stock, see the BTM Stock Forecast page.

Bitcoin Depot Secures $13.8M Through Stock Offering

On October 6, 2025, Bitcoin Depot Inc. entered into a securities purchase agreement with institutional investors to sell 4,285,716 shares of its Class A common stock at $3.50 per share in a registered direct offering, expected to close around October 8, 2025. The company anticipates net proceeds of approximately $13.8 million, which will be used for general corporate purposes, potentially impacting its operational capabilities and market positioning.

The most recent analyst rating on (BTM) stock is a Hold with a $3.50 price target. To see the full list of analyst forecasts on Bitcoin Depot stock, see the BTM Stock Forecast page.