Bitcoin Depot (BTM) AI Stock Analysis

• Market Cap: $326.06M
• Dividend Yield: N/A
• Average Volume (3M): 2.68M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.49
• Revenue Growth: -9.72%
• EPS Growth: 66.64%
• Country: US
• Employees: 126
• Sector: Financial
• Sector Strength: 78
• Industry: Financial - Capital Markets
• EPS (TTM): 0.20
• Shares Outstanding: 23,119,373
• 10 Day Avg. Volume: 2,058,408
• 30 Day Avg. Volume: 2,680,783
• PEG Ratio: 0.00
• Price to Book (P/B): 6.32
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 7.22
• Enterprise Value/Market Cap: 0.34
• Enterprise Value/Revenue: 0.05
• Enterprise Value/Gross Profit: 1.03
• Enterprise Value/Ebitda: 0.87
• 1Y Price Target: $7.00
• Price Target Upside: 38.07% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4

• Rating: 60 Neutral
• Price Target: $5.50 ▲(8.48%Upside)

Bitcoin Depot's stock score is primarily influenced by its significant financial challenges, despite strong recent earnings and positive technical indicators. The restructuring agreement and strong earnings call offer potential upside, but financial instability remains a critical concern.

Positive Factors

Financial Performance

Bitcoin Depot reported strong top and bottom line 1Q25 results that handily beat consensus estimates, sending shares ~75% higher since the print.

Revenue Growth

Bitcoin Depot's kiosk optimization strategy and expansion are starting to bear fruit, as evidenced by accelerating revenue growth, gross margin expansion, and $16.3M of operating cash flows in 1Q.

Negative Factors

Market Perception

The market does not fully appreciate BTM's return to growth in 2025.

Bitcoin Depot Business Overview & Revenue Model

Company Description

Bitcoin Depot (BTM) is a leading fintech company specializing in cryptocurrency ATM services. The company operates a vast network of Bitcoin ATMs across the United States, allowing users to buy and sell Bitcoin and other cryptocurrencies using cash. Its core service is providing a user-friendly and accessible platform for people to engage in cryptocurrency transactions, bridging the gap between traditional fiat currency and digital assets.

How the Company Makes Money

Bitcoin Depot makes money primarily through transaction fees charged on each transaction conducted via its ATMs. Users pay a fee when buying or selling cryptocurrencies at these machines, which constitutes the primary revenue stream for the company. Additionally, Bitcoin Depot may generate income from partnerships with convenience stores and other retail establishments where its ATMs are located, possibly sharing revenue or paying a leasing fee for space. The company also benefits from the increasing adoption of cryptocurrencies, which can drive more transactions and, consequently, more fee-based revenue.

Bitcoin Depot Financial Statement Overview

Summary

Bitcoin Depot faces notable financial challenges, with declining revenues and negative equity indicating insolvency risk. Despite a narrowing net loss and positive free cash flow, negative income and liabilities exceeding assets remain significant risks.

Income Statement

Bitcoin Depot has experienced a decline in revenue from 2023 to 2024, with a decrease in total revenue from $688.97M to $573.70M, marking a negative revenue growth rate. The gross profit margin decreased slightly from 14.67% to 15.93%, while the net profit margin improved from -3.79% to -2.04%, indicating a reduction in net losses. However, the company still reports a negative net income, and both EBIT and EBITDA margins decreased due to lower operating performance.

Balance Sheet

The balance sheet shows significant challenges, with a negative stockholders' equity at -$16.49M in 2024, indicating insolvency risk. The company's debt-to-equity ratio is not meaningful due to negative equity, but total debt increased to $63.51M. These factors, combined with deteriorating equity position, underscore financial instability.

Cash Flow

Bitcoin Depot's operating cash flow decreased in 2024 to $22.54M from $41.10M in the previous year, indicating pressure on cash generation. The free cash flow remains positive, but the decline in cash flow from operations suggests potential issues in sustaining cash generation. The operating cash flow to net income ratio shows some improvement as the net loss narrowed.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	599.39M	573.70M	688.97M	646.83M	548.98M	245.13M
Gross Profit	107.32M	91.44M	101.03M	72.30M	56.03M	31.09M
EBITDA	49.52M	34.22M	26.23M	35.12M	26.79M	17.38M
Net Income	-5.96M	-11.69M	-26.10M	3.98M	5.94M	14.40M
Balance Sheet
Total Assets	2.18M	80.10M	77.38M	93.40M	108.33M	53.06M
Cash, Cash Equivalents and Short-Term Investments	0.00	30.98M	29.76M	38.08M	38.03M	41.15M
Total Debt	62.38M	63.51M	31.33M	62.62M	69.31M	29.38M
Total Liabilities	94.31M	96.59M	68.00M	83.96M	89.35M	33.76M
Stockholders Equity	-4.59M	-23.63M	-15.81M	7.21M	17.54M	19.30M
Cash Flow
Free Cash Flow	27.25M	11.79M	41.08M	30.14M	15.35M	16.90M
Operating Cash Flow	37.45M	22.54M	41.10M	31.25M	23.28M	18.28M
Investing Cash Flow	-22.21M	-11.37M	-22.00K	-3.11M	-19.32M	-1.38M
Financing Cash Flow	-25.69M	-11.58M	-48.86M	-28.54M	-7.02M	17.66M

Bitcoin Depot Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 5.07
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 5.07 is below the 20-day moving average (MA) of 5.38, above the 50-day MA of 3.38, and above the 200-day MA of 2.03, indicating a neutral trend. The MACD of 0.60 indicates Positive momentum. The RSI at 53.50 is Neutral, neither overbought nor oversold. The STOCH value of 15.09 is Positive, 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 *	67 Neutral	$16.66B	11.44	9.71%	3.91%	11.61%	-10.70%
BTM	60 Neutral	$326.06M	―	77.58%	―	-9.72%	66.64%
NCPL	54 Neutral	$12.96M	―	-27.53%	―	-89.47%	-261.57%
SWIN	48 Neutral	$158.68M	―	-51.05%	―	-54.25%	-484.71%
ABTS	47 Neutral	$9.48M	―	-8.39%	―	―	―
MIGI	40 Underperform	$7.71M	―	-461.16%	―	-0.67%	65.35%

Bitcoin Depot Corporate Events

Bitcoin Depot Completes Merger with BT Assets

On May 30, 2025, Bitcoin Depot completed a merger agreement with BT Assets and other associated entities, resulting in BT HoldCo becoming a wholly owned subsidiary. This restructuring involved the termination of a previous tax agreement and the issuance of new shares, aligning the economic interests of the company’s founder, Brandon Mintz, with public stockholders. The merger maintains Mintz’s control over the voting power, ensuring Bitcoin Depot remains a ‘controlled company’ under NASDAQ rules.

The most recent analyst rating on (BTM) stock is a Buy with a $5.00 price target. To see the full list of analyst forecasts on Bitcoin Depot stock, see the BTM Stock Forecast page.

Bitcoin Depot Announces Up-C Restructuring Agreement

On May 15, 2025, Bitcoin Depot announced an agreement to simplify its organizational and capital structure through the Up-C Restructuring. This restructuring involves a merger of BT Assets, controlled by CEO Brandon Mintz, with a subsidiary of the company, resulting in Mintz receiving shares with enhanced voting rights. The restructuring is expected to bring long-term cash and tax savings, improve equity liquidity, and enhance the company’s acquisition capabilities. Additionally, Bitcoin Depot reported a strong financial performance for Q1 2025, with a 19% increase in revenue to $164.2 million and a significant rise in net income to $12.2 million, compared to a loss in the previous year. The company also achieved a 315% increase in adjusted EBITDA, reflecting the success of its operating model and kiosk optimization strategy.

The most recent analyst rating on (BTM) stock is a Hold with a $3.25 price target. To see the full list of analyst forecasts on Bitcoin Depot stock, see the BTM Stock Forecast page.