US crypto ATM operator Bitcoin Depot adds $5 million in BTC to its treasury

Bitcoin Depot, the largest cryptocurrency ATM operator in the United States, has bolstered its Bitcoin holdings by adding $5 million worth of BTC to its treasury. As of February 3, the company now holds a total of 71.5 BTC, valued at over $7 million based on current market prices. This move is part of Bitcoin Depot’s broader strategy to align itself with Bitcoin as a significant financial asset and store of value, according to CEO Brandon Mintz. By increasing its Bitcoin reserves, the company aims to position itself for potential future price appreciation, benefiting shareholders in the process.

Bitcoin Depot’s Growing Presence in the Crypto Industry

Founded in 2016, Bitcoin Depot operates 8,213 cryptocurrency ATMs across the United States, Canada, and Puerto Rico, according to data from CoinATMradar. The company made headlines in July 2023 by going public on the Nasdaq stock exchange under the ticker symbol BTM, making it the first U.S. company in the crypto ATM industry to be listed on a major stock exchange.

In June 2024, Bitcoin Depot initiated its Bitcoin treasury strategy, allocating a portion of its cash reserves to Bitcoin. This strategy mirrors the approach taken by MicroStrategy, the business intelligence firm that pioneered the concept of Bitcoin as a corporate reserve asset in 2020. Since its adoption of Bitcoin as a treasury asset, MicroStrategy has accumulated over 471,000 BTC, valued at over $46 billion at current prices.

The Growing Trend of Bitcoin Treasuries

Bitcoin Depot’s decision to expand its Bitcoin holdings comes amid a growing trend of U.S.-based publicly traded companies adopting similar Bitcoin treasury strategies. Companies such as KULR Technology Group, Selmer Scientific, Acurx, and Riot Platforms have all either added to or expanded their Bitcoin holdings in recent months. This shift reflects an increasing belief in Bitcoin as a hedge against inflation and a store of value.

The trend isn’t limited to the U.S. Many companies outside the country, such as Singapore’s Genius Group and Japan’s Metaplanet, have also embraced Bitcoin as a strategic asset, contributing to the global adoption of Bitcoin in corporate treasuries.

Bitcoin Depot’s Market Impact

Despite the strategic expansion of its Bitcoin holdings, the latest acquisition hasn’t yet resulted in positive momentum for Bitcoin Depot’s stock. At the time of writing, BTM, the company’s stock, was down 2.5% on the day, reflecting the volatility in the market. However, Bitcoin Depot’s ongoing commitment to Bitcoin, coupled with its expanding presence in the crypto ATM industry, suggests the company may continue to benefit from the growing acceptance and use of cryptocurrencies, particularly Bitcoin, in the years to come.

This move also positions Bitcoin Depot as part of a larger trend in which companies are integrating Bitcoin into their business models not only for potential financial upside but also as a means of future-proofing their operations in an increasingly digital world.