Bitcoin Depot's earnings surge by 183% due to a rebound in Bitcoin holdings
Bitcoin Depot, a leading crypto kiosk operator in North America, has reported impressive financial results for the second quarter of 2025. The company, which operates over 8,800 kiosks across the continent, has seen significant growth in its profits and Bitcoin holdings.
Geographical Expansion
The company's success is not limited to North America. Bitcoin Depot is expanding overseas, with plans to deploy 200 kiosks in Australia this year. Australia, according to CEO Brandon Mintz, is emerging as a global hot spot for Bitcoin adoption.
Financial Highlights
Bitcoin Depot's net income for Q2 2025 rose 183% to $12.3 million compared to $4.4 million in Q2 2024. Gross profit increased 32% to $30.9 million from $23.4 million, while adjusted EBITDA grew 46% to $18.5 million from $12.7 million. Revenue increased 6% year-over-year to $172.1 million.
The company held 100.35 Bitcoins as of June 30, 2025, after acquiring 6 Bitcoins during the quarter. The value of these Bitcoins, currently trading at about $119,700, is approximately $11.5 million. The company's cash, cash equivalents, and cryptocurrencies totaled nearly $60 million, up from $31 million at the end of 2024.
Funds Raised and Future Plans
In the second quarter, Bitcoin Depot raised $12 million through an at-the-money offering program. CFO David Gray indicated that the funds could be used for accumulating Bitcoin, paying down debt, or pursuing strategic mergers and acquisitions.
The company has already put these funds to use, having recently purchased the assets of Telecoin, a Louisiana-based Bitcoin ATM operator, and Pelicoin LLC for regional expansion. Bitcoin Depot plans to use its strengthened balance sheet and cash/digital asset holdings to capitalize on growth opportunities both in the U.S. and internationally, continue scaling efficiently by expanding its kiosk network, enhance customer support, invest in regulatory and compliance functions, and make strategic acquisitions.
Regulatory Shifts and Relocation
However, not all news has been positive. Bitcoin Depot has relocated some of its kiosks due to regulatory shifts, such as the law passed last year in California. As a result, there are approximately 200 Bitcoin Depot kiosks left in California. The company is navigating these changes to ensure compliance while maintaining its growth momentum.
Stock Performance
Despite the positive financial results, Bitcoin Depot's stock price fell 14.4% on Tuesday to $4.14. The reasons for this drop are not clear and may be related to broader market trends or specific company-related factors.
In summary, Bitcoin Depot has shown strong profitability growth, expanded its Bitcoin holdings moderately, and plans to deploy the funds raised in Q2 towards operational growth and strategic expansion initiatives. The company's continued growth and strategic moves are likely to shape the crypto kiosk landscape in the coming years.
[1] Bitcoin Depot Press Release, Q2 2025 Earnings Report. [2] Bitcoin Depot Press Release, Acquisition of Pelicoin LLC's Assets. [3] Bitcoin Depot Annual Report, 2024.
- Bitcoin Depot aims to establish a presence in Australia, with plans to deploy 200 kiosks in the country this year, following the company's impressive financial results in North America.
- Bitcoin Depot reported a significant increase in its net income, gross profit, adjusted EBITDA, and revenue for Q2 2025 compared to the same period in 2024, as the company held 100.35 Bitcoins, worth approximately $11.5 million.
- Bitcoin Depot raised $12 million through an at-the-money offering program in Q2 2025, and the funds are intended to be allocated towards accumulating Bitcoin, paying down debt, or pursuing strategic mergers and acquisitions.
- The ongoing success of Bitcoin Depot is partly tethered to navigating regulatory changes, as the company has relocated some kiosks due to shifts in laws, such as the one passed last year in California, while maintaining its growth momentum.
