Bitcoin Depot Shuts Down 9,000 ATMs, Files for Chapter 11

North America’s largest crypto ATM operator cites regulatory crackdowns and a 49.2% revenue drop as reasons for bankruptcy filing. Bitcoin Depot, the largest Bitcoin ATM operator in North America, filed for Chapter 11 bankruptcy and ceased operations of its 9,000-machine n

North America’s largest crypto ATM operator cites regulatory crackdowns and a 49.2% revenue drop as reasons for bankruptcy filing.

Bitcoin Depot, the largest Bitcoin ATM operator in North America, filed for Chapter 11 bankruptcy and ceased operations of its 9,000-machine network. CEO Alex Holmes attributed the collapse to a hostile regulatory environment, including new transaction limits and outright bans in some jurisdictions, which rendered the business model unsustainable.

The company reported a 49.2% year-over-year revenue decline in Q1 2026, posting a $9.5 million loss. Financial pressures had mounted for months, with regulatory enforcement and litigation further straining operations. Bitcoin Depot will pursue an orderly wind-down and asset sale under court supervision.

Proceedings will be overseen by the U.S. Bankruptcy Court for the Southern District of Texas, with separate restructuring planned in Canada for its entities there.

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