North America’s largest Bitcoin ATM operator halts operations after reporting a $9.5 million quarterly loss and facing regulatory crackdowns.
Bitcoin Depot, the largest operator of Bitcoin ATMs in North America, filed for Chapter 11 bankruptcy and ceased operations. The company’s 9,276 kiosks across the U.S., Canada, and Australia were taken offline as part of the wind-down process.
Revenue plunged 49% year-over-year in the first quarter, swinging from a $12.2 million profit to a $9.5 million loss. Management cited excessive regulations and legal challenges, including lawsuits from attorneys general in Massachusetts and Iowa over alleged fraud facilitation.
BTM stock collapsed 74% to $0.75 following the announcement, reflecting investor concerns over the company’s viability amid rising regulatory scrutiny and a 58% surge in crypto ATM fraud losses to $389 million in 2025.