Bitcoin Depot (BTM) Registration Filing summary

Company overview and business model

• Operates the largest network of Bitcoin ATMs (BTMs) in North America, enabling cash users to buy and sell Bitcoin at over 8,400 kiosks as of March 31, 2025.

• Offers BDCheckout at nearly 11,000 retail locations and a mobile app with online Bitcoin purchase features.

• Generates revenue from BTM transactions and software services for third-party BTM operators via BitAccess.

• Maintains exclusive BTM provider status for Circle K in the U.S. and Canada, with BTMs in about 900 Circle K stores.

• Majority of users utilize services for non-speculative purposes such as remittances and online purchases.

Financial performance and metrics

• Reported revenues of $164.2 million for the three months ended March 31, 2025, compared to $138.5 million for the same period in 2024.

• Revenue for the trailing twelve months ended March 31, 2025, declined by 9.7% year-over-year, despite a 15.7% increase in Bitcoin price.

Use of proceeds and capital allocation

• Net proceeds from securities sales will be used for general corporate purposes and working capital requirements.

• Management has broad discretion over allocation; pending use, proceeds may be invested in commercial paper, debt securities, or money market funds.