Atlanta-based Bitcoin Depot Inc. (NASDAQ:BTM), currently valued at approximately $100 million, recently reported that its Chief Executive Officer, Brandon Mintz, sold 50,000 shares of Class A common stock. The sale, which occurred on December 2, 2024, was executed at a weighted average price of $1.859 per share, totaling approximately $92,950. This transaction was part of a pre-established Rule 10b5-1 trading plan initiated by Mintz on November 30, 2023. The stock has experienced significant volatility, falling nearly 15% in the past week alone. InvestingPro analysis indicates the stock is currently trading below its Fair Value.
Following the sale, Mintz retains ownership of 145,672 shares of Class A common stock. Additionally, BT Assets, Inc., of which Mintz is the sole member, holds 41,193,024 shares of Class V common stock. These Class V shares can be exchanged for Class A shares on a one-for-one basis at BT Assets' discretion, in line with the redemption of Common Units of BT HoldCo LLC. With an overall Financial Health score rated as 'Fair' by InvestingPro, which offers 8 additional key insights about BTM's performance and outlook, the company operates with a moderate debt level and trades at a relatively low revenue multiple.
In other recent news, Bitcoin Depot Inc. has reported strong Q3 results that exceeded revenue and earnings expectations, driven by the expansion of its kiosk fleet, which surpassed 8,300 units by the end of the quarter. H.C. Wainwright responded to these developments by raising Bitcoin Depot's stock target from $3.50 to $4.00, maintaining a buy rating. Additionally, Bitcoin Depot announced a plan to introduce a cash dividend for common shareholders in 2025, a potential first for a publicly traded cryptocurrency company.
In executive changes, Glen Leibowitz resigned as CFO, and the company's Board of Directors appointed Scott Buchanan, the current COO, as the Acting CFO and Principal Financial (NASDAQ:PFG) Officer. Buchanan's annual base salary will be increased to $558,000 while he serves as Acting CFO.
In other company developments, Bitcoin Depot transitioned from KPMG LLP to Wolf & Company, P.C. as its independent registered public accounting firm. The company also surpassed its 2024 target of installing 8,000 Bitcoin ATMs ahead of schedule, and entered a material definitive agreement with Lucky Unicorn LLC. Lastly, Bitcoin Depot announced the appointment of Teri G. Fontenot to its Board of Directors and Audit Committee Chair.
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