ATLANTA - Bitcoin Depot, a prominent U.S. Bitcoin ATM operator, has announced the acquisition of approximately 400 new Bitcoin ATM kiosks. The company plans to deploy these kiosks by the end of the first quarter of 2024, as part of its strategy to aggressively increase its market presence. This latest procurement is in addition to a prior order of 500 kiosks, bringing the total number of Bitcoin ATMs Bitcoin Depot has committed to purchase this year to 900.
According to the CEO of Bitcoin Depot, Brandon Mintz, the company aims to establish the largest fleet of Bitcoin ATMs in its history, with an estimated 8,000 kiosks to be installed by the end of 2024. This expansion effort seeks to capitalize on the current market conditions, as the number of Bitcoin ATMs in the U.S. has dropped by 15% since its peak in August 2022. The decline to 29,401 kiosks as of February 1, 2024, is attributed to the exit of two major operators from the market, presenting an opportunity for Bitcoin Depot to fill the gap.
Bitcoin Depot's services focus on providing a simple and convenient process for converting cash into Bitcoin, thereby granting users access to the broader digital financial ecosystem for various transactions, including payments, transfers, remittances, online purchases, and investments.
Bitcoin Depot became the first Bitcoin ATM operator to go public on a major U.S. stock exchange in 2023. Founded in 2016, Bitcoin Depot currently holds the largest market share in North America, with approximately 6,400 kiosk locations as of September 30, 2023. The company's mission is to bridge the gap for those who prefer to use cash when engaging with the digital financial system.
This news is based on a press release statement.
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