United States-based cryptocurrency ATM operator Bitcoin Depot has expanded its Bitcoin holdings, reinforcing its commitment to the leading digital asset.
According to a Feb. 3 announcement, the publicly traded firm acquired an additional $5 million worth of Bitcoin, bringing its total treasury holdings to 71.5 BTC, valued at over $7 million based on prices at the time of writing.
Commenting on the latest acquisition, Bitcoin Depot CEO Brandon Mintz said it reflects the company’s “long-standing belief in Bitcoin as a significant financial asset and a store of value.” He added that the move also allows shareholders to benefit from any future price appreciation.
Founded in 2016, Bitcoin Depot is the largest cryptocurrency ATM operator, with 8213 kiosks installed across the US, Canada, and Puerto Rico, per data from CoinATMradar.
The company went live on the Nasdaq stock exchange in July 2023 under the ticker BTM to become the first US company in the crypto ATM industry to go public.
Roughly a year later, in June 2024, the company introduced its Bitcoin treasury strategy, allocating a portion of its cash reserves to Bitcoin. Since then, Bitcoin has surged by over 63% to date.
However, the latest Bitcoin purchase has yet to translate into upward momentum for Bitcoin Depot shareholders, with BTM down 2.5% on the day at the time of writing.
Bitcoin Depot joins a growing number of U.S.-based publicly traded firms adopting a Bitcoin treasury strategy, following MicroStrategy’s lead in integrating Bitcoin as a corporate reserve asset.
The Americal business intelligence firm was the first publicly traded firm to pioneer the approach in 2020 and has since accumulated over 471,000 BTC, with its stash valued at over $46 billion.
Other publicly traded companies in the country that have recently added or expanded their BTC holdings include thermal energy management company KULR Technology Group, medical device maker Selmer Scientific, antibiotics developer Acurx, and Bitcoin miner Riot Platforms, among others.
The notion has also gained prominence outside the U.S., with firms like Singapore-based Genius Group and Japan’s Metaplanet embracing Bitcoin as a strategic asset.
