Bitcoin (BTC) may have risen over $ 100,000 brand last year, but not all Bitcoin-centric companies benefit from the price.

Bitcoin Depot (BTM), a company that specializes in selling Bitcoin ATMs, has seen a loss of revenue from $ 150 million in the fourth quarter of 2022 to $ 137 million in the fourth quarter of 2024.

The lower transaction volume was primarily due to legislative changes in the state of California, the company said Coindesk. In addition, Bitcoin Depot’s cash flow has historically been incorrectly with Bitcoin’s award, claimed Brandon Mintz, the company’s president and CEO.

“Even when we saw that crashes in 2022, transaction volumes still grew,” he said.

Bitcoin Depot’s share is approx. 85% down since it began to trade with Nasdaq after its merger for a special purpose acquisition company (SPAC) in 2023. The company’s market value is $ 82 million.

The company rejected the idea that Spot Bitcoin Exchange-Traded Funds launched in the United States in January 2024 may have siphoned some of the company’s currents. “Historically, our business is not directly tied to Bitcoin prize or investment vehicles like ETFs,” a spokesman said in an E -mail declaration. “We have not seen evidence that ETFs have affected our transaction quantities.”

Bitcoin depot, said Mintz, tends to earn unbanked Americans as well as people who simply prefer to act in cash, older people who are not used to using online payment options, and crypto people who find cash to Bitcoin more practical. “It’s a niche customer segment that we’re focused on,” Mintz said.

Bitcoin Depot buys the ATM kiosk from another company but delivers the machine’s Bitcoin software. Prices for brand new machines typically range from $ 5,000 to $ 7,000, and it takes about a year for the company to break even on the cost of a machine when installed.

Rasice sells Bitcoin only. “We used to offer other cryptocurrencies, but when we were published, Sec defendant a lot of companies for selling other types of cryptos that SEC claimed were potentially securities, so we decided to only go Bitcoin and avoid this risk,” Mintz said. “We think it was a smart choice because we attract people who are not very sophisticated dealers-this is a very beginner-friendly product.”

Bitcoin Depot has seen almost $ 3 billion in transaction volume since its inception in 2016, the company’s recent investor presentation shows. While the company has mostly been focused on North America, Mintz floated the idea of ​​expanding internationally with reference to market saturation.

Correction: (March 24, 2025, 20:35 UTC): Fixed BTM’s market value.