Bitcoin Depot (BTM) Stock Falls 80% As Company Files for Chapter 11 Bankruptcy
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Bitcoin Depot (NASDAQ: BTM), once the largest Bitcoin ATM operator in North America, filed for voluntary Chapter 11 bankruptcy protection on Monday in the U.S. Bankruptcy Court for the Southern District of Texas.
Key facts
Revenue fell $80.7 million year-over-year, a 49.2% decline, to approximately $83.5 million for the quarter ending March 31, 2026
Cash reserves fell from $65.6 million at the end of 2025 to $44.0 million by March 31
On May 12, Bitcoin Depot filed a notification of late filing with the SEC, disclosing it could not submit its Q1 2026 Form 10-Q on time due to a material weakness in its cash-in-transit
The regulatory wave reflected a broader crackdown on crypto ATMs tied to escalating fraud concerns, the FBI logged 13,460 crypto-kiosk fraud complaints in 2025 alone, with reported losses of $389
Summary
Bankruptcy Court for the Southern District of Texas. The company’s stock cratered on the news, falling from $3 to around $0.75 on the news. As part of the filing, Bitcoin Depot took its entire network of Bitcoin ATM kiosks offline. CEO Alex Holmes cited a hostile shift in the regulatory environment as the force behind the company’s collapse. Indiana became the first state to ban Bitcoin ATM kiosks in March 2026, with Tennessee and Minnesota following.