BREAKING, Bitcoin Depot, Operator Of 9,000+ ATMs, Files For Bankruptcy Protection
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Bitcoin Depot Inc, once the largest operator of Bitcoin ATMs in the world, watched its stock lose more than 40% in the week before Monday’s bankruptcy announcement, dragging the year-to-date loss to 67%.
Key facts
The company filed for voluntary Chapter 11 bankruptcy protection on May 18 in the US Bankruptcy Court for the Southern District of Texas
Bitcoin Depot Inc, once the largest operator of Bitcoin ATMs in the world, watched its stock lose more than 40% in the week before Monday’s bankruptcy announcement, dragging the year-to-date loss
When the filing became public, the company’s shares, BTM, dropped an additional 20% in overnight trading
CEO Alex Holmes said the decision came after weighing all available options
Summary
When the filing became public, the company’s shares, BTM, dropped an additional 20% in overnight trading. The company filed for voluntary Chapter 11 bankruptcy protection on May 18 in the US Bankruptcy Court for the Southern District of Texas. CEO Alex Holmes said the decision came after weighing all available options. Holmes pointed to a wave of regulatory pressure as the main driver behind the collapse.