Aug 15, 2023 Coin and Bitcoin Depot Q2 Revenues Jump After NASDAQ Listing

Bitcoin Depot Q2 revenue jumps 18% y/y with plans to add Crypto ATMs after NASDAQ listing.
Bitcoin Depot Q2 revenue jumps 18% y/y as it plans ATM adds after NASDAQ listing

Bitcoin Depot Reaches Record-Breaking Revenue in Q2 2023

Cryptocurrency ATM operator Bitcoin Depot reported its best-ever revenue in the second quarter of 2023, following its recent listing on the NASDAQ. The company posted $197.5 million in quarterly revenue, an 18% increase compared to the same period in 2022.

The firm also noted a 249% year-over-year decrease in its net loss to $6.1 million. Additionally, its gross profit margin for Q2 2023 was 13%, which is higher than the 8% in Q2 2022.

Brandon Mintz, the founder and CEO of Bitcoin Depot, mentioned that the company is looking to grow its crypto coin presence in the market after its successful public listing on the NASDAQ. The listing took place on July 3rd after the completion of a business merger with GSR II Meteora Acquisition Corp.

Crypto Coin Access Points Across the US

Bitcoin Depot has entered into various partnerships with convenience stores throughout the United States in order to expand access to Bitcoin. Furthermore, the company completed a software conversion of its ATMs to BitAccess in February 2023, thus removing the annual licensing costs.

Additionally, Bitcoin Depot has developed its BDCheckout service and other software and operational services, which has enabled the company to generate revenue from kiosk management software. The company is expecting total revenue to reach $730 million in 2023, which is a 13% increase from its 2022 total of $647 million.

As reported by Cointelegraph, the number of Bitcoin ATMs in the US experienced a decline during the first half of 2023. However, this trend reversed in May 2023, with more than 1000 BTC ATMs being installed according to Coin ATM Radar.

In late 2022, the Bitcoin ATM industry experienced a reversal of fortune, with the worldwide amount of BTC ATMs declining for the first time ever.

The coin, real time crypto, and crypto market today all took a hit as the best crypto websites and best crypto coins were no longer able to keep up with the demand. Web 3.0, which had been expected to be released soon, could not come soon enough to help the industry.
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