Bitcoin Depot, a leading Bitcoin ATM operator in North America, has filed for Chapter 11 bankruptcy protection, initiating a gradual shutdown of its operations. The company aims to wind down its business in an orderly manner under court supervision, with Kroll appointed as the claims and noticing agent. This move follows financial strains indicated by a delayed SEC filing. The Chapter 11 filing allows Bitcoin Depot to continue operations temporarily while it restructures, unlike a Chapter 7 liquidation which would require an immediate halt. The company plans to decommission its ATM network in stages, potentially affecting users who rely on its kiosks for cash-to-crypto transactions. The shutdown could impact the Bitcoin ATM sector, already facing regulatory challenges, by removing a major player from the market. Stakeholders can track developments via the Kroll restructuring portal.