Bitcoin Bancorp acquired 2,547 ATMs from bankrupt crypto ATM operator Bitcoin Depot for $620,750, taking over more than a quarter of Bitcoin Depot’s fleet of over 9,200 machines.
Bitcoin Depot filed for bankruptcy protection in May after first-quarter revenue fell 49% year over year and the company swung from a $12.2 million profit to a $9.5 million loss. The company cited stricter regulatory requirements, transaction limits, and regional restrictions or bans as factors behind its unsustainable business model.
Bitcoin Bancorp Acquires 2,547 Bitcoin Depot ATMs After Bankruptcy Filing
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