© Reuters.
ATLANTA – Depot Inc. (NASDAQ: BTM), a leading Bitcoin ATM operator in the United States, has announced a partnership with Sopris Capital to install 50 new Bitcoin ATM (BTM) kiosks across Canada. The deployment is part of Bitcoin Depot's franchise program, which launched in 2023 to expand its presence in North America.
Bitcoin Depot will oversee the operation of these kiosks for Sopris Capital, an experienced investment firm with two decades of experience. The program aims to leverage Bitcoin Depot's operational expertise and integrate with BitAccess software, which offers features such as remote management, security, and compliance tools.
Since its inception, the franchise program has facilitated the addition of more than 100 BTM kiosks. Bitcoin Depot CEO Brandon Mintz expressed excitement about the partnership and emphasized the company's goal of having the largest fleet of Bitcoin ATMs ever installed by the end of the year.
The company's services are designed to provide a seamless transition from cash to Bitcoin, allowing users to interact with the digital financial system for various transactions such as payments, remittances, online purchases and investments. Bitcoin Depot currently has significant market share in North America, with approximately 6,400 kiosks as of September 30, 2023.
The information in this report is based on a press release from Bitcoin Depot Inc.
InvestingPro Insights
As Bitcoin Depot Inc. (NASDAQ: BTM) expands its presence in North America with new Bitcoin ATM installations, investors and stakeholders are closely monitoring the company's financial health and stock performance. According InvestPro According to data, Bitcoin Depot has a market capitalization of $142.81 million, which reflects the company's current market valuation.
Despite ambitious growth plans, the company's shares have experienced high volatility, as indicated by a InvestPro Advice, which could be a point to consider for investors with a lower risk tolerance. Furthermore, another InvestPro Tip notes that Bitcoin Depot has been struggling with weak gross profit margins, with the trailing twelve months to Q3 2023 showing a margin of 13.68%.
The company's revenue has seen a modest growth of 6.32% in the trailing twelve months to the third quarter of 2023, reaching $690.22 million. However, the share price has declined significantly over the past year, with a 1-year total price return of -75.71%, which could indicate a potential buying opportunity for value investors, especially considering the InvestPro Fair value estimate of $3.64 USD, up from the previous closing price of $2.4 USD.
For those interested in a deeper analysis, InvestPro offers additional information and tips on Bitcoin Depot. Using the coupon code FORECASTS24, readers can get an additional 10% off an annual or bi-annual Pro and Pro+ subscription, which includes access to comprehensive metrics and expert recommendations. there are 9 more InvestPro Tips available that could further guide investment decisions regarding Bitcoin Depot.
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