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© Reuters.
ATLANTA – Depot Inc. (NASDAQ: BTM), a prominent 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 was launched in 2023 to expand its presence in North America.
Bitcoin Depot will oversee the operation of these kiosks for Sopris Capital, a veteran investment firm with two decades of experience. The program aims to leverage Bitcoin Depot’s operational expertise and integrate it with BitAccess software, which offers features such as remote management, security and compliance tools.
Since its launch, the franchise program has enabled the addition of over 100 BTM kiosk locations. Brandon Mintz, CEO of Bitcoin Depot, expressed excitement about the partnership and highlighted 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 use the digital financial system for various transactions such as payments, transfers, online purchases and investments. Bitcoin Depot currently has a significant market share in North America, with approximately 6,400 kiosk locations (as of September 30, 2023).
The information for this report is based on a press release from Bitcoin Depot Inc.
Investing Pro Insights
As Bitcoin Depot Inc. (NASDAQ: BTM) expands its presence in North America by installing new Bitcoin ATMs, investors and stakeholders are closely monitoring the company’s financial health and stock performance. Accordingly InvestingPro According to data, Bitcoin Depot has a market capitalization of $142.81 million, which reflects the company’s current valuation in the market.
Despite the ambitious growth plans, the company’s shares have been subject to high volatility, a shows InvestingPro Tip that could be a point of consideration for investors with lower risk tolerance. Additionally, another one InvestingPro Tip notes that Bitcoin Depot is struggling with weak gross profit margins, with the trailing twelve months as of the third quarter of 2023 recording a margin of 13.68%.
The company’s revenue recorded a modest growth of 6.32% over the last twelve months (as of Q3 2023), reaching $690.22 million. However, the stock’s price has declined significantly over the past year, with a 1-year total return of -75.71%, which could represent a potential buying opportunity for value investors, especially given the InvestingPro The estimated fair value is $3.64, up from the previous closing price of $2.4.
For those interested in a more in-depth analysis: InvestingPro provides additional insights and tips on Bitcoin Depot. By using the voucher code PRONEWS24Readers can receive an additional 10% off an annual or two-year Pro and Pro+ subscription, which includes access to comprehensive metrics and expert recommendations. There are 9 more InvestingPro Available tips that could help with investment decisions regarding Bitcoin Depot.
This article was created with the assistance of AI and reviewed by an editor. More information can be found in our terms and conditions.
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