Bitcoin Depot, a United States-based cryptocurrency ATM operator, has reinforced its commitment to the leading digital asset by expanding its Bitcoin holdings. The publicly traded firm has acquired an additional $5 million worth of Bitcoin, bringing its total treasury holdings to 71.5 BTC, valued at over $7 million.

Investing in Bitcoin as a Store of Value

Commenting on the latest acquisition, Bitcoin Depot CEO Brandon Mintz stated that it reflects the company’s “long-standing belief in Bitcoin as a significant financial asset and a store of value.” He added that the move also allows shareholders to benefit from any future price appreciation.

About Bitcoin Depot

Founded in 2016, Bitcoin Depot is the largest cryptocurrency ATM operator, with 8213 kiosks installed across the US, Canada, and Puerto Rico. The company went public on the Nasdaq stock exchange in July 2023 under the ticker BTM, becoming the first US company in the crypto ATM industry to do so.

Bitcoin Treasury Strategy

In June 2024, Bitcoin Depot introduced its Bitcoin treasury strategy, allocating a portion of its cash reserves to Bitcoin. Since then, Bitcoin has surged by over 63% to date. However, the latest Bitcoin purchase has yet to translate into upward momentum for Bitcoin Depot shareholders.

A Growing Trend in the US

Bitcoin Depot joins a growing number of US-based publicly traded firms adopting a Bitcoin treasury strategy. This trend is led by companies such as MicroStrategy, which was the first publicly traded firm to pioneer the approach in 2020 and has since accumulated over 471,000 BTC.

Other Companies Investing in Bitcoin

Other publicly traded companies in the US that have recently added or expanded their BTC holdings include:

  • KULR Technology Group
  • Selmer Scientific
  • Acurx
  • Riot Platforms

This trend is not limited to the US, with firms like Singapore-based Genius Group and Japan’s Metaplanet also embracing Bitcoin as a strategic asset.

“Bitcoin Depot’s commitment to Bitcoin reflects its long-standing belief in the asset as a significant financial asset and a store of value.” – Brandon Mintz, Bitcoin Depot CEO

Stay up-to-date with the latest cryptocurrency news and trends on Global Crypto News.

Post Views: 1