United

Bitcoin

April

Some major players in the industry such as <a href="https://www.cryptopolitan.com/bitcoin-depot-shines-amidst-decline/" data-type="link" data-id="https://www.cryptopolitan.com/bitcoin-depot-shines-amidst-decline/" rel="noopener noreferrer nofollow">Bitcoin Depot</a>, a Bitcoin (BTC) ATM operator, have remained undeterred by the high volatility of cryptocurrency prices. In their 10-K report, filed on April 15, Bitcoin Depot said that historically the biggest ATM operator in the United States does not correlate with its sales and bitcoin price.
<h2 class="wp-block-heading" id="bitcoin-depot-efforts-to-mitigate-volatility">Bitcoin Depot efforts to mitigate volatility</h2>
In 2023 the company’s revenue was $689M which was higher than that of 2022 which was&nbsp; $647M. These revenues according to the firm have not been associated with the Bitcoin price despite the market volatility.
According to the ATM operator, the lack of correlation between revenues and the Bitcoin price comes from the nature of the services provided. The firm notes that based on own user surveys, a majority of users use their products and services for non-speculative purposes, including money transfers, international remittances, and online purchases, among others.
<h2 class="wp-block-heading" id="dominance-in-the-atm-industry">Dominance in the ATM industry</h2>
Bitcoin Depot has also been putting efforts to reduce its exposure to volatility in BTC prices by maintaining a relatively low balance” of Bitcoin — or less than $0.8 million — at any given time.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 <blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “Our typical practice is to purchase Bitcoin through a liquidity provider such as Cumberland DRW or Abra. We replenish our Bitcoin only through purchases from leading Bitcoin liquidity providers and do not engage in any mining of Bitcoin ourselves.”
 </blockquote>
</blockquote>
Bitcoin Depot <a href="https://ir.bitcoindepot.com/sec-filings/all-sec-filings/content/0000950170-24-044405/0000950170-24-044405.pdf" data-type="link" data-id="https://ir.bitcoindepot.com/sec-filings/all-sec-filings/content/0000950170-24-044405/0000950170-24-044405.pdf" rel="noopener noreferrer nofollow" target="_blank">emphasized</a> on two main components of the working capital required in its operations: Bitcoin in hot wallets to serve customer orders and cash flowing in Bitcoin ATM kiosks. By December 31, 2023, cash in BTM kiosks made up about 21% of Bitcoin Depot’s monthly revenues.
Established in 2016, Bitcoin Depot covers the largest network of Bitcoin ATMs worldwide. Also referred to as BTMs, Bitcoin ATMs enable users to deposit and withdraw cash or money using a debit card. As of April 2024, according to data from CoinATMRadar, Bitcoin Depot is the largest cryptocurrency ATM operator in the world, operating more than 7,000 BTMs. The rivals of Bitcoin Depot, CoinFlip has a total of 4,800 machines&nbsp; and BitStop with 2,500 machines.
Brandon Mintz, CEO of Bitcoin Depot, stated that the Bitcoin halving event, which is set to take place this week, is expected to result in a considerable resurgence within the ATM industry.
<figure class="wp-block-image size-full is-resized"><img fetchpriority="high" decoding="async" width="1137" height="343" src="https://www.cryptopolitan.com/wp-content/uploads/2024/04/1e34f64e-3bf2-42dd-8d4f-787b830b0b3c.webp" alt="" class="wp-image-512053" style="width: 100%;height:auto" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/04/1e34f64e-3bf2-42dd-8d4f-787b830b0b3c.webp 1137w, https://www.cryptopolitan.com/wp-content/uploads/2024/04/1e34f64e-3bf2-42dd-8d4f-787b830b0b3c-300x91.webp 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/04/1e34f64e-3bf2-42dd-8d4f-787b830b0b3c-768x232.webp 768w" sizes="(max-width: 1137px) 100vw, 1137px">
</figure>
Source:<a href="https://coinatmradar.com/charts/top-operators/" data-type="link" data-id="https://coinatmradar.com/charts/top-operators/" rel="noopener noreferrer nofollow" target="_blank">CoinATMRadar</a>

Bitcoin Depot efforts following surge in ATM industry

Indice dei contenuti

Cryptopolitan_News

Altri articoli pubblicati su 16 apr 2024

Altcoin Gems Hidden in Plain Sight: Get in Before the Masses!

Cryptocurrency Stellar's Price Increased More Than 3% Within 24 hours

Binance.US Appoints Former US-Federal Reserve Bank CCO to its Board of Directors

XRP Price Set For 3,000% Rally To $22, Analyst Predicts

Peter Schiff questions Bitcoin ETF demand and $100K BTC price target

‘We Sold Everything Last Night’, Reveals Crypto Research Firm

Iscriviti alla nostra newsletter gratuita per aggiornamenti giornalieri sulle criptovalute!