Bitcoin Depot reported a profit of $12.3 million in second quarter profit on Tuesday, resulting from an increase in Bitcoin Holdings' value, due to an increase of 183% compared to a year ago.
Over 8,800 Atlanta-based companies Cryptographic Kiosk He said that across North America, the value of Bitcoin holdings increased by $2.3 million in the second quarter. As of June 30, the company had 100 BTC worth $11.5 million, an increase of 666% compared to a year ago.
The company said revenues rose 6% year-on-year to $172 million, as the median trading sizes increased among customers exchanging cash with Bitcoin.
Bitcoin Depot's stock price fell 14.4% to $4.14 on Tuesday. Yahoo Finance. The company's stock has only grown 155% since the start of the year.
In the revenue broadcast, Bitcoin Depot CEO Brandon Mintz said 3,300 people, or nearly a third of the company's active machines, had been installed in less than a year. He later said the company has 1,700 kiosks in stock and could be deployed later.
The company raised $12 million in the second quarter through its Money at Offering Program and sold its common stock in a similar way to the Bitcoin Purchase Company strategy. CFO David Gray shows that Bitcoin ATM operators can use the funds raised to accumulate Bitcoin that they purchased 6 BTC in Q2.
With several Bitcoin ATM operators across the United States, Mintz said the company is “trying to consolidate a fragmented market” of Telecoin's assets, a Louisiana Bitcoin ATM operator, in the second quarter.
The company has moved its kiosk location in light of regulatory changes, such as laws passed in California last year that imposed restrictions on daily transactions and spreads charged by Bitcoin Depot. Mintz said the company has around 200 kiosks remaining in the area.
At the same time, the company has expanded overseas, deploying 200 kiosks in Australia this year. This continues to emerge as a global hotspot for Bitcoin adoption.
Bitcoin has recently declined slightly in the last 24 hours, but was trading at around $119,700, up 6% last week.
