Bitcoin Depot Files Chapter 11 After 49% Revenue Drop, Shuts 9,000+ ATMs
BTM•Bitcoin Depot filed Chapter 11 and will wind down operations and sell assets, taking offline its network of over 9,000 Bitcoin ATMs across the US, Canada, and Australia. The company reported Q1 revenue down about 49% year-over-year and swung from a $12.2 million profit to a $9.5 million loss, citing regulatory pressure and lawsuits.
1. Bankruptcy Filing and Asset Sale
Bitcoin Depot filed for Chapter 11 protection in the Southern District of Texas and initiated a court-supervised wind-down, planning to sell its ATM network and other assets to satisfy creditors.
2. ATM Network Shutdown
The Atlanta-based firm has taken offline its entire network of 9,276 Bitcoin kiosks that operated in the US, Canada and Australia, effectively halting all customer transactions.
3. Financial Performance Collapse
First-quarter revenue plunged about 49% year-over-year, driving a swing from a $12.2 million profit in 2025 to a $9.5 million loss in 2026, while shares crashed more than 70% following the filing.
4. Regulatory and Legal Pressures
Management cited stringent state regulations, transaction limits and outright bans in several jurisdictions, alongside high-profile lawsuits in Massachusetts and Iowa and a $3.7 million hack earlier this year, as key factors behind the collapse.
