Bitcoin Depot Inc. (BTMC)

Bitcoin Depot Inc. operated one of the largest networks of bitcoin ATMs in North America, headquartered in Atlanta, Georgia. The business was founded in 2016 by Brandon Mintz, who served as chief executive officer. Customers could use the kiosks, located mainly in convenience stores and similar retail locations, to buy bitcoin with cash and, in some cases, to sell it.

The company also offered related services, including a platform for online transactions and a program that let customers buy bitcoin at retail counters. Its revenue came primarily from fees and spreads on cash-to-bitcoin transactions. Because the products involved cash and digital assets, the company operated in a heavily regulated environment, with state money transmission rules and increasing scrutiny of bitcoin ATM fraud.

Bitcoin Depot became publicly traded in June 2023 through a business combination with GSR II Meteora Acquisition Corp., a special purpose acquisition company. Its Class A common stock and warrants were listed on Nasdaq under the symbols BTM and BTMWW. The company operated through an Up-C structure in which pre-transaction owners retained interests in an operating partnership.

In the years after listing, the company faced pressure from regulation and litigation affecting the bitcoin ATM industry, as well as the burden of its debt and operating costs. These pressures contributed to deteriorating liquidity in 2026.

On May 17, 2026, Bitcoin Depot and 16 affiliated debtors filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. On May 18, 2026 the company received a Nasdaq notice of delisting determination.

Nasdaq cited the Chapter 11 filings under Listing Rules 5101, 5110(b), and IM-5101-1, and also cited the company's failure to timely file its Form 10-Q for the quarter ended March 31, 2026 under Rule 5250(c). Trading in the Class A common stock and warrants was suspended at the opening of business on May 26, 2026.

The company said it did not intend to appeal. Nasdaq was to file a Form 25-NSE with the SEC, which takes effect ten days after filing. The shares moved to over-the-counter quotation under the symbol BTMCQ. The company warned that trading in its securities during the Chapter 11 cases was highly speculative and that holders could lose all or most of their investment.