The Cryptocurrency ATM operator Bitcoin Depot established in the United States has expanded its Bitcoin interests, which strengthens his dedication to the leading digital actively.
According to a February 3 announcementThe listed company has bought an extra $ 5 million in Bitcoin, so that its total treasury interests at 71.5 BTC were appreciated, with a value of more than $ 7 million based on prices at the time of writing.
In commentary on the latest acquisition, Bitcoin Depot CEO Brandon Mintz said that it reflects the “long -term belief in Bitcoin of the company as a considerably financially active and a store.” He added that the relocation also enables shareholders to take advantage of any future price rating.
Bitcoin Depot, founded in 2016, is the largest cryptocurrency ATM operator, with 8213 kiosks installed in the US, Canada and Puerto Rico, per facts from Coinatmradar.
The company went live on the Nasdaq Stock Exchange in July 2023 under the Ticker BTM to become the first American company in the Crypto atm industry that became public.
About a year later, in June 2024, the company introduced its Bitcoin Treasury strategy, which allocated part of its cash reserves to Bitcoin. Since then, Bitcoin has risen by more than 63% so far.
However, the newest Bitcoin purchase still has to translate into a upward boost for Bitcoin depot shareholders, with BTM on the day of 2.5% at the time of writing.
Bitcoin Depot joins a growing number of listed companies based in the US that use a Bitcoin Treasury strategy, after the leadership of MicroStrategy in integrating Bitcoin as a business reserve.
The American business information company was the first listed company to have the approach to the pioneer in 2020 and has since collected more than 471,000 BTC, with its stock worth more than $ 46 billion.
Other publicly traded companies in the country that have recently added or expanded their BTC interests include thermal energy management company KULR Technology Group, Medical Device Maker Selmer Scientific, Antibiotics Developer Acurx and Bitcoin Miner Riot Platforms, among others.
The idea has also gained a fame outside the US, with companies such as the Genius Group -located in Singapore and the Japanese metaplanet that embraces Bitcoin as a strategic active.
