The company Bitcoin Depot, which controls more than 8400 cryptomats in North America, recorded $ 12.2 million in the first quarter, unlike a loss of $ 4.2 million for a similar period of the previous year.
The company stated that the reason for success was to increase the demand for cryptomat services due to the general growth of the popularity of cryptocurrencies and the expansion of the available network of bitcoin cuishes.
“The positive results of the first quarter were due to the strategic steps of the company, including plans to install 3,000 new cryptomats in the state of New York and an increase in bitcoin’s own reserves to $ 7.8 million,” Bitcoin Depot said.
Against the background of positive dynamics, the company’s shares jumped by 20% – up to $ 2.04. An additional incentive that influenced the growth in the capitalization of Bitcoin Depot was not only the increase in the cost of the flagship cryptocurrency, but also the successful investment strategy in terms of accumulating reserves of the WTS on its balance sheet.
Brandon Mintz, President, General Director and Chairman of the Board of Brandon Mintz, added that since 2024, the company began to regularly invest in flagship cryptocurrency and buy bitcoins as part of its strategic reserves.
Earlier, the Prosecutor General of Ayov Brenna Bird filed a lawsuit against Bitcoin Depot, accusing the company of promoting cryptocurrency fraud in connection with omissions in the field of user security.
Source: Bits
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