Bitcoin Depot Goes Bankrupt, Signaling Demise of Crypto ATMs

Bitcoin Depot Inc., once the largest operator of crypto ATMs in North America, filed for bankruptcy on Monday, marking the latest major blow for a niche segment of the digital asset industry that has been in decline for several years.

Calling its business model “unsustainable,” Bitcoin Depot CEO Alex Holmes said the company would begin selling assets and winding down operations. It has already taken its network of thousands of “BTMs” that buy, sell, send, and receive Bitcoin offline.