Bitcoin ATM Network Bitcoin Depot Files Bankruptcy; Assets Sold Below $1M
The once-largest bitcoin ATM network in North America, Bitcoin Depot, has filed for Chapter 11 bankruptcy. Its assets were sold at auction on June 29 to multiple buyers, with Bitcoin Bancorp Inc. (OTC: BCBC) acquiring approximately 2,446 kiosks and related digital assets for roughly $934,000 in cash plus assumed cure costs. The sale was approved by the U.S. Bankruptcy Court under Section 363 of the Bankruptcy Code. Bitcoin Depot had generated over $613 million in fiscal year 2025 kiosk revenue but faced increasing regulatory challenges and market pressures, leading to its shutdown. Bitcoin Bancorp described the acquisition as a strategic move for growth through bankruptcy asset purchases rather than building from scratch. Other buyers acquired smaller portions of the network or side ventures like Kutt social-betting platform. The sale highlights the volatile nature of crypto infrastructure businesses amid evolving regulations and market conditions.
Topics: Asset Sale Bitcoin ATM Chapter 11 Bankruptcy Cryptocurrency Infrastructure