Key Takeaways
- Bitcoin Depot plans to allocate a portion of its cash reserves to Bitcoin.
- The company operates over 7,400 Bitcoin ATMs in North America.
- New accounting standards allow recording gains on cryptocurrencies starting December 2024.
Bitcoin Depot, a leading U.S.-based Bitcoin ATM operator, announced plans to allocate a portion of its cash reserves to Bitcoin.
This strategic shift aligns with the new Accounting Standards Update (ASU) 2023-08, effective for fiscal years beginning after December 15, 2024, allowing companies to record gains on Bitcoin.
Brandon Mintz, CEO of Bitcoin Depot, said:
Adopting Bitcoin as part of our treasury strategy underscores our long-standing belief in Bitcoin as a significant financial asset and a store of value.
The move reaffirms Bitcoin Depot’s confidence in Bitcoin’s growth and stability, benefiting shareholders from potential BTC appreciation.
Bitcoin Depot operates over 7,400 Bitcoin ATMs in North America and recently expanded into Puerto Rico and Australia. This announcement follows several milestones, including a partnership with a major grocery chain and the advancement of its profit share program.
Founded in 2016, Bitcoin Depot facilitates easy conversion of cash to Bitcoin, providing access to the digital financial system across 48 states and thousands of retail locations.
