Bitcoin Depot Surpasses 8,000 Bitcoin ATMs in Operation

Bitcoin Depot said Monday (July 22) that the number of Bitcoin ATMs it has in operation now totals 8,180, up from 7,400 on April 1.

The company added that it reached its goal of having at least 8,000 Bitcoin ATMs five months ahead of schedule, according to a Monday press release.

“Surpassing our deployment goal well ahead of schedule is a testament to the relentless dedication of our team and our strategic initiatives aimed at expanding Bitcoin’s accessibility,” Brandon Mintz, CEO at Bitcoin Depot, said in the release.

Bitcoin Depot kiosks allow users to convert cash into bitcoin, which can be used for payments, transfers, remittances, online purchases and investments, according to the release.

Since the beginning of the year, the company has expanded its number of kiosks by 900, expanded into Australia and Puerto Rico, and announced retail partnerships with national and regional convenience store brands, per the release.

“Building on the momentum we’ve already cultivated in the first half of 2024, we have no intention of slowing down as we gear up to provide even more customers with seamless access to the digital financial system,” Mintz said in the release.

This news comes about nine months after it was reported that the number of bitcoin ATMs — from all suppliers — had hit a two-year low.

At that point, over the previous year, the number of bitcoin ATMs available had declined by 7,000, or 17%, leaving a total of 32,500 machines, Coindesk reported in October 2023.

Mintz said at the time that the decline was due in part to operators shutting down unprofitable ATMs or going out of business entirely. He added that he viewed this trend as an opportunity for Bitcoin Depot to expand its market share through acquisitions and kiosk growth in additional retail locations.

In May, Bitcoin Depot formed a retail partnership with Nouria Energy Corp., which operates 175 company-owned convenience stores and fuel retailers in the northeastern United States. Bitcoin Depot will deploy its kiosks into 57 of those locations.

In April, the company formed its first retail partnership with a major grocery chain: Fareway Stores, which operates more than 130 grocery stores in the Midwest. Bitcoin Depot will add Bitcoin ATMs to 66 of those locations.