ATLANTA - Bitcoin Depot (NASDAQ: BTM), a prominent Bitcoin ATM operator based in the U.S., is set to deploy its kiosks across 87 retail locations in Puerto Rico. The company, which is already preparing 40 machines for installation, aims to tap into a new market with relatively low competition.
According to the CEO of Bitcoin Depot, Brandon Mintz, the expansion into Puerto Rico is a strategic move to introduce their Bitcoin ATMs to a fresh market, building on the existing base of approximately 45 Bitcoin ATMs on the island, as reported by Coinatmradar.com. Mintz expressed optimism about the potential for a larger number of Bitcoin ATMs in Puerto Rico and the company's commitment to working with new location partners to serve new customers.
Bitcoin Depot's kiosks offer a straightforward process for individuals to convert cash into Bitcoin, enabling them to participate in the digital financial system. The services provided by these kiosks include making payments, transfers, remittances, online purchases, and investments using Bitcoin.
Founded in 2016, Bitcoin Depot has established a significant presence in the North American market, boasting the largest market share with approximately 6,400 kiosk locations as of September 30, 2023. The company's mission is to bridge the gap between cash users and the digital financial ecosystem.
The expansion announcement is part of Bitcoin Depot's broader growth strategy, which includes increasing the deployment of its products and services. However, this forward-looking statement, like others made in connection with the press release, is subject to various risks and uncertainties, including market conditions and regulatory developments.
This news is based on a press release statement.
InvestingPro Insights
Bitcoin Depot's recent announcement of expanding its Bitcoin ATM network into Puerto Rico reflects a strategic move to capture a new market. While the company prepares to deploy its kiosks, investors and market observers might be interested in recent data and insights that could provide a broader context to Bitcoin Depot's financial health and market performance.
According to InvestingPro, Bitcoin Depot is trading at a low revenue valuation multiple, suggesting that the company's stock price may not fully reflect its revenue-generating potential. This could be a point of interest for investors considering the company's expansion plans and the potential for future revenue growth.
InvestingPro Data further shows that Bitcoin Depot's market capitalization currently stands at $127.32M, indicating the size and scale of the company in the financial market. Despite a challenging year with a 1 Year Price Total Return showing a -78.51% change, analysts predict the company will be profitable this year, as highlighted by one of the InvestingPro Tips.
Another key metric is the company's gross profit margin, which at 14.56% over the last twelve months as of Q1 2023, points to challenges in maintaining strong profitability relative to revenue. This is also reflected in one of the InvestingPro Tips, which notes the company's weak gross profit margins.
For those interested in a deeper analysis, there are additional InvestingPro Tips available that could provide further insights into Bitcoin Depot's financial performance and market behavior. With a total of 10 additional tips listed on InvestingPro, investors can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which may offer valuable guidance in the context of the company's recent expansion news.
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