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About a quarter of bankrupt crypto ATM operator Bitcoin Depot's devices were acquired at a low price.
BlockBeats news, September 10: After crypto ATM operator Bitcoin Depot (BTM) filed for bankruptcy protection in May, some of its assets have been sold. Publicly traded digital asset infrastructure company Bitcoin Bancorp (BCBC) acquired 2,547 ATMs for just $620,750, accounting for more than a quarter of Bitcoin Depot's over 9,200 devices.
The main reasons for Bitcoin Depot's bankruptcy include a 49% year-over-year decline in first-quarter revenue and a shift from a $12.2 million profit in the same period last year to a $9.5 million loss. The company blamed increasingly stringent regulatory requirements for its unsustainable business model.
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