Athena Bitcoin Global operates a network of Bitcoin ATMs — physical kiosks that let customers buy or sell Bitcoin in exchange for cash. As of December 31, 2025, Athena operated 2,953 ATMs across 33 U.S. states, Puerto Rico, El Salvador, Colombia, Argentina, and Mexico, with the vast majority located in the U.S. at convenience stores, gas stations, and other high-traffic retail locations. Athena makes money by selling Bitcoin at a markup over spot price, with spreads typically ranging from 13% to 28%. Athena continuously buys Bitcoin from exchanges and OTC desks to replenish its wallets, acting essentially as a currency exchange. Key profitability drivers include transaction volume, spread per transaction, Bitcoin price levels, and site selection. Beyond its core ATM business, Athena runs Athena Plus, an OTC service for larger Bitcoin transactions over the phone, and operates government-owned Chivo-branded ATMs in El Salvador for a fixed monthly fee. Athena also recently launched an affiliates program, allowing independent ATM operators to license Athena's software and compliance infrastructure for a monthly fee or revenue share — an asset-light growth avenue. Athena's growth strategy focuses on expanding its Latin American presence, where cash usage is high and banking penetration is lower, and on scaling the affiliates program to grow its effective network without proportional capital deployment.