Bitcoin Depot operates the largest network of Bitcoin ATMs (BTMs) in North America, with roughly 9,700 kiosks deployed across 48 U.S. states, 10 Canadian provinces, Australia, and Hong Kong. The core product lets customers insert cash at a kiosk and receive Bitcoin in their digital wallet in under two minutes, targeting cash-reliant consumers who want to convert cash into Bitcoin without a bank account. Kiosks are placed in high-traffic retail locations like convenience stores, gas stations, and pharmacies, with retail partners acting as landlords rather than customers. Beyond kiosks, Bitcoin Depot offers BDCheckout, available at roughly 16,300 retail locations, which lets customers load cash at a checkout counter and buy Bitcoin via a mobile app — no dedicated hardware required. Bitcoin Depot also operates BitAccess, a software platform that provides kiosk software and transaction processing to third-party BTM operators. Bitcoin Depot's business model is straightforward: it buys Bitcoin at spot from liquidity providers and sells to customers at a markup, with the spread representing gross profit. Bitcoin Depot limits its Bitcoin price exposure by maintaining minimal inventory and continuously replenishing as it sells. Key revenue drivers include kiosk count, location quality, transaction size, and spread optimization. The business faces a near-term headwind from state-level BTM regulation — over 15 states enacted rules in 2025 imposing fee caps and transaction limits — and management has guided for a 30%-40% revenue decline in its core BTM business in 2026. Growth levers include fleet relocation, domestic M&A of smaller operators, BDCheckout expansion, and international markets.