Bitcoin Depot Inc (NASDAQ: BTM), a US-based Bitcoin ATM operator and fintech company, said this week it had acquired additional $5 million in Bitcoin as part of its treasury strategy, which it had announced in June 2024.
With the recent purchase of 51 BTC, Bitcoin Depot now holds 71.5 Bitcoin in its treasury, it said.
”Adopting Bitcoin as part of our treasury strategy underscores our long-standing belief in Bitcoin as a significant financial asset and a store of value,” Brandon Mintz, Chief Executive Officer, said in a press release.
”We have always believed in providing easy access to Bitcoin for everyone, and this move reaffirms our confidence in Bitcoin’s potential for growth. Given the recent accounting standards update, it also allows our shareholders to benefit from future BTC appreciation.”
Stock Performance
The shares of Bitcoin Depot Inc (BTM) closed 2.56% ($0.04) lower at $1.52 on Nasdaq on Tuesday.
The company’s total market cap now stands at $31.915 million.
The shares of Bitcoin Depot Inc (BTM) went down 49.84% in 2024, compared with a 28.64% gain for the benchmark index, Nasdaq Composite (IXIC).
The company’s shares have lost another 6.17% of their value so far this year.
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