Bitcoin Bancorp Scoops Up 2,547 ATMs from Bankrupt Bitcoin Depot

Bitcoin Bancorp acquired over 25,000 ATMs from Bitcoin Depot after it filed for Chapter 11 bankruptcy in May. The company paid $620,750 to purchase 2,547 machines and an additional $110,500 for related site agreements, intellectual property, trademarks, patents, and the domain name BitcoinDepot.com.

Bitcoin Depot's revenue plummeted by 49% year-over-year in Q1, leading to a net loss of $95 million. Its previous quarterly report valued all its properties and equipment at over $26 million, including 98% being ATMs.

The sale was part of the larger trend of cryptocurrency ATM scams, which totaled $389 million in losses last year, up 58% from the previous year. Regulatory bodies like the UK's FCA have declared crypto-ATMs illegal, and other countries are strengthening their efforts to combat them.