- Bitcoin Depot filed for voluntary Chapter 11 in Texas on May 18 and took its Bitcoin ATM network offline.
- Preliminary Q1 revenue fell US$80.7 million, or 49.2%, as transaction volume dropped under tighter rules and compliance controls.
- BTM shares fell about 73% after the filing, with the company planning an orderly wind-down and asset sale.
Bitcoin Depot filed for voluntary Chapter 11 bankruptcy in Texas on May 18, taking its Bitcoin ATM network offline as tighter state rules, lower transaction limits, litigation and falling revenue made the kiosk business unsustainable.
The company said the case in the US Bankruptcy Court for the Southern District of Texas is meant to support an orderly wind-down and sale…
