BTM's Q2 BTM Kiosks Revenues Rise 5.9% Y/Y: Will the Upside Continue?

Bitcoin Depot Inc. BTM reported $171.9 million of BTM Kiosks revenues for the second quarter of 2025, reflecting 5.9% growth on a year-over-year basis.  The metric, which accounts for almost 99.9% of the company’s total revenues, has been growing since the last four quarters.

As of June 30, 2025, Bitcoin Depot had 8,978 BTM Kiosks installed across the United States, Canada and Puerto Rico, with a median kiosk transaction size of $300. Further, in June, the company acquired the assets of Pelicoin, LLC to strengthen its presence in the Gulf South region of the United States. The transaction will expand kiosk locations across Louisiana, Mississippi, Tennessee, Alabama and Texas.

Bitcoin Depot is the market leader in BTM Kiosk operators in the United States, with 28% market share, while being the fourth-largest BTM Kiosk operator in Canada with an 8% market share.
 
Last year, the company entered into seven franchise profit-sharing arrangements, under which counterparties will earn a share in profits generated by a particular group of kiosks. Also, it secured a deal with CEFCO for 72 out of their more than 200 locations to diversify within the convenience store industry. The company also signed a master placement agreement with EG America LLC to install BTM kiosks in more than 900 locations.

Thus, Bitcoin Depot aims to capitalize on existing partnerships and new ones to expand its BTM Kiosks to drive higher transaction volumes, which, in turn, will boost revenues from the same.

How Are BTM’s Peers Performing?

Bitcoin Depot’s close peers like Coinbase Global Inc. COIN and BTCS, Inc. BTCS have been capitalizing on cryptocurrency tailwinds. While Coinbase has been emphasizing stablecoins and staking services, BTCS focuses on an Ethereum-focused strategy.

Coinbase reported that Bitcoin accounted for 30% of the total trading volume (highest among all assets) in the second quarter of 2025. Further, Coinbase reported 38.3% growth in stablecoin revenues to $332.5 million during the quarter.

On the other hand, BTCS is successfully executing its DeFi/TradFi Accretion Flywheel capital formation strategy, leveraging both decentralized and traditional finance to expand its Ethereum holdings, capitalize on its vertically integrated operations and enhance shareholder value. Last month, BTCS reported that its cash, Ethereum, and other liquid holdings were valued at $242.2 million.

Bitcoin Depot’s Price Performance, Valuation and Estimates

Bitcoin Depot shares have soared 160.5% this year, significantly outperforming the S&P 500’s gain of 8.2%. 

From a valuation standpoint, BTM trades at a 12-month forward price-to-earnings ratio (P/E F12M) of 8.67X, below the industry average.

The Zacks Consensus Estimate for Bitcoin Depot’s 2025 earnings implies a surge of 176.7% on a year-over-year basis, while 2026 earnings are expected to grow at a rate of 10.3%. In the past week, earnings estimates for 2025 and 2026 have remained unchanged.

BTM currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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