24/7 Market News Snapshot 13 November, 2024 – Bitcoin Depot Inc. Class A Common Stock (NASDAQ:BTM)

November 13, 2024

DENVER, Colo., 13 November, 2024 (247marketnews.com) – (NASDAQ:BTM) are discussed in this article.
Bitcoin Depot Inc. is making significant strides in the Bitcoin ATM sector, with its Class A Common Stock (BTM) currently reflecting an impressive bullish trend. In pre-market trading, the stock price reached $2.958, marking an increase of approximately 17.85% from the previous session’s close at $2.510. This surge underscores strong buying interest and investor optimism, with trading volume hitting 1.18 million shares, indicative of heightened market activity around BTM. Technical indicators suggest potential for continued upward momentum, positioning BTM as a key stock in the digital currency arena.

Additionally, Bitcoin Depot has reported robust financial results for the third quarter ending September 30, 2024, emphasizing its expansive network of 8,300 Bitcoin ATMs that enhance user accessibility to cryptocurrencies. CEO Brandon Mintz highlighted the company’s strategic initiatives to relocate underperforming kiosks to more lucrative locations, set to enhance long-term fleet profitability despite immediate financial fluctuations.

For Q3 2024, the company generated revenues of $135.3 million, a 25% decrease compared to $179.5 million in the same period last year, primarily due to recent legislative changes and ongoing operational optimizations. Despite the revenue downturn, Bitcoin Depot reported a remarkable 116% increase in net income, reaching $2.3 million, attributed to effective cost-management strategies.

The adjusted gross profit stood at $22.4 million, with an improved gross profit margin of 16.6%. Looking forward, Bitcoin Depot’s management is optimistic about future growth prospects, particularly with plans to introduce cash dividends for shareholders in 2025, further solidifying its market position and commitment to driving innovation in the cryptocurrency landscape.

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