Core Insights - Bitcoin Depot reported a strong financial performance for Q3 2025, with revenue increasing by 20% year-over-year to $162.5 million, driven by kiosk expansion and higher transaction volumes [1][3][4] - The company achieved a net income of $5.5 million, a 139% increase from the previous year, reflecting improved profitability and cash generation [1][5][6] - Adjusted EBITDA rose by 75% to $16.1 million, indicating strong operational leverage and effective cost management [1][6][22] Financial Performance - Revenue for Q3 2025 was $162.5 million, up from $135.3 million in Q3 2024, attributed to increased kiosk deployment and higher median transaction sizes [3][4] - Gross profit increased by 40% to $28.2 million, with a gross profit margin of 17.4%, up from 14.9% in the same quarter last year [4][27] - Operating expenses rose to $18.3 million, primarily due to higher non-cash stock compensation [4] Profitability Metrics - Net income for Q3 2025 was $5.5 million, or $0.08 per share, compared to a net loss of $0.9 million, or ($0.05) per share, in Q3 2024 [5][17] - Adjusted EBITDA for the quarter was $16.1 million, with an Adjusted EBITDA margin of 9.9%, compared to 6.8% in Q3 2024 [6][27] Cash Position - As of September 30, 2025, Bitcoin Depot had cash, cash equivalents, and cryptocurrencies totaling $72.9 million, significantly up from $31.0 million at the end of 2024 [6][18] - Net cash flows from operations for the first nine months of 2025 were $33.0 million, compared to $17.3 million in the same period of 2024 [7] Future Outlook - The company anticipates Q4 2025 revenue to be approximately $112 to $115 million, with Adjusted EBITDA expected to be in the low single-digit millions, reflecting typical seasonality and regulatory impacts [8]

Core Insights - Bitcoin Depot has announced its expansion into the Asian market by entering Hong Kong, indicating a strategic focus on regions with high demand for cash-to-crypto access [1][2][3] - The company aims to become one of the top five operators in Hong Kong's rapidly growing crypto market, which is characterized by increasing institutional and retail interest [2][3] - This expansion follows a series of operational advancements in 2025, including a retail partnership with GPM Investments and the acquisition of National Bitcoin ATM [3][4] Company Overview - Bitcoin Depot, founded in 2016, operates as a Bitcoin ATM provider and has the largest market share in North America with over 9,000 kiosk locations as of August 2025 [4][6] - The company has successfully maintained profitability while scaling its operations across North America and Australia since going public in July 2023 [4][6] - Bitcoin Depot's services facilitate an easy and convenient way for users to convert cash into Bitcoin, enabling access to the broader digital financial system [4][6]

Core Insights - Bitcoin Depot has partnered with GPM Investments to roll out Bitcoin ATMs in 188 locations, enhancing accessibility to cryptocurrency for consumers [1][2][3] - The partnership aims to integrate Bitcoin purchasing into everyday shopping experiences, aligning with Bitcoin Depot's mission to make crypto accessible [2][3] - Bitcoin Depot plans further expansions within GPM's network and additional retail partnerships to increase crypto access [3][5] Company Overview - Bitcoin Depot operates the largest network of Bitcoin ATMs in North America, with over 9,000 kiosks as of August 2025 [7] - The company provides a user-friendly process for converting cash into Bitcoin, facilitating various financial transactions [4][7] - Bitcoin Depot has recently enhanced its compliance program, focusing on consumer protection and responsible access to digital assets [5] GPM Investments Overview - GPM Investments, a subsidiary of ARKO Corp, is one of the largest convenience store operators in the U.S., offering a variety of products and services [8][9] - The company is committed to innovation and enhancing customer experiences, which aligns with the introduction of Bitcoin Depot's technology in its stores [3][8]

Core Points - Bitcoin Depot, a leading Bitcoin ATM operator in the U.S., will hold a conference call on November 13, 2025, to discuss its Q3 financial results [1] - The company plans to release its financial results before the market opens on the same day [1] Company Overview - Bitcoin Depot Inc. was founded in 2016 with the goal of connecting cash users to the digital financial system [3] - The company offers services that allow users to convert cash into Bitcoin at over 9,000 kiosk locations across 47 states as of August 2025, holding the largest market share in North America [3] - Bitcoin Depot's BDCheckout product enables cash-to-Bitcoin conversions at thousands of retail locations in 31 states [3]

Core Insights - Bitcoin Depot has announced a distribution partnership with the Independent Grocers Alliance (IGA) to expand access to Bitcoin through grocery stores across the U.S. [1][2] - This partnership aims to enhance Bitcoin Depot's national footprint and facilitate international expansion through IGA's global network [3][4] Company Overview - Bitcoin Depot operates over 9,000 kiosks in North America, providing users with the ability to convert cash into Bitcoin in 47 states and at thousands of retail locations [5] - The company was founded in 2016 and focuses on connecting cash users to the digital financial system [5] Industry Context - IGA is the world's largest voluntary supermarket network, with over 7,500 stores globally and annual retail sales exceeding $43 billion [6] - The partnership with Bitcoin Depot allows IGA retailers to meet the growing consumer demand for digital assets, enhancing competitiveness and increasing foot traffic [4][6]

Core Viewpoint - Bitcoin Depot Inc. has announced a registered direct offering to sell 4,285,716 shares of its Class A common stock at a price of $3.50 per share, aiming to raise approximately $15 million in gross proceeds for general corporate purposes [1][2]. Group 1: Offering Details - The offering is expected to close on or about October 8, 2025, pending customary closing conditions [1]. - H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering [2]. - The shares are being offered under a "shelf" registration statement filed with the SEC, which was declared effective on July 1, 2025 [3]. Group 2: Company Overview - Bitcoin Depot Inc. was founded in 2016 and operates as a Bitcoin ATM operator, providing users with a means to convert cash into Bitcoin [5]. - The company has a significant presence in North America, with over 9,000 kiosk locations as of August 2025, and operates in 47 states [5].

Core Viewpoint - Bitcoin Depot has implemented new compliance standards requiring customer identification for all transactions, enhancing consumer protection and setting a higher industry standard [1][2][3] Company Initiatives - The new compliance measures apply to both new and existing customers, ensuring a high level of protection beyond federal requirements [1] - The company has introduced additional protections specifically for seniors to prevent potential scams, reflecting its commitment to consumer safety [3] - The appointment of Philip Brown as Chief Compliance Officer in July 2025 emphasizes Bitcoin Depot's focus on regulatory leadership and consumer protection [3] Compliance and Consumer Protection - Bitcoin Depot's expanded identity collection and verification requirements strengthen its compliance framework, helping to mitigate fraud and money laundering risks [2] - The company has a robust existing framework that includes Know Your Customer (KYC) and Anti-Money Laundering (AML) safeguards, further distinguishing it from competitors [2] Market Position - Bitcoin Depot operates the largest network of Bitcoin ATMs in North America, with over 9,000 kiosk locations as of August 2025, and provides services in 47 states [5]

Core Insights - Bitcoin Depot has acquired the assets of National Bitcoin ATM, adding over 500 kiosks across 27 states, enhancing its position as North America's largest Bitcoin ATM operator [1][2][4] - The acquisition increases Bitcoin Depot's U.S. market share to approximately 30%, furthering its mission to provide accessible Bitcoin services [2][4] - The integration of National Bitcoin ATM's kiosks will not disrupt existing services for customers, maintaining operational reliability while enhancing customer support and compliance [3][4] Company Overview - Bitcoin Depot, founded in 2016, aims to connect cash users to the digital financial system, operating over 8,800 kiosks in 47 states as of June 2025 [6] - The company provides a user-friendly platform for converting cash to Bitcoin, facilitating payments, transfers, and investments [6] - National Bitcoin ATM has been a significant player in the market for over a decade, focusing on providing reliable access to Bitcoin [7] Strategic Implications - The acquisition is seen as a strategic move to consolidate fragmented operators in the Bitcoin ATM space, enhancing operational efficiency and market leadership [2][4] - Bitcoin Depot's CEO emphasized the importance of integrating a sizable network quickly to leverage scale and compliance advantages [2] - This acquisition is part of a broader strategy that includes retail partnerships and executive appointments, indicating ongoing growth momentum for Bitcoin Depot in 2025 [4]

Core Viewpoint - Bitcoin Depot Inc. reported preliminary financial results for Q3 2025, indicating strong growth in revenue and adjusted EBITDA, driven by increased consumer adoption of cryptocurrency and effective execution of its business strategy [1][2][3] Financial Performance - The company expects Q3 2025 revenue to be approximately $160 million, an 18% increase from $135.3 million in Q3 2024 [2] - Adjusted EBITDA is anticipated to increase by about 50% compared to $9.2 million reported in Q3 2024 [2] Business Strategy and Market Position - The CEO highlighted the strength of the Bitcoin Depot's BTM network and the performance of kiosks, which exceeded expectations due to ongoing consumer adoption of cryptocurrency [3] - Bitcoin Depot operates over 9,000 kiosk locations across North America, maintaining the largest market share in the region as of August 2025 [4]

As submitted to the U.S. Securities and Exchange Commission on September 30, 2025. Registration No. 333-289903 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 BITCOIN INFRASTRUCTURE ACQUISITION CORP LTD. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Cayman Islands 6770 N/A (Primary Standard Industrial Classification Code Number) (I.R ...