- Bitcoin Depot has unveiled an aggressive expansion plan.
- The company wants to become the leading crypto kiosk provider.
- The plan includes installing a record number of BTMs this year.
The largest crypto kiosk provider, Bitcoin Depot, targets to have thousands of BTC ATMs installed across the U.S. by the end of 2024, the company said on Tuesday.
Founded in 2016, Bitcoin Depot allows users to convert cash to BTC at physical kiosks in 48 states and at name-brand retail locations in 29 states via its BDCheckout product. As of September last year, the company dominated the North American market with about 6,400 kiosks.
Bitcoin Depot’s Aggressive Expansion in 2024
According to a press release dated February 13, Bitcoin Depot has completed the purchase of around 400 additional BTC ATM kiosks, which the company plans to install by the end of Q1 2024.
The latest acquisition is part of the company’s ambitious goal to “have the largest installed fleet of Bitcoin ATMs in its history.” Per the statement, the company aims to have about 8,000 BTC ATMs installed by the end of the year.
“We plan to expand aggressively in kiosk count in 2024 to attempt to gain significant market share,” Bitcoin Depot CEO Brandon Mintz stated.
Referencing Coin ATM Radar data, Mintz noted that the number of Bitcoin ATMs in the U.S. stood at 29,401 BTMs as of February 1, significantly lower than its peak of 34,626 BTMs in August 2022.
“Much of this 15% decline was related to two major BTM operators that are no longer in business, and Bitcoin Depot is well positioned to take advantage of the lack of supply of BTMs in the U.S. market,” the CEO explained.
The development comes as the latest show of positive momentum by the Bitcoin Depot team. The company’s CEO was recently celebrated in the Forbes 30 Under 30 Finance List for inspiring industry-leading growth.
Read how Bitcoin Depot recently expanded its footprint to new U.S. states:
Bitcoin Depot Expands Footprint to 28 States in the U.S.
Stay updated on Bitcoin Depot’s latest partnership:
Bitcoin Depot Eyes U.S. South Expansion Under New Partnership