Bitcoin Depot announced a 183% year-over-year profit increase to $12.3 million for the second quarter of 2023. The growth was fueled by Bitcoin’s market value appreciation and the strategic expansion of the company’s physical kiosk network across North America.
Revenue climbed 6% to $172 million during the quarter, attributed to increased kiosk deployments and larger average transaction sizes. The company also expanded its Bitcoin holdings by $2.3 million, ending the quarter with 100 BTC valued at $11.5 million.
With over 8,800 operational kiosks, Bitcoin Depot continues to strengthen its market position. The company directly credited its strong performance to rising cryptocurrency valuations and systematic network growth efforts.