PANews news on May 16th, according to Decrypt, Bitcoin Depot, a Bitcoin ATM operator, reported quarterly revenue of $16.42 million, a 19% year-on-year increase, with a net profit of $12.2 million, turning profitable. The company's stock price rose 22% to $2.04 on the same day, but is still 79% lower than its listing price in July last year. The value of Bitcoin held by Bitcoin Depot increased from $600,000 to $7.8 million, measured using new fair value accounting standards. The company is applying for an operating license in New York State, expecting the state market to accommodate 3,000 devices.
Bitcoin ATM operator Bitcoin Depot's Q1 revenue was $164.2 million, a year-on-year increase of 19%
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