Bitcoin Depot Inc. (Nasdaq: BTM) announced on May 18 that it initiated a voluntary Chapter 11 process in the U.S. Bankruptcy Court for the Southern District of Texas. The filing is intended to support an orderly wind-down of operations and facilitate the sale of the company’s assets. The U.S.-based bitcoin ATM operator (BTM) also confirmed its network of BTMs has been taken offline.

Regulatory changes across multiple states reshaped operating conditions for bitcoin ATM providers and weighed on Bitcoin Depot’s financial position. Chapter 11 allows companies to reorganize or wind down under U.S. bankruptcy court supervision while receiving temporary protection from creditor collection efforts. Businesses can continue limited operations, negotiate with creditors, and pursue court-approved asset sales. The company said the filing will support an orderly shutdown and asset sale.

Alex Holmes, CEO of Bitcoin Depot, explained:

“The regulatory environment for BTM operators has shifted significantly.”

Regulators have tightened oversight of bitcoin ATMs as agencies and lawmakers increase focus on fraud risk, consumer protection, and compliance controls. Crypto kiosks have drawn scrutiny in cases where scammers direct victims to deposit cash and send BTC to outside wallets. In response, states have imposed transaction caps, stronger identity checks, fraud warnings, licensing requirements, and reporting standards. The company also cited litigation exposure, regulatory enforcement actions, and outright restrictions or bans in some jurisdictions. Those measures can raise operating costs while limiting transaction volumes for BTM operators.

The shutdown places the Chapter 11 process at the center of the company’s wind-down efforts. Bitcoin Depot has taken its BTM network offline while seeking to sell assets through the court-supervised process. The company’s Canadian entities will be included in the U.S. proceedings, with restructuring proceedings in Canada expected later. Other non-U.S. entities will wind down under applicable foreign law.

Bitcoin Depot affirmed:

“The company’s network of BTMs has been taken offline.”

Founded in 2016, Bitcoin Depot operated more than 9,000 kiosk locations globally as of August 2025. Before the network shutdown, its services included bitcoin conversion kiosks in 47 U.S. states and BDCheckout at retail locations in 31 states.

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