Bitcoin ATM operator Bitcoin Depot Q1 revenue of $164.2 million, up 19% year-on-year

According to Decrypt, Bitcoin Depot, a Bitcoin ATM operator, had a revenue of $164.2 million in the first quarter, a year-on-year increase of 19%, and a net profit of $12.2 million, achieving a turnaround from losses to profits. The company's stock price rose 22% to $2.04 on the same day, but it is still 79% lower than the listing price in July last year. The value of Bitcoin held by Bitcoin Depot has increased from $600000 to $7.8 million, measured under the new fair value accounting standards. The company is applying for an operating license in New York State and expects the state market to accommodate 3000 devices.