[U.S. Bitcoin ATM Operator Bitcoin Depot Files for Chapter 11 Bankruptcy, Plans Gradual Shutdown of Operations] According to The Block, Nasdaq-listed Bitcoin ATM operator Bitcoin Depot has filed for Chapter 11 bankruptcy in the Southern District of Texas to gradually wind down its operations. Company CEO Alex Holmes stated that changes in the regulatory environment have made the current business model unsustainable, with states imposing stricter compliance obligations, including new transaction limits, and some jurisdictions even directly restricting or banning Bitcoin ATM operations. In April, the company experienced a security breach resulting in a $3.7 million theft. Last week, the company reported 'material weaknesses' in cash transportation reconciliation, which prevented it from delivering its Q1 financial report on time. Preliminary unaudited data shows that Q1 revenue declined 49.2% year-over-year, with a net loss of $9.5 million, compared to a net profit of $12.2 million in the same period last year.