Bitcoin Depot, a publicly traded cryptocurrency ATM service provider, is grappling with mounting regulatory scrutiny in the United States, accompanied by a significant stock price decline and weak revenue projections.
The order cites alleged violations of Connecticut's Money Transmission Act, including failure to maintain minimum net worth, excessive fees, and insufficient refunds for consumers who fell victim to scams.
2026 Revenue Outlook Dim
The company reported full-year 2025 revenue of $615 million, a 7% increase from 2024, but net profit saw a decline from $7.8 million to $5.1 million.
Fourth-quarter revenue also fell to $116 million from $136.8 million in the same period last year, primarily impacted by newly implemented state regulations and enhanced compliance measures.
Bitcoin Depot Faces Actions in Multiple States
Since mid-2025, Bitcoin Depot's stock (BTM) has plummeted by 91%, with its share price experiencing a substantial drop from its peak of $45.4 recorded in June. Year-to-date, the stock has fallen 56%, closing at $4.06 on Tuesday, according to TradingView data.
Cointelegraph reached out to Bitcoin Depot for comment on the regulatory actions prior to publication but had not yet received a response.