Bitcoin Depot has strengthened its Bitcoin reserves with an 11.1 BTC acquisition, continuing its treasury strategy that began in June 2024 as the company views Bitcoin as a hedge against financial instability.
By Chimamanda U. Martha
Edited by Marco T. Lanz
Updated
3 mins read
Bitcoin Depot has expanded its Bitcoin BTC $82 492 24h volatility: 2.3% Market cap: $1.64 T Vol. 24h: $19.22 B reserves with a fresh purchase of 11.1 BTC, reinforcing its commitment to holding the flagship cryptocurrency as a treasury asset.
While the company did not disclose the cost of the acquisition, based on Bitcoin’s current market price of $87,274 per BTC, the latest purchase is estimated to have been made for around $969,748.
The Bitcoin ATM operator officially embraced Bitcoin as a reserve asset in June 2024, joining a growing list of publicly traded companies integrating the crypto asset into their corporate treasuries. Other firms that have taken similar steps include KULR Technology Group, Selmer Scientific, Acurx, and Riot Platforms.
At the time, Bitcoin Depot made it clear that it saw Bitcoin as more than just a digital asset. The company viewed it as a long-term investment capable of withstanding economic uncertainty. As a result, the firm allocated a portion of its corporate reserves to Bitcoin, citing its potential as a hedge against inflation and financial instability.
Since launching its treasury strategy, Bitcoin Depot has been steadily increasing its holdings. Earlier this year, on February 3, the company announced a major purchase of 51 BTC for $5 million, bringing its total reserves to 71.5 BTC at the time.
However, with its latest acquisition, the firm’s treasury now stands at 82.6 BTC.
The company entered the crypto space in 2016 and has since become the largest Bitcoin operator in the United States. According to data from CoinATMradar, Bitcoin Depot currently has 8289 kiosks available in different areas in the US including Canada and Puerto Rico.
Bitcoin Depot made history in July 2023 by becoming the first US-based crypto ATM provider to go public. The firm debuted on the Nasdaq stock exchange under the ticker symbol BTM, marking a significant milestone for the industry.
Meanwhile, the company’s latest Bitcoin investment comes at a time when the digital asset market is facing a sharp downturn. Following a $1.4 billion hack of the crypto exchange Bybit last Friday, Bitcoin’s price slipped below the $90,000 mark. As of now, the crypto asset is trading at approximately $87,274, reflecting an 8% decline in the past 24 hours.
The broader market has also felt the impact. Major altcoins like Ethereum and Solana have suffered losses, with Ethereum currently trading at around $2,417, down more than 9%, while Solana has dropped to $141.50, marking a 7.8% decline.
The recent price plunge has triggered a wave of liquidations in the futures market. Data from CoinGlass shows that over $13 million was liquidated in the last hour alone. Four hours ago, nearly 388,466 traders saw a combined loss of $225.02 million, while total liquidations in the past 24 hours have reached a staggering $1.59 billion.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
