Bitcoin Depot names new CEO as revenue faces 40% drop risk

ambcryptoPublished on 2026-03-27Last updated on 2026-03-27

Abstract

Bitcoin Depot Inc. (BTM), North America's largest Bitcoin ATM operator, has appointed Alex Holmes, former CEO of MoneyGram, as its new CEO following the resignation of Scott Buchanan. Co-founder Brandon Mintz also stepped down as executive chairman but remains on the board. These changes were part of a pre-planned executive transition from November 2025. The company faces significant challenges, with Yahoo Finance projecting a 30-40% revenue decline in 2026 due to regulatory pressures, including operational suspensions in states like Connecticut over high fees and consumer protection issues. Revenue fell sharply in Q4 2025, and Q1 2026 EPS is estimated at -0.69. BTM stock, trading at $2.62, has been declining for over nine months and has lost its correlation with Bitcoin’s price, currently at a negative 0.30 coefficient. The stock must break out of its descending channel to signal a potential recovery.

Bitcoin Depot Inc. [Nasdaq: BTM] is North America’s largest operator of Bitcoin ATMs, with over 9,000 machines across the United States and Canada. However, the company recently announced changes to its executive team.

Amidst continuous regulatory concerns for Bitcoin Depot, Scott Buchanan resigned, and Alex Holmes, a former CEO of MoneyGram, was named the new CEO. Holmes emphasized that he wanted to improve operations and make sure that rules were followed.

In addition, Brandon Mintz, a co-founder, resigned from his position as executive chairman to serve on the board of directors. They implemented the changes in accordance with an earlier plan from November 2025.

What’s fueling the 30% revenue decline projection?

However, Yahoo Finance’s analysis estimates a 30% to 40% decline in revenue in 2026 due to regulatory issues. For instance, Connecticut suspended BTM operations in the state. The suspension was a result of excessive fees and failure to refund those defrauded.

In the first three quarters of 2025, BTM managed to record more than $150 million, but the fourth quarter earnings declined by about $50 million. Notably, earnings per share for Q1 2026 were estimated at negative 0.69.

To be specific, BTM’s average estimate for Q1 2026 ranged between $98 million and $133 million. The continuous loss of revenue since the end of the third quarter in 2025 has contributed to the decline in price of BTM since mid-June.

BTM stock losing correlation with BTC price

The price action of Bitcoin Depot stock has been trending down a channel for more than nine months. BTM stock was at $2.62 as of writing.

The stock has lost its correlation with the Bitcoin [BTC] price, with the coefficient at negative 0.30. This explains why the Bitcoin price has been rising recently while the firm’s stock has been declining.

Every time BTM has hit the resistance of the channel, it has resulted in a lower low, though it has been bouncing off its slanting support level. For the price to be bullish, the stock has to break and stay above the descending channel.

Final Summary

Bitcoin Depot has changed its top executives following a memo dated November 2025.
BTM projects a decline of 30% in revenue, which has been evident in its stock price.

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