Bitcoin Depot says its revenues are independent of Bitcoin’s volatility as the firm maintains a “relatively low balance” of BTC.
The high volatility of cryptocurrency prices has had little to no effect on some major players in the industry, including Bitcoin Depot, a Bitcoin (BTC) ATM operator.
Bitcoin Depot, the biggest ATM operator in the United States, has recorded no correlation between its revenues and the price of Bitcoin historically, the firm stated in its 10-K annual report filed on April 15.
The company’s revenues in 2023 and 2022, or $689 million and $647 million, respectively, have not been correlated to the price of Bitcoin, even in the light of volatile Bitcoin prices.