Bitcoin Depot announced it has initiated a voluntary Chapter 11 process in the Court for the Southern District of Texas to facilitate an orderly wind-down of the Company’s operations and sale of its assets.
Effective immediately, the Company’s network of BTMs has been taken offline.
The Company’s network of BTMs has been taken offline.
The regulatory environment for BTM operators has shifted significantly: states have imposed increasingly stringent compliance obligations, including new transaction limits, and in some jurisdictions, outright restrictions or bans on BTM operations; and operators have faced increasing litigation and regulatory enforcement.
These developments have materially affected Bitcoin Depot’s business and financial position.
Under these circumstances, our current business model is unsustainable.
After evaluating all options, we determined to initiate this court-supervised process to facilitate an orderly wind-down of the Company’s operations and sale of its assets.
Yes. After evaluating all options, we determined to initiate this court-supervised process to facilitate an orderly wind-down of the Company’s operations and sale of its assets.
Bitcoin Depot Court filings and other information related to the proceedings are available through the Company’s claims agent at https://restructuring.ra.kroll.com/bitcoindepot, by calling the restructuring hotline at (844) 339-4117 (Toll-Free US/Canada) / + 1 (332) 232-7827 (International) or emailing BitcoinDepotInfo@ra.kroll.com.
The Company’s network of BTMs, including those in international jurisdictions, has been taken offline.
The Company’s Canadian entities are included in the U.S. Court-supervised process and it expects to commence restructuring proceedings in Canada in due course.
The Company’s other non-U.S. entities will be winding down under applicable foreign law.
The Company’s network of BTMs has been taken offline as a result of this process.
We thank our customers for their support over the years.
Please reach out to the Company’s claims agent at https://restructuring.ra.kroll.com/bitcoindepot, by calling the restructuring hotline at (844) 339-4117 (Toll-Free US/Canada) / + 1 (332) 232-7827 (International) or emailing BitcoinDepotInfo@ra.kroll.com.
Court filings and other information related to the proceedings are available through the Company’s claims agent at https://restructuring.ra.kroll.com/bitcoindepot, by calling the restructuring hotline at (844) 339-4117 (Toll-Free US/Canada) / + 1 (332) 232-7827 (International) or emailing BitcoinDepotInfo@ra.kroll.com.