Bitcoin Depot Inc. (NASDAQ:BTM) on Monday filed for Chapter 11 bankruptcy and took its entire network of 9,000 Bitcoin ATMs offline, sending the stock down 33% to $0.01 in premarket trading.
CEO Alex Holmes said increasingly stringent state compliance obligations, new transaction limits, and outright bans on Bitcoin ATM operations in some jurisdictions made the business model unsustainable.
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The company filed in the U.S. Bankruptcy Court for the Southern District of Texas to facilitate an orderly wind-down and asset sale. The entire Bitcoin ATM network has been taken offline.
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