Bitcoin Depot, the largest Bitcoin ATM operator in North America, filed for Chapter 11 bankruptcy protection on May 18, 2026. The Atlanta-based company is pulling the plug on all 9,000 of its machines across 47 states, a move that effectively shuts down the biggest physical on-ramp to Bitcoin in the country.
The filing caps a brutal stretch for the Nasdaq-listed company (ticker: BTM). Revenue fell nearly 49% year over year, and a $12.2 million profit flipped into a $9.5 million loss. The stock, already battered, cratered roughly 80% following the announcement, sliding from around $3 to $0.75.
California’s withdrawal cap and the compliance squeeze
Bitcoin Depot singled out California as the primary antagonist in its regulatory struggles, calling it the only state with a $1,000 daily withdrawal limit on crypto ATMs.
Over the past two years, state attorneys general across the country have ramped up enforcement actions against crypto ATMs. The machines have drawn scrutiny for their role in facilitating fraud and scams, particularly targeting elderly consumers who are instructed by scammers to deposit cash at Bitcoin ATMs.
