Bitcoin Depot, North America's largest Bitcoin ATM operator, has filed for Chapter 11 bankruptcy and closed its entire network of over 9,000 machines.
CEO Alex Holmes blamed an increasingly hostile regulatory environment, citing new transaction limits, state bans, and rising litigation costs. The company reported a 49.2% revenue drop in Q1 2026, posting a $9.5 million net loss. Its stock plummeted nearly 80% in six months.
The bankruptcy follows a series of setbacks, including a leadership overhaul, a $3.7 million hack, and an $18.5 million legal dispute in Canada. Tennessee became the second state to outlaw Bitcoin ATMs, following Indiana.