Overview
- Bitcoin Depot, which filed for Chapter 11 in the Southern District of Texas on Monday, began a court‑supervised wind‑down and asset sale.
- The company took its entire kiosk network offline and folded Canadian entities into the U.S. case, with other non‑U.S. units set to close under local laws.
- Preliminary first‑quarter 2026 results showed revenue down 49.2%, gross profit at $4.5 million after an 85.5% drop, and a $9.5 million net loss following a going‑concern warning.
- CEO Alex Holmes blamed tighter state rules that added transaction caps, license actions and bans in Indiana, Tennessee and Minnesota, alongside lawsuits from Massachusetts and Iowa and a Connecticut suspension.
- The collapse followed an April cybertheft of about $3.7 million and a surge in kiosk‑linked fraud that the FBI says cost $389 million in 2025, leaving some users with unconfirmed transactions to pursue guidance through the bankruptcy process.