228% Gains: Why Bitcoin Depot Could Be the Dark Horse of Crypto Stocks

228% Gains: Why Bitcoin Depot Could Be the Dark Horse of Crypto Stocks

Bitcoin Depot’s Bold Expansion: Riding the Bitcoin ATM Boom

Bitcoin Depot Inc. (BTM) is making headlines with explosive growth in 2025. The company has become a major player in the cryptocurrency space, not by launching a new coin or exchange, but by doing something surprisingly simple — installing Bitcoin ATMs (BTMs) across North America.

So far, the strategy is working. With 228.4% stock growth this year alone, Bitcoin Depot is outpacing even the biggest names in tech and crypto.

Let’s break down what’s driving Bitcoin Depot’s rise — and whether this quiet crypto stock could be your next big investment.

 Bitcoin Depot’s Core Business: It’s All About the Kiosks

 99.7% of Revenue Comes from BTMs

Bitcoin Depot isn’t trying to be the next Coinbase or Binance. Instead, it’s focused on building a massive network of Bitcoin ATMs — or BTM Kiosks — that allow users to buy Bitcoin with cash. And this low-tech approach is proving to be big business.

In the first quarter of 2025, a staggering 99.7% of the company’s revenue came directly from these kiosks. As of March 31, 2025, Bitcoin Depot had 8,463 BTMs installed across the United States, Canada, and Puerto Rico. Each transaction at the kiosk averages about $300.

 Strategic Growth Moves in 2025

 Key Acquisition Expands Reach

In June 2025, Bitcoin Depot acquired the assets of Pelicoin, LLC, a move aimed at deepening its footprint in the Gulf South region of the U.S. This includes expansion into states like Louisiana, Mississippi, Tennessee, Alabama, and Texas — all rich markets for cash-based Bitcoin transactions.

 Bitcoin Treasury Holdings Show Confidence

In a bold show of faith in the future of Bitcoin, the company added to its crypto treasury and now holds over 100 Bitcoins. This move positions Bitcoin Depot not just as a service provider, but also as a long-term holder of Bitcoin — a strategic bet on its continued rise as a store of value.

 Franchise and Retail Partnerships

Bitcoin Depot isn’t just installing kiosks itself — it’s bringing in partners:

• Seven franchise profit-sharing deals have been signed, where partners earn revenue from kiosk groups.

• A deal with CEFCO secured access to 72 locations (out of over 200).

• A major agreement with EG America LLC will allow the installation of kiosks at more than 900 retail locations.

These partnerships are key to scaling faster while tapping into diverse markets like convenience stores and gas stations.

 Bitcoin Depot vs. The Competition

 How BTM Stands Out

Bitcoin Depot may not have the brand recognition of Coinbase (COIN) or BTCS Inc. (BTCS), but its business model is refreshingly different. While Coinbase focuses on stablecoins and staking services, and BTCS targets Ethereum-based strategies, Bitcoin Depot is offering physical access to crypto — especially valuable for unbanked and underbanked communities.

H3: Deregulation Is a Tailwind

With recent signs of crypto deregulation on the horizon, companies like Bitcoin Depot stand to benefit. Reduced compliance burdens and clearer guidelines could open the door for faster expansion, especially in retail-focused crypto services like BTMs.

 Stock Performance and Valuation

 228% Stock Surge in 2025

Bitcoin Depot shares have skyrocketed 228.4% so far this year, crushing the S&P 500’s 8.3% gain. The momentum reflects investor optimism about the kiosk model and growing interest in crypto access for mainstream users.

 Attractive Valuation Metrics

Despite the huge run-up in price, BTM remains reasonably valued:

• It trades at a 12-month forward price-to-earnings (P/E) ratio of 10.98x, which is below the industry average.

This suggests there may still be room for further upside, especially if the company’s earnings growth continues as expected.

 Strong Earnings Projections

• The Zacks Consensus Estimate forecasts 2025 earnings growth of 176.7% year-over-year.

• 2026 earnings are expected to grow by another 10.3%.

• Earnings estimates for both years have remained stable, indicating confidence from analysts.

The company currently holds a Zacks Rank #3 (Hold), meaning analysts are cautiously optimistic but watching for the next catalyst.

 What’s Next for Bitcoin Depot?

Bitcoin Depot is clearly doubling down on its kiosk-first strategy. The goals for the coming quarters include:

• Expanding the number of BTM locations across new and existing retail partners.

• Building more franchise partnerships to tap into local markets with lower overhead.

• Continuing to grow its Bitcoin holdings, showing strong alignment with crypto’s long-term potential.

If Bitcoin prices continue to rise — and demand for physical access grows — Bitcoin Depot could be perfectly positioned to benefit.

 Is Bitcoin Depot the Future of On-the-Ground Crypto Access?

Bitcoin Depot is offering something most crypto companies aren’t: real-world access to Bitcoin through thousands of machines across North America. Its growth strategy combines retail partnerships, franchise incentives, and strategic Bitcoin holdings — a mix that seems to be working.

While it doesn’t offer flashy DeFi or Web3 innovations, it does offer practical crypto access, and in an industry that still struggles with onboarding new users, that could be its greatest strength.

For investors looking for a crypto growth story outside of the usual suspects, Bitcoin Depot might just be worth a closer look.

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