BlockBeats News, May 18th, Bitcoin Depot, a major Bitcoin ATM operator in the United States, announced that it has filed for Chapter 11 bankruptcy protection in the Southern District of Texas and plans to sell its assets and gradually wind down its operations.

Bitcoin Depot stated that in recent years, the company has continuously strengthened its anti-fraud measures, including enhancing identity verification standards, lowering transaction limits, etc. However, the escalating regulatory pressure and compliance costs have made its business model "unsustainable."

As one of the largest cryptocurrency ATM operators in the North American market, Bitcoin Depot had operated over 9,000 Bitcoin ATMs as of August 2025. Currently, the company has shut down its ATM network and initiated an asset sale and liquidation process under court supervision.

Impacted by the news, Bitcoin Depot (NASDAQ: BTM) saw its pre-market stock price plummet by over 71%. Since its Nasdaq debut in 2023, its stock price has experienced a cumulative decline of nearly 95%.

Industry insiders indicate that with the ongoing strengthening of regulatory oversight of cash-to-cryptocurrency businesses in the United States and Canada, including increased consumer protection requirements, enhanced anti-fraud responsibilities, and transaction monitoring obligations, the entire cryptocurrency ATM industry is facing systemic profitability pressure.