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Bitcoin Depot Files for Chapter 11 Bankruptcy Amid Regulatory Pressures and Security Breach

On Dec. 18, 2026, Nasdaq-listed Bitcoin ATM operator Bitcoin Depot (BTM) filed for Chapter 11 bankruptcy protection in the U.S. District Court for the Southern District of Texas, according to a report by The Block. CEO Alex Holmes attributed the filing to an unsustainable business model caused by tightening compliance obligations, transaction-limit restrictions, and regional operating bans. The company’s financial stability was further compromised by a $3.7 million security breach in April 2026 and a 49.2% year-over-year revenue drop in the first quarter of 2026, resulting in a $9.5 million net loss. Consequently, Bitcoin Depot has deactivated its global network of over 9,000 ATMs and is commencing an orderly liquidation and asset sale, which includes winding down operations in Canada and other international markets.
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