Bitcoin Depot files Chapter 11 as 9,276 Bitcoin ATMs go offline after Q1 slump

Bitcoin Depot, formerly North America's largest Bitcoin ATM operator with 9,276 kiosks across the U.S., Canada, and Australia, has entered a voluntary Chapter 11 process and taken its network offline. The Nasdaq-listed firm (BTCD) reported Q1 revenue down 49% year over year, gross profit falling 85% to $4.5 million, and results flipping from a $12.2 million profit to a $9.5 million loss.