Bitcoin Depot, a company that operates more than 7,400 bitcoin ATMs in the U.S., has announced that it will allocate part of its cash reserves to build a bitcoin treasury, following the footsteps of companies like Microstrategy. According to its CEO, Brandon Mintz, this move will allow company shareholders to “benefit from future BTC appreciation.”
Bitcoin Depot Decides to Allocate Part of Its Cash Reserves Into Bitcoin
More companies are considering bitcoin as part of their treasury strategy. Bitcoin Depot, a bitcoin ATM operation with over 7,400 machines in the U.S., has announced that it will pursue allocating part of its cash reserves into bitcoin. In a press release, Bitcoin Depot explained that this strategy aligns the company with other forward-thinking institutions that use bitcoin as a hedge against inflation and to benefit from its properties in the future.
Bitcoin Depot is referring to Microstrategy, the publicly traded company that pioneered this kind of move in 2020, and that has over 1% of all the bitcoin existent in its Treasury. Bitcoin Depot stated that their bitcoin purchases will be “opportunistic in nature”, and would not include the funds required for its operation.
Brandon Mintz, CEO of Bitcoin Depot, highlighted the opportunity of including bitcoin as part of the Bitcoin Depot’s holdings. He stated that his move underscored their “long-standing belief in bitcoin as a significant financial asset and a store of value.”
Furthermore, Mintz declared:
Quote
We have always believed in providing easy access to bitcoin for everyone, and this move reaffirms our confidence in bitcoin’s potential for growth and stability.
Bitcoin Depot did not offer any insights about the level of cash reserved it aims to turn into bitcoin, or if it has any percentage as a goal for this task. More recently, the company closed a deal with Sopris Capital to sell 250 kiosks as part of its profit-sharing program, which allows participants to receive passive income directly from these investments.
Source: https://news.bitcoin.com/leading-btm-operator-bitcoin-depot-will-add-bitcoin-to-its-treasury-reserves/