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Bitcoin Depot (NASDAQ: $BTM), the largest operator of Bitcoin (CRYPTO: $BTC) ATMs in North America, has filed for Chapter 11 bankruptcy and is closing up shop.

The Atlanta-based company filed for protection from its creditors and said it plans to wind down operations and sell its assets. Its entire ATM network has been taken offline.

Last year, Bitcoin Depot operated 9,276 kiosks that allowed customers to convert cash into BTC at retail locations in the U.S., Canada, and Australia. 

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The company went public on the Nasdaq (NASDAQ: $NDAQ) exchange in 2023. 

In recent weeks, the company reported first-quarter earnings that showed a 49% year-over-year drop in revenue. The company swung from a $12.2 million U.S. profit to a $9.5 million U.S. loss.

Management blamed excessive regulations for its financial decline. The bankruptcy filing also comes as countries such as Canada move to ban crypto automated teller machines (ATMs)

Additionally, Bitcoin Depot faces high-profile lawsuits led by attorneys general in Massachusetts and Iowa over allegations that it helped to facilitate crypto scams. 

Crypto ATM fraud hit a record $389 million U.S. in reported losses during 2025, a 58% increase from 2024, drawing increased scrutiny from regulators as a result. 

BTM stock crashed 74% on news of the bankruptcy filing May 18 and is now trading at just $0.75 U.S. per share.