This BTC Business Model is a Quiet Cash Cow w/ Brandon Mintz

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Welcome back to The Mining Pod! Today, Brandon Mintz, CEO of Bitcoin Depot joins Colin to talk about building the largest Bitcoin ATM network in North America with 9,000+ machines. They discuss how the Bitcoin ATM business model works, why someone would buy bitcoin from an ATM rather than an exchange, why Bitcoin ATMs tend to have premiums, and what areas the company may explore for expansion.

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**Notes:**

• Bitcoin Depot has 9,000+ ATMs across 3 countries

• Q2 revenue up 6% YoY to $172.1M

• 15% of US transactions still use cash

• 1,700 ATMs ready for deployment

Timestamps:

00::00 Start

03:16 Founding Bitcoin Depot

05:58 The first BTC ATM?

07:14 Current revenue growth

09:52 Establishing an ATM location

11:54 Deciding ATM locations

16:01 Profit sharing w/ locations

17:33 Convincing locations

19:31 Are ATMs not price sensitive?

22:21 Operating expenses

23:26 ATM user profile

25:45 Price premium

28:59 Revenue valuation

31:46 Expansion

32:27 European market

32:59 Treasury strategy

35:20 Treasury company frothy market

36:57 Regulation changes

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