Bitcoin Depot, a Bitcoin ATM operator, reported a substantial first-quarter profit of $12.2 million, reversing a loss of $4.2 million from the previous year. Revenue increased by 19% year-over-year to $164.2 million, attributed to a rise in kiosk deployment and a higher median transaction size. The firm manages over 8,400 kiosks across North America. Additionally, Bitcoin Depot's Bitcoin holdings surged to $7.8 million, highlighting its treasury strategy shift. Despite the optimistic quarterly report, Bitcoin Depot's stock price fell 79% since its Nasdaq listing in July 2023, now at $2.04. Regulatory challenges remain, as some lawmakers have urged the company to address fraud concerns affecting elderly users. Bitcoin Depot is also seeking to expand its operations to New York, which could accommodate 3,000 kiosks over time as it continues to develop a robust compliance infrastructure.

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