Bitcoin Bancorp Buys 2,500 ATMs From Bankrupt Bitcoin Depot for $620,750
JH Kim
Summary
- Digital-asset infrastructure firm Bitcoin Bancorp acquired about 2,500 cryptocurrency ATMs from bankrupt Bitcoin Depot for $620,750.
- CoinDesk reported that the deal was priced at about $243 per ATM.
- Bitcoin Depot filed for bankruptcy protection after first-quarter revenue fell 49% from a year earlier and it posted a $9.5 million loss.
Forecast Trend Report by Period
Digital-asset infrastructure firm Bitcoin Bancorp acquired about 2,500 cryptocurrency ATMs from bankrupt Bitcoin Depot for $620,750.
CoinDesk reported on September 10 that the deal valued each ATM at about $243.
Bitcoin Bancorp separately acquired related store placement contracts, intellectual property, trademarks, patents and the official domain for an additional $110,500.
Bitcoin Depot swung to a loss in the first quarter as revenue fell 49% from a year earlier and it posted a $9.5 million loss. The company later filed for Chapter 11 bankruptcy protection in May.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.