Bitcoin Depot Appoints Ex-MoneyGram Boss as CEO

The leadership shake-up comes as Bitcoin Depot has faced legal and regulatory challenges in multiple US states, as crypto ATM operators come under increased scrutiny over the kiosks use in scams and money laundering.

Bitcoin Depot said its founder and former CEO, Brandon Mintz, would also transition from executive chair to a non-executive member of the board and would work as an adviser to Holmes.

Multiple US states take action against Bitcoin Depot

Bitcoin Depot most recently faced state action in Connecticut, whose banking regulator suspended its state money transmission license and issued a temporary cease-and-desist order earlier this month.

The order alleged multiple violations of the state money transmission laws, including excessive fees and incomplete refunds to scam victims.

Bitcoin Depot has also faced action from at least four additional states since early 2025, with Massachusetts attorney general suing Bitcoin Depot in early February for allegedly overcharging consumers, knowingly facilitating scams and refusing to issue refunds.

The company paid $1.9 million to Maine‘s Consumer Credit Protection Bureau in January to compensate consumers for fraudulent transactions, and Missouri’s attorney general opened an investigation into Bitcoin Depot and four other crypto ATM operators in December over concerns of deceptive fees and use by bad actors.

Iowa also sued Bitcoin Depot and CoinFlip in February 2025 over alleged failures that allowed scammers to transfer millions of dollars through their kiosks.

Bitcoin Depot had lowered its 2026 outlook in its 2025 results released earlier this month, estimating its revenues would be down 30% to 40% due to a “dynamic regulatory environment.”

Shares in Bitcoin Depot (BTM) ended trading on Wednesday down 6.6% to $2.62, but saw a 4.7% bump after the bell to $2.74.

The stock is down 71% so far this year and has fallen more than 94% from its closing all-time high of $45.36 in mid-June.