Sopris Special Situations·Bitcoin Infrastructure·Active
Bitcoin Depot

Bitcoin Depot

Notable milestonesBitcoin

Bitcoin Depot(NASDAQ: BTM) is the largest Bitcoin ATM operator in North America. Sopris paid $5.0M for 2,906,976 Class A common shares in April 2024 and runs an additional 250-kiosk profit-share portfolio (50 in Canada + 200 in the US).

Practice
Sopris Special Situations
Industry
BTC ATM operator (NASDAQ: BTM)
Headquarters
Atlanta, GA
Sopris Role
$5.0M April 2024 PIPE (17.2% of Class A per Andy Paul Form SC 13G, Aug 2024)
Website
bitcoindepot.com
LinkedIn
linkedin.com/company/bitcoin-depot
Why we invested

The Special Situations strategy treats Bitcoin Depot as the listed-equity expression of the Bitcoin-infrastructure thesis: cash-flow-generating, kiosk-economics-driven, and held at a control-adjacent share count we could underwrite on first principles. Daniel Wedman, who runs SS, architected the position; the 250-kiosk profit-share portfolio extends the same exposure off-balance-sheet.

Products & capabilities
  • 01Bitcoin ATM kiosk network (largest in North America)
  • 02BDCheckout cash-to-Bitcoin retail partnership
  • 03Sopris 250-kiosk profit-share portfolio (200 US + 50 Canada)
Milestones
  • 2024-04-25Sopris paid $5.0M for 2,906,976 Class A common shares in a private placement (Bitcoin Depot Globe Newswire press release).
  • 2024-08-12Sopris reported a 17.2% Class A stake on Andy Paul Form SC 13G (SEC filing).
Sopris Role
“$5.0M April 2024 PIPE (17.2% of Class A per Andy Paul Form SC 13G, Aug 2024)”