TL;DR:
- Bitcoin Depot named former MoneyGram CEO Alex Holmes as its new chief executive following the resignation of Scott Buchanan.
- The company projects a 30% to 40% drop in its core revenues during 2026 due to heavy state regulatory pressure.
- Its shares fell 14.37% on Tuesday, accumulating a loss of 88.8% over the last six months.
Bitcoin Depot (Nasdaq: BTM), operator of cryptocurrency ATMs, is going through its second leadership restructuring in less than four months. Scott Buchanan submitted his resignation as CEO and director on March 23, according to a Form 8-K filed with the SEC that same day. Simultaneously, founder Brandon Mintz stepped down from his role as executive chairman to join the board as a non-executive member and advisor to the new CEO.
The board of directors appointed Alex Holmes as CEO and chairman with immediate effect. Holmes served as president and CEO of MoneyGram International between 2016 and 2024, a period during which he oversaw the sale of the company for $2 billion to Madison Dearborn Partners. He had joined Bitcoin Depot’s board on August 20, 2025.
The Weight of State Regulations
The leadership change comes amid operational deterioration. On March 18, the state of Connecticut suspended the company’s money transmission license after regulators determined that the firm charged fees above the state cap of 15% in more than 1,000 transactions. The accumulated excess amounts to approximately $150,000 and affected more than 500 consumers.
Adding to this are the bleak financial expectations for the current year: the company projects a drop of between 30% and 40% in revenues from its core business, attributed primarily to the impact of state regulations that include transaction amount caps and more stringent compliance standards.
Bitcoin Depot (BTM) Accumulates a Loss of Nearly 89%
The market responded harshly: Bitcoin Depot shares closed Tuesday at $2.80, posting a daily decline of 14.37%. Over the past six months, the stock has accumulated a loss of 88.8%.
The appointment of Holmes, who brings experience in the money transfer industry and regulatory compliance, suggests the company’s priority is to stabilize its relationship with oversight bodies before resuming any expansion plans.
