According to research from ATMIA and RBR, there are about 520,000 traditional ATMs in the U.S. as compared to approximately 30,000 Bitcoin ATMs based on data from Coin ATM Radar.

As the most recent earnings report from the leading Bitcoin ATM company reveals, bitcoin ATMs can be lucrative businesses — ones that might provide investors with an overlooked opportunity.

This is a guest post from Second Gate Advisory Cofounder Brandon Bailey. Nothing in this article constitutes investment advice.

Bitcoin Depot is the largest Bitcoin ATM operator in North America with over 8,400 kiosks across the U.S., Canada, Puerto Rico and Australia. Bitcoin Depot’s kiosks allow customers to purchase Bitcoin with cash or online via debit and credit cards directly to a user’s bitcoin wallet. To ensure compliance and security, the company is registered as a money services business with FinCen and is a licensed money transmitter in the jurisdictions in which it operates. The company was founded in 2016 by Brandon Mintz who continues to serve as President and CEO.

The company has successfully established extensive retail partnerships to support its deployment of kiosks. The company actively partners with major convenience store chains, leading retail outlets, specialty retailers and gas station chains for the deployment of its kiosks. One of the company’s strategic relationships is with Circle K, where the company is currently operating over 900 kiosks across the US and Canada.

Historically, Bitcoin Depot’s transaction volumes exhibit limited correlation with bitcoin price fluctuations as customers of these kiosks are typically buying bitcoin for non-speculative uses such as remittances.

Bitcoin Depot also offers BDCheckout which is an in-store solution that allows customers to purchase bitcoin using cash at participating retail registers with no ATM or online exchange required. BDCheckout is currently available in over 7,700 stores across 31 states.

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https://finance.yahoo.com/quote/BTM/