ATLANTA—Bitcoin Depot, once the largest bitcoin ATM operator in North America, has filed for Chapter 11 bankruptcy and taken its more than 9,000-kiosk network offline as it begins an orderly wind-down and asset sale, according to the company ad CoinDesk.
The Atlanta-based, Nasdaq-listed company blamed increasingly strict state regulation, transaction caps, bans in some jurisdictions, litigation and enforcement actions for making its business model unsustainable. CEO Alex Holmes said those pressures, combined with mounting fraud concerns, led the company to halt operations.
The collapse comes as regulators and law enforcement have intensified scrutiny of crypto ATMs, which have been widely cited in scam cases involving consumers—particularly older Americans—being instructed to deposit cash into machines that transfer cryptocurrency to fraudsters. FBI data cited by ABC News show more than $333 million in reported bitcoin ATM scam losses in 2025.
Bitcoin Depot has also faced lawsuits from state attorneys general, including Massachusetts and Iowa, alleging the company failed to adequately protect consumers from scams..