Bitcoin ATM Giant Expands Reserves During $1.59B Market Liquidation Storm

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Bitcoin Depot’s Bold Move: A Comedy of Errors in the Crypto Circus! 🎪💰

In a rather audacious display of financial bravado, Bitcoin Depot has decided to bolster its Bitcoin
BTC
$87 057


24h volatility:
7.7%



Market cap:
$1.72 T



Vol. 24h:
$98.98 B




with a fresh acquisition of 11.1 BTC, as if the cryptocurrency were a rare vintage wine rather than a digital asset subject to the whims of market capriciousness.

While the company has chosen to keep the price of this latest escapade under wraps, one can only speculate that, given Bitcoin’s current market price of $87,274 per BTC, the latest purchase might have set them back a cool $969,748. A mere trifle, really, for those who consider themselves the stewards of the digital gold rush.

Bitcoin Depot’s Bitcoin Reserve Strategy Began in 2024

Our intrepid Bitcoin ATM operator officially embraced Bitcoin as a reserve asset in June 2024, joining the ranks of other corporate titans who have decided that crypto is the new black. Among these illustrious firms are KULR Technology Group, Selmer Scientific, Acurx, and Riot Platforms—because nothing says stability like a volatile digital currency.

At the time, Bitcoin Depot made it abundantly clear that it viewed Bitcoin as more than just a passing fad. No, they saw it as a long-term investment, a veritable fortress against the economic storms that threaten to engulf us all. Thus, they allocated a portion of their corporate reserves to Bitcoin, citing its potential as a hedge against inflation and financial instability—because who wouldn’t want to hedge against the inevitable collapse of civilization?

Since launching this rather ambitious treasury strategy, Bitcoin Depot has been steadily increasing its holdings. Earlier this year, on February 3, the company announced a major purchase of 51 BTC for $5 million, bringing its total reserves to 71.5 BTC at the time. However, with its latest acquisition, the firm’s treasury now stands at a staggering 82.6 BTC. Truly, a feat worthy of a standing ovation!

Bitcoin Depot Controls 8289 Bitcoin ATMs across the US, Canada and Puerto Rico

Having entered the crypto space in 2016, Bitcoin Depot has since become the largest Bitcoin operator in the United States. According to data from CoinATMradar, they currently boast a staggering 8289 kiosks scattered across the US, Canada, and Puerto Rico—because why not spread the joy of cryptocurrency far and wide?

In a moment of historical significance, Bitcoin Depot made headlines in July 2023 by becoming the first US-based crypto ATM provider to go public. They debuted on the Nasdaq stock exchange under the ticker symbol BTM, marking a significant milestone for the industry. One can only imagine the champagne corks popping in celebration!

Meanwhile, the company’s latest Bitcoin investment comes at a rather inopportune moment, as the digital asset market finds itself in a sharp downturn. Following a $1.4 billion hack of the crypto exchange Bybit last Friday, Bitcoin’s price has slipped below the $90,000 mark. As of now, the crypto asset is trading at approximately $87,274, reflecting an 8% decline in the past 24 hours. A minor hiccup, one might say, in the grand scheme of things.

The broader market has also felt the sting of this downturn. Major altcoins like Ethereum and Solana have suffered losses, with Ethereum currently trading at around $2,417, down more than 9%, while Solana has dropped to $141.50, marking a 7.8% decline. Truly, a day for the history books!

The recent price plunge has triggered a veritable wave of liquidations in the futures market. Data from CoinGlass shows that over $13 million was liquidated in the last hour alone. Four hours ago, nearly 388,466 traders saw a combined loss of $225.02 million, while total liquidations in the past 24 hours have reached a staggering $1.59 billion. Ah, the sweet smell of panic in the air!

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2025-02-25 22:43