Bitcoin Depot CEO Departs Amid Broader Crypto ATM Crackdown
Bitcoin Depot has replaced CEO Scott Buchanan less than three months after a succession plan was implemented. Buchanan, who had been with the company since 2019, resigned without disagreement, and founder Brandon Mintz also stepped down as executive chairman but remains on the board as an advisor. Former MoneyGram CEO Alex Holmes has been appointed CEO, bringing extensive experience in payments, compliance, and fintech. Holmes aims to focus on operational stability, regulatory progress, and diversifying the company’s business. The leadership change comes amid intensifying regulatory scrutiny, including ATM shutdowns in Connecticut over alleged overcharging and refund issues, and as Bitcoin Depot expects core revenue to drop by 30%-40% due to regulatory and compliance challenges. The company operates over 9,000 ATMs globally and remains the largest Bitcoin ATM operator in North America. Following the announcement, its shares fell over 14%, nearing their lowest point in the past year.
