Bitcoin Depot filed for Chapter 11 bankruptcy on May 18, 2026, in Texas federal court. The company took all 9,000 of its Bitcoin ATMs offline immediately after the filing. That sudden shutdown leaves customers with no access to their machines globally.
ATMs Vanish Overnight
Every Bitcoin Depot machine worldwide stopped working the moment the bankruptcy papers were filed. Users found dead screens and impossible transactions with no advance warning. The outage affects locations in 15 countries where these ATMs were often the only crypto access point.
Revenue Crash and Leadership Shift
First-quarter 2026 revenue plummeted with a substantial net loss. The stock price tumbled hard in the week before the announcement and fell further after the bankruptcy became public. CEO Scott Buchanan stepped down in March, replaced by Alex Holmes as both CEO and board chair. Founder Brandon Mintz moved to a non-executive board position.
Regulatory Pressure Cited as Cause
The company squarely blamed stepped-up regulatory demands for its collapse. The filing points to stricter compliance rules, tighter transaction limits, and active enforcement actions. These pressures mounted over months until they became impossible to operate under.
Wind-Down, Not Recovery
Bankruptcy court will now oversee an orderly shutdown and asset sale. This isn't a rescue plan – it's the end of operations. All machines are permanently offline. Creditors will get paid through asset liquidation, but customers won't see services resume.
