Bitcoin Depot files for Chapter 11, halts global ATM operations

Nasdaq-listed Bitcoin Depot (BTM), the world's largest Bitcoin ATM operator, has filed for Chapter 11 bankruptcy and suspended its global ATM operations, according to The Block. The company had reorganized its management after its money transmitter license was suspended in Connecticut in March, but it faced a crisis as revenue from its core business plummeted. Additionally, Bitcoin Depot suffered approximately $3.7 million in damages from a hacking incident in April. While the company has not yet released its first-quarter earnings, it anticipates a 49.2% year-over-year revenue decline and a net loss of $9.5 million.