Bitcoin Depot files for Chapter 11 bankruptcy to wind down operations

Bitcoin Depot (NASDAQ:BTM) has filed for voluntary Chapter 11 bankruptcy protection to facilitate an orderly wind-down of its business and a sale of its corporate assets.

The cryptocurrency kiosk operator submitted its petition to the U.S. Bankruptcy Court for the Southern District of Texas.

As part of the filing, the company's entire Bitcoin automated teller machine (BTM) network has been taken offline.

The liquidation process extends beyond domestic operations, as Bitcoin Depot confirmed that its Canadian and other international entities will also undergo restructuring or wind-down procedures under relevant foreign jurisdictions.

The move represents a swift unwinding for the company, which had previously operated one of the largest physical cash-to-crypto kiosk networks in North America.