Bitcoin Depot has acquired the assets of Instant Coin Bank, a regional bitcoin ATM operator with locations across Texas and Oklahoma, in a deal aimed at expanding Bitcoin Depot’s presence in the South-Central U.S. and accelerating consolidation in the fragmented bitcoin ATM market.
The Atlanta-based company said Instant Coin Bank’s ATM network will be integrated into Bitcoin Depot’s platform over the next several weeks. All locations will transition to Bitcoin Depot branding, and the company said customers should not experience service disruptions. Bitcoin Depot added that the machines will keep their core functionality while gaining access to its 24/7 customer support, compliance program and technology and consumer-protection investments.
“Instant Coin Bank is a strong strategic fit in a region where we continue to see sustained demand for convenient, secure cash-to-crypto access,” Bitcoin Depot CEO Scott Buchanan said. He added that the transaction will help expand the company’s footprint in Texas and nearby markets while leveraging Bitcoin Depot’s operational and compliance infrastructure to integrate the network.
Obada Alhaj, president of Instant Coin Bank, said the combination would allow the company’s original mission—providing simple access to crypto in local communities—to continue “on a much larger scale,” citing Bitcoin Depot’s market expertise, operational capabilities and focus on compliance.
Bitcoin Depot said it has continued to broaden its footprint since becoming a public company in July 2023, pointing to retail partnerships, a strengthened compliance program, strategic acquisitions and additions to its bitcoin treasury. Financial terms were not disclosed.
KEY QUOTES:
“Instant Coin Bank is a strong strategic fit in a region where we continue to see sustained demand for convenient, secure cash-to-crypto access. This transaction allows us to further expand our presence in Texas and surrounding markets while applying operational expertise and compliance infrastructure to integrate their network efficiently. As we continue to consolidate a highly fragmented industry, acquisitions like this support our goal of building the most reliable and accessible BTM platform nationwide.”
Scott Buchanan, CEO, Bitcoin Depot
“We started this company with the goal to provide simple, reliable access to crypto in our local communities. Joining Bitcoin Depot allows that mission to continue on a much larger scale. Their market expertise, operational capabilities, and commitment to compliance will enhance the experience for both our customers and location partners.”
Obada Alhaj, President, Instant Coin Bank
