Bitcoin Depot (BTM) Had $3.7M Stolen — and the Stock Went Up Anyway

TLDR

• Bitcoin Depot disclosed a security breach on March 23 in which 50.9 BTC (~$3.7M) was stolen from company wallets
• Attackers gained control of credentials linked to Bitcoin Depot’s crypto settlement accounts
• Customer platforms, data, and personal information were not affected
• The company recorded a preliminary loss of ~$3.665 million and said insurance may partially cover losses
• BTM stock closed up 15.6% at $2.74 on Wednesday, despite the news

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Bitcoin Depot disclosed that unauthorized parties accessed its IT systems on March 23, 2026, and transferred approximately 50.9 BTC — worth around $3.665 million — from company-controlled wallets.

Bitcoin Depot Inc., BTM

The company said the attackers obtained credentials tied to its digital asset settlement accounts. Once inside, they moved the funds out before being detected.

Bitcoin Depot activated its incident response protocols immediately after detection. It brought in external cybersecurity experts and notified law enforcement.

The company confirmed the breach was contained to its corporate environment. Customer platforms, systems, and personal data were not accessed or taken.

The company determined on April 6 that the incident is material, citing potential reputational harm and legal, regulatory, and response costs. It recorded a preliminary loss estimate of $3.665 million, based on the fair value of the Bitcoin at the time of the theft.

Bitcoin Depot said it carries insurance that may cover some cybersecurity losses. However, it cautioned there is no guarantee coverage will be enough to recover all losses. The company said it does not expect the incident to have a material impact on its overall financial condition.

An investigation with third-party specialists is still ongoing to determine the full scope of the breach.

A Company Already Under Pressure

The breach adds to a difficult stretch for Bitcoin Depot. Last month, Connecticut regulators suspended the company’s money transmission license, alleging it charged fees above the state’s 15% cap across 1,015 transactions — resulting in about $150,426 in excess charges to 510 customers.

Also in March, the company named Alex Holmes as chairman and CEO. Holmes previously led MoneyGram International from 2016 to 2024, including its $2 billion sale to Madison Dearborn Partners.

On the financial side, Bitcoin Depot posted net income of $4.7 million in 2025, down from $7.8 million in 2024. The company expects core revenue to fall 30% to 40% in 2026, citing state regulations and tighter compliance requirements.

Stock Reaction

Despite the theft disclosure, BTM stock closed up 15.6% at $2.74 on Wednesday.

The stock is still down 88% over the past six months.

The investigation remains ongoing, and the company said it is working to reinforce its IT systems to prevent future unauthorized access.

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