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Bitcoin Depot, operator of cryptocurrency ATMs, is undergoing a second leadership restructuring in less than four months. Scott Buchanan submitted his resignation as chief executive officer and director on March 23, according to a Form 8-K filed with the U.S. Securities and Exchange Commission that same day. At the same time, founder Brandon Mintz stepped down as executive chairman to join the board as a non-executive member and advisor to the new CEO.
The board appointed Alex Holmes as CEO and chairman effective immediately. Holmes previously served as president and CEO of MoneyGram International from 2016 to 2024, a period that included the sale of the company for $2 billion to Madison Dearborn Partners. He joined Bitcoin Depot’s board on August 20, 2025.
The leadership change comes as the company faces operational deterioration tied to state oversight. On March 18, Connecticut suspended Bitcoin Depot’s money transmission license after regulators determined the firm charged fees above the state cap of 15% in more than 1,000 transactions. Regulators said the accumulated excess amounts to approximately $150,000 and affected more than 500 consumers.
Bitcoin Depot also projected weaker performance for the current year, forecasting a decline of between 30% and 40% in revenues from its core business. The company attributed the drop primarily to state regulations, including transaction amount caps and more stringent compliance standards.
Investors responded sharply. Bitcoin Depot shares closed Tuesday at $2.80, down 14.37% on the day. Over the past six months, the stock has fallen 88.8%.
With Holmes’ background in money transfers and regulatory compliance, the changes suggest the company’s near-term priority is to stabilize its relationship with regulators before pursuing further expansion plans.
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