Bitcoin Depot Inc.’s (NASDAQ: BTM) shares have demonstrated a noteworthy 6.44% surge in the after-market session, reaching $3.14. The stock exhibited a 1.03% gain during the regular session, closing at $2.95. This upward trajectory occurred in the absence of immediate news, prompting an exploration of recent developments to decipher the source of this positive momentum.
A recent development involves Bitcoin Depot (BTM) expanding its BDCheckout program into the state of Georgia through its ongoing collaboration with InComm Payments. InComm Payments, a prominent global payments technology company, possess a large retail network spanning over 90,000 locations nationwide. On the other hand, BDCheckout was launched in 2022 to offer an in-app experience, streamlining the process for customers to load cash into their Bitcoin Depot digital wallets directly at the point of sale.
Since its introduction in Georgia on December 1st, BDCheckout has swiftly expanded to encompass 325 locations throughout the state, collaborating with various convenience store partners. These include 10 TravelCenters of America, 35 Pilot Flying J locations, and 280 Circle K stores.
August 2023 witnessed the initiation of BDCheckout in Iowa and Louisiana, encompassing an additional 400 locations. Marking the second significant expansion of BDCheckout in the past three months, this development not only attests to the ongoing success of the service in facilitating easy access to Bitcoin for customers but also underscores its sustained operational momentum in making Bitcoin more accessible across different states.
BTM is strategically focusing on further amplifying BDCheckout’s reach in 2024, aiming to establish it as a benchmark for innovation and service excellence for its clientele. To leverage BDCheckout, customers can download or update the Bitcoin Depot mobile app, enabling them to generate a barcode and effortlessly fund their wallets with cash at the register of participating retail locations.
Bitcoin Depot’s suite of products and services offers an intuitive, swift, and convenient process for converting cash into Bitcoin, empowering users to access the broader digital financial system by acquiring Bitcoin. Furthermore, BDCheckout allows customers to fund their wallets with cash at participating retail locations in 28 states across the United States.
