Cryptocurrency ATM operator Bitcoin Depot seeks to allocate part of its cash reserves to Bitcoin

2024-07-20 10:57:50

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ChainCatcher news, Bitcoin Depot, which has over 7,400 Bitcoin ATMs in the United States, announced that it will seek to allocate part of its cash reserves to Bitcoin. The company explained that this strategy aligns it with other forward-thinking institutions that use Bitcoin as a hedge against inflation and aim to benefit from its assets in the future.

Bitcoin Depot stated that its Bitcoin purchases will be "opportunistic in nature" and will not include funds necessary for its operations. CEO Brandon Mintz mentioned that this initiative demonstrates the company's "long-standing belief that Bitcoin is an important financial asset and store of value."
The company did not disclose how much of its cash reserves it intends to convert into Bitcoin, nor did it reveal whether it has set any proportional targets for this task.

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