How Bitcoin ATMs Are Outcompeting Bitcoin Mining Stocks w/ Brandon Bailey w/ Brandon Bailey
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Welcome back to The Mining Pod! Today, Brandon Bailey of Second Gate Advisory joins Will to talk about Bitcoin ATMs, an overlooked Bitcoin business model with massive potential. In Q1 2025, Bitcoin Depot generated $164.2M in revenue, a 19% increase year-over-year, while outperforming miners in cash flow per unit. We explore why physical ATMs matter in a digital world, expansion opportunities, and how this could be the next big Bitcoin treasury play.
**Notes:**
• Bitcoin Depot: $333.1M revenue, +92% YoY
• 30,000 Bitcoin ATMs vs 500K traditional ATMs
• ATMs generate $30-40/day vs miners $10-11/day
• 4% of Americans (5.6M people) are unbanked
• Average transaction size around $300
• 1,300 reserve machines ready for deployment
Timestamps:
00:00:00:00 Start
00:01:33:16 Report overview
00:02:48:20 Bitcoin Depot financials
00:05:30:06 Other BTC treasury companies
00:08:52:26 Colorado Air Filter
00:10:57:14 Increasing revenue multiple
00:13:30:08 ATM business history
00:15:03:16 Stablecoins
00:16:37:26 Fractal Bitcoin
00:17:12:25 Physical cash economy
00:19:33:22 Why haven't traditional ATMs added BTC?
00:21:10:20 Per machine cashflows
00:25:27:09 Expansion opportunity
00:31:00:10 Coinflip
00:33:06:11 Wrap up
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