In short
- Scott Buchanan has resigned as CEO and director, whereas MoneyGram’s Alex Holmes was named CEO and chairman.
- Holmes mentioned his priorities embrace stabilizing operations, enhancing regulatory standing, and diversifying the enterprise.
- The modifications come as Bitcoin Depot faces tighter scrutiny and expects core income to fall this yr.
Bitcoin Depot has changed its CEO lower than three months after a deliberate handoff, turning to former MoneyGram chief Alex Holmes as stress builds on its crypto ATM enterprise.
Scott Buchanan has resigned as CEO and as a director, in line with an SEC submitting on Tuesday. Buchanan had held varied senior management roles at Bitcoin Depot since 2019. His resignation was not resulting from any “disagreement” with the corporate over its operations, insurance policies, or practices, the submitting signifies.
Its founder, Brandon Mintz, likewise stepped down as govt chairman however will stay on the lowered six-member board and is anticipated to proceed advising the CEO.
Holmes, a Bitcoin Depot director since August final yr, brings greater than 16 years of senior funds expertise from throughout remittances, banking, and regulatory compliance.
In a press release, Holmes mentioned his priorities would middle on “operational stability, regulatory progress,” and pushing for the corporate’s “evolution right into a extra diversified fintech platform.”
Holmes beforehand served as CEO of the monetary companies agency MoneyGram from 2016 to 2024, throughout which he additionally served as chairman.
The transfer unwinds a succession plan unveiled in November. Bitcoin Depot had mentioned Buchanan would grow to be CEO this yr, whereas Mintz would step again from the CEO position and stay govt chairman.
That construction lasted lower than three months, a turnover that arrives as the corporate navigates tightening state oversight and decrease expectations for its income.
Bitcoin Depot faces mounting stress on its core kiosk enterprise after Connecticut shut down its ATMs there final week, claiming the corporate was overcharging customers and failing to concern refunds to fraud victims.
Different Bitcoin ATM operators have confronted comparable scrutiny, with California fining Coinhub $675,000 for overcharging prospects and Chicago-based Crypto Dispensers weighing a $100 million sale after its founder was charged with cash laundering.
In its newest monetary report, Bitcoin Depot warned buyers that its core income might fall by 30% to 40% this yr, citing uncertainties stemming from a “dynamic regulatory atmosphere and enhanced compliance requirements.”
Bitcoin Depot stays the most important Bitcoin ATM operator in North America, 10 years after its founding. It operates over 9,000 kiosk places globally.
Shares fell greater than 14% on Tuesday to $2.80, nearing their lowest level over the previous yr, in line with Google Finance information.
Bitcoin Depot didn’t instantly reply to a request for remark.
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