Brandon Mintz, the President, CEO, and Chairman of Bitcoin Depot Inc. (NASDAQ:BTM), a company currently valued at $110 million, has reported the sale of 28,322 shares of Class A common stock, valued at approximately $56,992. According to InvestingPro analysis, BTM stock has shown significant volatility, gaining over 12% in the past week despite trading below its Fair Value. The shares were sold at a weighted average price of $2.0123 per share, with transactions occurring on December 5, 2024, at prices ranging from $2.01 to $2.08. This sale was executed under a Rule 10b5-1 trading plan established on November 30, 2023. Following the transaction, Mintz holds 117,350 shares of Class A common stock. Additionally, BT (LON:BT) Assets, Inc., a company where Mintz is the sole member, holds 41,193,024 shares of Class V common stock, which can be exchanged for Class A shares on a one-for-one basis. For comprehensive insider trading analysis and 8 additional key insights about BTM, visit InvestingPro.
In other recent news, Bitcoin Depot Inc. reported strong Q3 results, surpassing both revenue and earnings expectations. This positive performance was bolstered by the growth of its kiosk fleet, which exceeded 8,300 units by the end of the quarter. In response to these developments, H.C. Wainwright raised Bitcoin Depot's stock target from $3.50 to $4.00, maintaining a buy rating.
The company also announced a plan to introduce a cash dividend for common shareholders in 2025, a potential first for a publicly traded cryptocurrency company. This initiative is anticipated to attract new investors, based on recent improvements in profitability and cash flow.
Furthermore, Bitcoin Depot recently transitioned from KPMG LLP to Wolf & Company, P.C. as its independent registered public accounting firm, following the identification of weaknesses in internal control over financial reporting. In other company news, Bitcoin Depot surpassed its 2024 target of installing 8,000 Bitcoin ATMs ahead of schedule, leading to revenues and earnings that exceeded analyst forecasts.
Finally, Bitcoin Depot announced a change in its executive team, with the appointment of Scott Buchanan as the Acting CFO and Principal Financial (NASDAQ:PFG) Officer, following the resignation of Glen Leibowitz. Buchanan will continue to serve as COO while taking on these additional responsibilities.
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