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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.

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**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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