Bitcoin Depot Inc. (NASDAQ: BTM) has launched a pilot partnership with Wild Bill’s Tobacco, a specialty retailer with more than 200 stores across Michigan, Ohio, Indiana, West Virginia, and Missouri. The pilot will place Bitcoin Depot kiosks in 10 Wild Bill’s locations, with a plan to scale to the retailer’s full network of over 250 stores if the initial rollout meets performance targets.
The partnership is a strategic fit for Bitcoin Depot’s focus on cash‑using shoppers. Wild Bill’s stores are high‑traffic, cash‑heavy environments where customers routinely purchase tobacco and other convenience items. By embedding kiosks in these locations, Bitcoin Depot can tap into a customer base that prefers cash, potentially driving higher transaction volume and revenue per kiosk than in traditional retail settings.
Bitcoin Depot’s recent financial results underscore the timing of the partnership. In Q3 2025 the company reported revenue of $162.5 million, up 20 % year‑over‑year, and Adjusted EBITDA of $16.1 million, a 75 % increase from the $9.2 million reported in Q3 2024. Q2 2025 revenue was $172.1 million, up 6 % YoY, with Adjusted EBITDA of $18.5 million. These figures demonstrate strong operational leverage and a trajectory of accelerating profitability that the Wild Bill’s pilot can help sustain.
Management emphasized the strategic importance of the partnership. CEO Brandon Mintz said the rollout “leverages our proven kiosk model in a new high‑traffic channel, reinforcing our commitment to scaling efficiently while delivering a safe, convenient crypto experience.” President & COO Scott Buchanan added that “partnering with a trusted retailer like Wild Bill’s allows us to meet customers where they already shop.” Wild Bill’s VP of Business Development Justin Samona noted that the pilot “will allow our teams to fine‑tune an intentional rollout and deliver the best customer experience, setting the stage for a broader expansion in the months ahead.”
While Bitcoin Depot’s Q3 2025 results were strong, the company’s Q4 guidance—projecting revenue of $112–$115 million—fell short of analyst expectations, raising concerns about near‑term growth amid regulatory headwinds. The Wild Bill’s partnership signals a proactive effort to diversify revenue streams and deepen market penetration, which management views as a counterbalance to those headwinds.
The pilot’s success could unlock significant new revenue streams for Bitcoin Depot, deepen its presence in the Midwest, and reinforce its leadership position in the North American Bitcoin ATM market. If the partnership drives the projected transaction volume and revenue per kiosk, it will validate Bitcoin Depot’s strategy of embedding kiosks in cash‑heavy retail environments and support the company’s broader growth objectives.
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