Bitcoin Depot CEO Resigns as Company Signals Business Contraction

Leadership shake-up comes as regulatory pressure mounts and revenue outlook weakens for Bitcoin ATM operations.

Bitcoin Depot is making another abrupt leadership change. Scott Buchanan has stepped down less than three months after taking the top job. Alex Holmes, former chief executive of MoneyGram, will now lead the company. His arrival comes as Bitcoin Depot faces regulatory heat and a weaker revenue outlook.

Alex Holmes Named New Chief Executive of Bitcoin Depot

A Tuesday SEC filing stated that Scott Buchanan resigned as chief executive and director of Bitcoin Depot. The company’s release said his exit was not tied to any dispute over operations, policies, or practices. Buchanan had worked in several senior roles at the depot since 2019.

Board members moved quickly to name Alex Holmes as both chief executive and chairman, effective immediately. Holmes joined Bitcoin Depot’s board on Aug. 20, 2025. Previously, he served as chairman and CEO of MoneyGram International from 2016 to 2024.

During that period, Holmes oversaw MoneyGram’s $2 billion sale to Madison Dearborn Partners. The latest change marks the Depot’s second leadership shift in about four months. Back in November 2025, the company announced Buchanan would become CEO on Jan. 1, 2026.

At that time, Brandon Mintz moved to the role of executive chairman, while Elizabeth Simer became chief operating officer.

U.S. Regulators Tighten Oversight on Bitcoin ATM Sector

Regulatory pressure on Bitcoin Depot’s core ATM business has increased in recent weeks as regulators step up enforcement. Connecticut ordered the shutdown of the company’s ATMs in the state, citing high fees and failure to refund fraud victims.

Scrutiny is also spreading across the wider Bitcoin ATM sector. California fined Coinhub $675,000 over claims it overcharged customers. Chicago-based Crypto Dispensers is also considering a $100 million sale after its founder was charged with money laundering.

Meanwhile, Bitcoin Depot recently warned investors that revenue from its core business could drop 30% to 40% this year. The company pointed to tighter regulations and higher compliance costs as key reasons for the expected decline.

Founded a decade ago, Bitcoin Depot remains North America’s largest Bitcoin ATM operator. It runs more than 9,000 kiosk locations worldwide. Shares of Bitcoin Depot (BTM) have fallen more than 36% over the past week to $2.56, close to their lowest level in the past year.