In brief
- Scott Buchanan has resigned as CEO and director, while MoneyGram’s Alex Holmes was named CEO and chairman.
- Holmes said his priorities include stabilizing operations, improving regulatory standing, and diversifying the business.
- The changes come as Bitcoin Depot faces tighter scrutiny and expects core revenue to fall this year.
Bitcoin Depot has replaced its CEO less than three months after a planned handoff, turning to former MoneyGram chief Alex Holmes as pressure builds on its crypto ATM business.
Scott Buchanan has resigned as CEO and as a director, according to an SEC filing on Tuesday. Buchanan had held various senior leadership roles at Bitcoin Depot since 2019. His resignation was not due to any “disagreement” with the company over its operations, policies, or practices, the filing indicates.
Its founder, Brandon Mintz, likewise stepped down as executive chairman but will remain on the reduced six-member board and is expected to continue advising the CEO.
Holmes, a Bitcoin Depot director since August last year, brings more than 16 years of senior payments experience from across remittances, banking, and regulatory compliance.
In a statement, Holmes said his priorities would center on “operational stability, regulatory progress,” and pushing for the company’s “evolution into a more diversified fintech platform.”
Holmes previously served as CEO of the financial services firm MoneyGram from 2016 to 2024, during which he also served as chairman.
The move unwinds a succession plan unveiled in November. Bitcoin Depot had said Buchanan would become CEO this year, while Mintz would step back from the CEO role and remain executive chairman.
That structure lasted less than three months, a turnover that arrives as the company navigates tightening state oversight and lower expectations for its revenue.
Bitcoin Depot faces mounting pressure on its core kiosk business after Connecticut shut down its ATMs there last week, claiming the company was overcharging users and failing to issue refunds to fraud victims.
Other Bitcoin ATM operators have faced similar scrutiny, with California fining Coinhub $675,000 for overcharging customers and Chicago-based Crypto Dispensers weighing a $100 million sale after its founder was charged with money laundering.
In its latest financial report, Bitcoin Depot warned investors that its core revenue could fall by 30% to 40% this year, citing uncertainties stemming from a “dynamic regulatory environment and enhanced compliance standards.”
Bitcoin remains the largest Bitcoin ATM operator in North America, 10 years after its founding. It operates over 9,000 kiosk locations globally.
Shares fell more than 14% on Tuesday to $2.80, nearing their lowest point over the past year, according to Google Finance data.
Bitcoin Depot did not immediately respond to a request for comment.
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