H.C. Wainwright analysts started covering Bitcoin Depot (NASDAQ:BTM) with a Buy rating and a $6.00 price target. The analysts remarked that Bitcoin Depot, founded in 2016 and based in Atlanta, GA, is the largest Bitcoin ATM operator in North America, with over 6,350 kiosks across the U.S. and Canada.
The company offers an alternative way to acquire BTC by allowing users to convert cash to BTC at its kiosks located in convenient spots such as convenience stores and gas stations in 49 states in the U.S. and 10 Canadian provinces.
Despite Bitcoin’s price volatility, Bitcoin Depot reported substantial revenue growth and robust EBITDA figures. The analysts see the current stock valuation as an attractive entry point, given its detachment from Bitcoin Depot’s solid fundamentals.