B. Riley analyst Hal Goetsch initiated protection of Bitcoin Depot (NASDAQ:BTM) with a Buy score, calling the inventory a “way to express an investment view for the broad consumer adoption of Bitcoin (BTC-USD) without being highly correlated to price swings of the cryptocurrency market,” in accordance with a current notice.
The firm, which permits shoppers to purchase bitcoin (BTC-USD) for money at over 3.5K areas, has the potential to consolidate the ATM operator market “over time and to grow by offering other services through its network,” Goetsch wrote.
Furthermore, the inventory might greater than double, the analyst contended, “as the company begins to grow its unit count while producing steady revenue growth per ATM.”
The Buy score diverges from the SA Quant system score of Hold.
BTM drifted up 1.5% to $2.75 a share in afternoon buying and selling, however dropped 73% year-to-date.