THE MINING POD: How Bitcoin ATMs Are Outcompeting Bitcoin Mining Stocks w/ Brandon Bailey w/ Brandon Bailey
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 24 June 2025
⏱️ 35 minutes
🧾️ Download transcript
Summary
For today’s show, we cover why Bitcoin ATMs are one of the best, most lucrative businesses in Bitcoin.
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Welcome back to The Mining Pod! Today, Brandon Bailey of Second Gate Advisory joins Will to talk about Bitcoin ATMs, an overlooked Bitcoin business model with massive potential. In Q1 2025, Bitcoin Depot generated $164.2M in revenue, a 19% increase year-over-year, while outperforming miners in cash flow per unit. We explore why physical ATMs matter in a digital world, expansion opportunities, and how this could be the next big Bitcoin treasury play.
**Notes:**
• Bitcoin Depot: $333.1M revenue, +92% YoY
• 30,000 Bitcoin ATMs vs 500K traditional ATMs
• ATMs generate $30-40/day vs miners $10-11/day
• 4% of Americans (5.6M people) are unbanked
• Average transaction size around $300
• 1,300 reserve machines ready for deployment
Timestamps:
00:00:00:00 Start
00:01:33:16 Report overview
00:02:48:20 Bitcoin Depot financials
00:05:30:06 Other BTC treasury companies
00:08:52:26 Colorado Air Filter
00:10:57:14 Increasing revenue multiple
00:13:30:08 ATM business history
00:15:03:16 Stablecoins
00:16:37:26 Fractal Bitcoin
00:17:12:25 Physical cash economy
00:19:33:22 Why haven't traditional ATMs added BTC?
00:21:10:20 Per machine cashflows
00:25:27:09 Expansion opportunity
00:31:00:10 Coinflip
00:33:06:11 Wrap up
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Transcript
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| 0:00.0 | Today's show is brought to you by Fractal Bitcoin, but we'll learn more about them later in the show. |
| 0:04.3 | For now, let's get right into it. |
| 0:08.3 | Hey, welcome back to the mining pod. |
| 0:09.7 | Got a fun show today. |
| 0:11.0 | Brandon Bailey, a second gate is joining us once again. |
| 0:13.2 | Brandon, you've been on three times in the last eight months or so, but this is a very different |
| 0:18.1 | reason getting on. |
| 0:19.1 | It's not even about Bitcoin mining. |
| 0:20.1 | So welcome back to the show. |
| 0:21.6 | Thank you. |
| 0:22.1 | Thanks for having me. |
| 0:23.0 | Yeah, we're going to dive into the recent piece that you penned. |
| 0:26.9 | We published it on Blockspace, but it's about Bitcoin ATMs, the best BTC business you |
| 0:32.5 | haven't heard of. |
| 0:33.6 | The title, I think we came up with that one in-house just for the article. |
| 0:44.9 | I don't know how you would sort of frame it, but I think like the Bitcoin ATM space at the very least is not very well discussed. |
| 0:51.8 | Most people are familiar with at the market offerings, perhaps, because of sailor and Bitcoin mining companies, but not actual ATMs. |
| 0:58.8 | And this piece shines a really light on like this forgotten or misunderstood part of the Bitcoin industry, |
| 1:05.6 | you know, this physical connection between digital cash, Bitcoin, and then real world cash. |
| 1:06.8 | That's often overlooked. |
| 1:11.7 | And within it, you found a really interesting equity that I think people have overlooked. |
| 1:15.8 | And some pieces we'll go on to further on during the show. |
... |
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