Bitcoin Depot announces change in accounting firm By Investing.com

Depot Inc., a finance services company specializing in crypto assets, has announced a change in its independent registered public accounting firm. On Monday, the company dismissed KPMG LLP and appointed Wolf & Company, P.C. as its new auditor. This transition was approved by the company’s audit committee.

The reports from KPMG for the fiscal years ending December 31, 2022, and 2023, did not contain any adverse opinion or disclaimer and were not qualified or modified, except for a change in accounting for leases in 2022 due to the adoption of a new accounting standard. However, during the preparation of the company’s financial statements for these years, material weaknesses in internal control over financial reporting were identified, which had not been remedied as of June 30, 2024.

Bitcoin Depot provided KPMG with the disclosures it made in the current report and received a letter from KPMG, dated today, confirming their agreement with the disclosures. This letter has been filed with the SEC.

The company’s decision to switch auditors comes at a time when Bitcoin Depot is not involved in any disagreements with Wolf & Company regarding accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

Furthermore, there were no consultations with Wolf & Company on any accounting principles or transactions that could have influenced the company’s decision-making process in these matters.

This change in the company’s certifying accountant is detailed in a recent SEC filing. Bitcoin Depot, formerly known as GSR II Meteora Acquisition Corp., is based in Atlanta, GA, and is listed on The Nasdaq Stock Market LLC under the ticker symbols BTM for its Class A Common Stock and BTMWW for its Warrants.

In other recent news, Bitcoin Depot demonstrated strong Q2 performance, surpassing its 2024 target of installing 8,000 Bitcoin ATMs five months ahead of schedule. The company’s revenues and earnings exceeded analyst forecasts, prompting H.C. Wainwright to reaffirm a Buy rating, while adjusting its price target to $3.50.

Bitcoin Depot has also been expanding its North American presence, securing agreements to place Bitcoin ATMs in 66 Fareway grocery stores and 57 Nouria Energy convenience store locations.

The company’s expansion has extended internationally, with over 100 kiosks installed in Puerto Rico and preparations underway for a launch in Australia. Bitcoin Depot has also entered a material definitive agreement with Lucky Unicorn LLC, a company owned by Bitcoin Depot’s CEO, Brandon Mintz, and announced the appointment of Teri G. Fontenot to its Board of Directors and Audit Committee Chair.

Bitcoin Depot is also making strategic financial moves, deciding to invest part of its cash reserves into Bitcoin and selling an additional 200 Bitcoin ATM kiosks to investment firm Sopris Capital.

Furthermore, the company has entered into a service agreement with Lucky Unicorn LLC, where it will provide administrative services via its subsidiary, Kiosk Technicians, LLC.

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