Recent changes in leadership coincide with increased scrutiny from regulators and a less optimistic forecast for Bitcoin ATM businesses.
Bitcoin Depot has announced another sudden change in leadership. Scott Buchanan is leaving his position as CEO after only three months. Alex Holmes, who previously led MoneyGram, is taking over as the company navigates increased regulatory scrutiny and anticipates lower revenues.
Alex Holmes Named New Chief Executive of Bitcoin Depot
Scott Buchanan has stepped down as CEO and director of Bitcoin Depot, according to a filing with the Securities and Exchange Commission on Tuesday. The company stated that his departure wasn’t due to any disagreements regarding the company’s operations or policies. Buchanan had held leadership positions at Bitcoin Depot since 2019.
The board of directors has appointed Alex Holmes as the new chief executive and chairman, starting right away. Holmes became a board member of Bitcoin Depot on August 20, 2025. Before this, he was the chairman and CEO of MoneyGram International for eight years, from 2016 to 2024.
Holmes previously led the $2 billion sale of MoneyGram to Madison Dearborn Partners. This recent change is the second time in four months that the company has seen a shift in leadership. The company had announced in November 2025 that Buchanan would take over as CEO on January 1, 2026.
Brandon Mintz became executive chairman, and Elizabeth Simer was appointed chief operating officer.
U.S. Regulators Tighten Oversight on Bitcoin ATM Sector
Bitcoin Depot’s ATM business is facing growing scrutiny from regulators, who are increasing their enforcement efforts. Recently, Connecticut ordered the company to shut down all its ATMs in the state due to concerns about high fees and a lack of refunds for customers who were victims of fraud.
Regulators are now paying closer attention to Bitcoin ATMs. In California, Coinhub was fined $675,000 for allegedly charging customers too much. Meanwhile, Crypto Dispensers, a Chicago company, is looking to sell itself for $100 million following money laundering charges against its founder.
Bitcoin Depot recently cautioned investors that its main source of income could fall by as much as 40% this year. They attribute this expected decrease to stricter rules and the rising costs of staying compliant with those regulations.
Bitcoin Depot, the largest Bitcoin ATM operator in North America, has been around for ten years and operates over 9,000 kiosks globally. However, its stock (BTM) has recently dropped significantly, falling over 36% in the last week to $2.56 – its lowest price in a year.
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2026-03-25 20:43