Bitcoin Depot (Nasdaq: BTM) has overhauled its top leadership and signaled a significant contraction in its core business as the company navigates a tightening regulatory environment and operational challenges.
Scott Buchanan resigned as CEO and director effective March 23, according to a Tuesday 8-K filing with the SEC. Founder Brandon Mintz stepped down as executive chairman the same day, transitioning to a non-executive board member and advisor to the CEO.
Per the filing, the board appointed Alex Holmes, a director since Aug. 20, 2025, as CEO and chairman effective immediately. Holmes previously served as chairman and CEO of MoneyGram International from 2016 to 2024, where he oversaw the company’s $2 billion sale to Madison Dearborn Partners.
The transition marks the second leadership change at Bitcoin Depot in about four months. In November 2025, the company announced a planned transition naming Buchanan as CEO effective Jan. 1, 2026, with Mintz moving to executive chairman. Elizabeth Simer was appointed COO at that time.
The latest shakeup follows a March 18 suspension of the company’s money transmission license in Connecticut, where regulators alleged the firm charged fees above the state’s 15% cap on more than 1,000 transactions, resulting in about $150,000 in excess fees paid by over 500 consumers.
Meanwhile, the company has issued a 2026 outlook projecting core business revenue to decline 30% to 40%, citing the impact of state regulations — including transaction size caps and enhanced compliance standards — as the primary drivers.
Shares of Bitcoin Depot fell 14.37% to close at $2.8 on Tuesday. The stock is down 88.8% over the past six months.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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