Scott Buchanan serves as the COO of Bitcoin Depot, where he oversees day-to-day operations of the business as well as long-term strategic planning. In his role Scott applies his long-standing passion for solving complex problems and optimizing business processes to maximize results. He brings a strong professional background in accounting and finance, having previously worked as a manager for Acuity Brands and an assurance associate for KPMG. Scott is also a Certified Public Accountant with a master’s degree in accounting from Wake Forest University.
Can you give us an overview of Bitcoin Depot, and how the company has evolved into the largest Bitcoin ATM Operator in the US?
Bitcoin Depot was founded in 2016 by our CEO and founder, Brandon Mintz, who recognized the need for easier and more accessible ways for consumers to purchase Bitcoin. What started as a college idea has since evolved into the largest Bitcoin ATM operator in North America, with over 8,400 kiosks across the continent. Our mission has remained the same: to bring Bitcoin to the masses by providing secure and convenient access to Bitcoin. Bitcoin Depot kiosks allow users to convert cash to Bitcoin instantly, offering a bridge between traditional finance and digital assets. In 2023, we achieved a significant milestone by going public on the Nasdaq stock exchange under the ticker symbol ‘BTM,’ reflecting our growth and commitment to expanding crypto accessibility. As our network grows, we continue to invest in innovation, compliance, and customer experience to maintain our leadership in the space.
What sets Bitcoin Depot apart from other companies in the cryptocurrency ATM space?
As the largest operator of Bitcoin ATMs in the U.S., with machines in 48 states, our scale provides us with a unique ability to make crypto more accessible to a broad range of users, including those who prefer cash-based transactions or are exploring Bitcoin for the first time.
One of the key differences in our model is that our ATMs are non-custodial. This means that when a user purchases Bitcoin, it is sent directly to a wallet they control, not stored by Bitcoin Depot or any third party. Direct delivery gives users full ownership of their funds, providing an important layer of security for individuals who want control over their digital assets.
Our machines also run on our Bitaccess software, one of the most established platforms in the Bitcoin ATM industry. It powers the entire transaction experience, from identity verification to processing the Bitcoin transfer, ensuring a fast and secure process. That technology is a big part of why we’re able to support such a large and growing footprint across the country.
As one of the few publicly traded companies in this space, we also approach compliance with a level of structure and transparency that sets a precedent for others in our industry.
How do you see the role of Bitcoin ATMs evolving as digital currencies become more mainstream?
Bitcoin ATMs continue to play a crucial role in providing physical access to digital assets, particularly for underbanked communities and users who prefer cash-based transactions. As crypto adoption grows, ATMs will remain an important part of the infrastructure, offering a familiar and trusted entry point to crypto. They also represent financial autonomy. With growing concerns about inflation and centralized systems, some are turning to Bitcoin ATMs for quick and secure access to alternative financial tools.
Bitcoin Depot has rapidly expanded its footprint. What has been the strategy behind this expansion?
Our growth strategy has focused on expanding access to Bitcoin in a way that meets people where they are. We prioritize regions where demand is high and work with retail partners to place ATMs in locations that are convenient and familiar to everyday users. Programs like our profit-share model have supported that expansion by offering a scalable and sustainable way to grow the network while also creating shared value with partners.
What trends are shaping the future of cryptocurrency accessibility and adoption?
Bitcoin’s all-time high this year, along with growing discussion about the U.S. government’s plans to hold Bitcoin as part of its reserves, has brought mainstream attention to the space. The approval of spot Bitcoin ETFs and clearer regulatory signals are also helping to legitimize crypto in the eyes of traditional investors and everyday users.
At the same time, there’s a real need for simpler and more secure ways for people to access crypto. This means better integration with traditional finance, stronger compliance standards, and more options for individuals who prefer to use cash or are new to the market. Bitcoin ATMs play a role here by offering a familiar, in-person experience for those who may not use online exchanges.
With increasing regulatory discussions around crypto, how is Bitcoin Depot adapting to the evolving landscape?
We believe the industry would benefit from a more consistent and streamlined approach to regulation. A clear set of standards helps everyone: operators, regulators, and, most importantly, the customers who rely on these services. It also creates a more level playing field, making it easier to build trust.
At Bitcoin Depot, compliance has always been a priority. As the space continues to evolve, we’re focused on staying ahead of changes and working with regulators in a way that supports both access and accountability.
What’s next for Bitcoin Depot?
In 2025 and beyond, Bitcoin Depot is focused on continued growth and expansion. We’re aiming to expand our footprint in the US and internationally in markets where demand for Bitcoin access is strong but where access to Bitcoin may be more limited.
Beyond that, we’re constantly improving our user experience through tech advancements, software updates, and refined kiosk placement to ensure our products remain accessible, reliable, and secure. Strategic retail partnerships will also remain a focus, helping us bring Bitcoin to more people. At the heart of it all is our mission of ‘Bringing Bitcoin to the Masses®’. As crypto adoption continues and the industry evolves rapidly, we’re focused on making digital currencies more accessible for everyone.
