Shares of Bitcoin Depot popped 20% to $2.04 on Thursday after the Bitcoin ATM operator reported a first-quarter profit of $12.2 million compared with a loss of $4.2 million a year earlier.

Revenue for the Atlanta-based firm, which manages over 8,400 kiosks in North America that let users convert cash to Bitcoin, rose 19% year-over-year to $164.2 million, according to a filing with the Securities and Exchange Commission. The company said the jump was driven by increased kiosk deployment over the three-month period and a higher median transaction size.

As part of its treasury strategy, Bitcoin Depot held $7.8 million worth of Bitcoin, up from $600,000 the previous quarter. The jump reflected a shift to fair value accounting. Last year, the company began purchasing Bitcoin with a portion of its cash reserves, while also carrying an “insignificant amount of Ethereum.”

Although Bitcoin Depot has kiosks in 48 U.S. states, the firm is trying to obtain a license to operate in the Empire State this year, CEO Brandon Mintz said on an earnings call. The state’s population could support up to 3,000 kiosks over time, a shareholder presentation stated.

“New York state remains one of the largest untapped markets for Bitcoin ECMs,” he said. “We are in ongoing discussions with regulators and remain optimistic about obtaining a license to operate in the state in 2025.”

The company that promises users can “get Bitcoin in a minute” supplies software for its machines that are purchased from another company. Since its establishment in 2016, the company says it has facilitated around $3 billion worth of transaction volume, through machines located in gas stations, convenience stores, and other brick-and-mortar settings.

Since the company’s shares were listed on the Nasdaq in July 2023, Bitcoin Depot’s stock price has fallen 79%, according to Yahoo Finance. Based on current prices, the firm has a market capitalization of $44 million.

Bitcoin Depot’s first-quarter performance represents a bounceback from the previous quarter, in which the firm posted a year-over-year drop in revenue. At the time, the company cited the negative impact of a law passed in California imposing daily transaction limits.

Bitcoin was recently changing hands around $103,000, a 0.4% decrease over the past 24 hours, according to crypto data provider CoinGecko. In the first quarter, the asset’s price dipped as low as $78,800.

U.S. Senate Majority Whip Dick Durbin (D-IL) is among lawmakers that have called for Bitcoin ATM operators to “curb fraud against elderly Americans,” citing recent FBI statistics. In February, he unveiled a bill that would impose $2,000 daily transaction limits on new customers and require full refunds for transactions reported as fraudulent within 30 days.

In 2024, Americans over 60 years old reported $107 million in Bitcoin ATM-related losses to authorities, according to a recently published annual report. Criminals often impersonate tech support workers or government employees, the FBI found.

Bitcoin Depot says that it has 19 compliance personnel, in addition to “robust transaction monitoring systems,” as well as know-your-customer and anti-money-laundering programs.

The ATMs have their supporters, though. Earlier this month, Rep. Lance Gooden (R-TX), proposed putting them in federal buildings across the U.S. He wrote in a letter that “installations can serve as an educational resource for those unfamiliar with cryptocurrencies.”

Edited by James Rubin