BTMCQ

Bitcoin Depot runs North America's largest cash-to-Bitcoin ATM network (~9,700 BTMs), and the operating business is not dead: FY2025 operating income was $41.2M (6.7% margin, +70% YoY), operating cash flow was a positive $34.0M, and the net loss narrowed for a third straight year to -$6.18M (from -$26.1M in FY2023). Cash more than doubled to $65.6M. On the surface that is a functioning, cash-generative business — but almost every signal that matters for a retail buyer of THIS security is flashing red.

Start with the security itself. The ticker carries a 'Q' fifth letter (historically a bankruptcy/reorg marker), the stock trades at $0.11 and fell another 20% today, the 10-K discloses a reverse stock split filed February 19, 2026 (a classic listing-maintenance / distress move), and diluted EPS of -$0.86 is itself larger than the entire share price — a nonsensical relationship that tells you the reported $794K 'market cap' (7.15M weighted shares × $0.11) is not the real economics. It isn't: the May 2025 Up-C restructuring issued 5.88M Class M super-voting shares (ten votes each) to founder Brandon Mintz and affiliates, plus a contingent equity-rights earnout and a $9.3M Tax Receivable Agreement termination payout to those same insiders. This is a founder-controlled company where public Class A holders sit behind a control block and a tangle of earnout dilution — the provided share/cap figures cannot be trusted at face value, which alone justifies stepping aside.