Source: Investing Published 08/28/2024, 00:50
Bitcoin Depot Inc., a financial services company specializing in crypto assets, has announced a change in its independent public accounting firm of record. On Monday, the company fired KPMG LLP and appointed Wolf & Company, P.C. as its new auditor. The move was approved by the company’s audit committee.
KPMG’s reports for the fiscal years ended December 31, 2022 and 2023 did not include any adverse opinion or disclaimer and were not qualified or amended, except for a change in accounting for leases in 2022 due to the adoption of a new accounting standard. However, during the preparation of the Company’s financial statements for these years, material weaknesses in internal control over financial reporting were identified, which have not been addressed as of June 30, 2024.
Bitcoin Depot has provided KPMG with the disclosures it has made in the current report and has received a letter from KPMG, dated today, confirming its agreement with the disclosures. This letter has been filed with the Securities and Exchange Commission.
The Company’s decision to switch auditors comes at a time when Bitcoin Depot has no disagreements with Wolf & Company regarding accounting principles or practices, financial statement disclosures, or the scope or procedures of the audit.
Furthermore, there has been no consultation with Wolf & Company regarding any accounting principles or transactions that could have affected its decision-making process in these matters.
The change in the Company’s certified public accountant is detailed in a recent filing with the Securities and Exchange Commission. Bitcoin Depot, formerly known as GSR II Meteora Acquisition Corp., is headquartered in Atlanta, Georgia, and is listed on the Nasdaq under the symbols BTM for its Class A common stock and BTMWWW for its warrants.
In other recent news, Bitcoin Depot posted a strong second quarter, surpassing its 2024 target of installing 8,000 Bitcoin ATMs five months ahead of schedule. The company’s revenue and earnings beat analyst expectations, prompting H.C. Wainwright to reaffirm its Buy rating, with a revised price target of $3.50.
Bitcoin Depot is also expanding its presence in North America, having signed agreements to place Bitcoin ATMs in 66 Fareway grocery stores and 57 Nouria Energy locations.
The company’s expansion has extended internationally, with over 100 kiosks installed in Puerto Rico and preparations underway to launch in Australia. Bitcoin Depot also entered into a material definitive agreement with Lucky Unicorn LLC, a company owned by Bitcoin Depot CEO Brandon Mintz, and announced the appointment of Terry J. Fontenot to its Board of Directors and Chairman of the Audit Committee.
Bitcoin Depot is also taking strategic financial steps, deciding to invest a portion of its cash reserves in Bitcoin and selling an additional 200 Bitcoin ATM kiosks to investment firm Sopris Capital.
Furthermore, the company entered into a services agreement with Lucky Unicorn LLC, whereby it will provide administrative services through its subsidiary, Kiosk Technicians, LLC.
