Bitcoin Depot Says It Filed for Chapter 11 Bankruptcy in Texas

Bitcoin Depot says it has initiated a voluntary Chapter 11 process in the Southern District of Texas to effect an orderly wind-down of its operations and facilitate a sale of assets.

• Co. says current business model is unsustainable
• Its network of BTMs has been taken offline
• Canadian entities are included in the US Court-supervised process; expects to start restructuring proceedings in Canada in due course
  • Other non-US entities will be winding down under applicable foreign law
• Vinson & Elkins LLP is serving as legal advisor and Portage Point Partners is serving as restructuring advisor to Bitcoin Depot

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